The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1893-07-08
They ASK FOR REPEAL
Resolutions by the New York
Chamber of Commerce.
THE PURCHASE CLAUSE DENOUNCED

Speedy and Unconditional Repeal of the
Silver Purchase Clause Urged AS Imper-
ativeiy Necessary For the Kestornti ion of
Prosperity--The situation as They See IL,
New YORK, July THE special meeting
of the Chamber of Commerce to consider
the present disturbed condition of the fl
nances of the country was largely attend
ed. After reading the call for the meeting
Chairman Orr said that the members were
all busy men and that the transaction of
the business should, therefore, be as expe-
dtious as possible
Mr.. John Claflin, the dry goods mer-
chant, then took the floor. He said there
was no doubt but that the country was
suffering from financial strain. Men who
had been through previous panicky times
had told him that the present time was the
worst of all. He did not believe they were
OH the verge of r commercial panic; they
were passing through one. There had been
many causes he said, which had contri-
buted to the present trouble. Most of them
would right themselves in the natural
course of business, but there was one chief
clause which was not included In that
category, and that was the silver purchas-
ing clause of the Sherman law 1t had
caused distrust abroad and weakened us
while it strengthened Europe. He did not
see how any sensible man could oppbse the
repeal of that law. Any laws that might
take its place should only he enacted
after wise and lengthy delberation.
Mr.. Claflin then offered the following
resolution:
Whereas this country has often suffered
greatly by reason of hasty and i'll advised
financial legislation; and
hereas 1T is now suffering from the
q nff ha oil
the Sherman act, which, by creating dis
trust as the interchangeability of our cur
rency based on silver with our currency
based on gold has caused widespread
alarm and almost created commercial
panic and
w hereas in consequence Of this alarm
money is withdrawn from circulation,
business is greatly depressed, many mills
and manufactures are closing or preparing
to close and thousands of tailoring men are
about to be thrown out of employment;
and
Whereas business enterprises will not
be resumed, nor labor be steadily employed
until money can be obtained by man ufac-
turerS and by merchants ut moderate rates.
and
Whereas ordinary interest rates cannot
be expected until confidence in the stabl-
lily of all the money of the country shall
be thoroughly re-established so the lender
may not fear payment in dollars less vnlu-
able than those he lends.
Now be 1t resolved first that the repesl
of the silver purchasing clause of the Sher-
man act which month by month renders
increasing difficult the maintenance of the
parity of each dollar with every other dol
lar is essential to the prompt restoration
of national prosperity. This chamber,
therefore, urges the speedy and uncondi-
tional repeal of such silver purchasing
clause.
"Resolved, second, That in the Judgment
of this chamber Il representative commits
sion should be appointed by congress mt
the special session about to convene which
commission should diligently study the
whole body of coinage and currency laws
of the United States and of other coun-
tries and report 1T the regular session of
congress to the end that Il comprehensive,
elastic currency may be carefully matured
in the light of the worlds experience"
Mr.. Windmnller made an addition to
the motion, as follows:
"Resolved, That committecof seven he
appointed by the chair to cooperate with
other commercial bodies representing sim
liar interests of this chamber in Washing
ton, with power TO use all legitimate
man law.
Mr. Windmrller's amendment was ac-
cepted rs an addition To the original rcso-
luton.
The resolutions were then adopted. there
being but three votes in the negative The
nays were William T. st. John a. Foster
Higgins and j. b. Colgate
c. y. Bliss offered IL resolution. which
was unanimously adopted, which instruct
ell the secretary To send IL copy of the resu-
buttons to the president TO each member
of congress and to all chambers of com
merce and commercial bodies throughout
the United States, requesting early action
on this subject by their respective associa-
tions. "
The following committee, called for by
Mr.. Windmuler's resolution. was appoint
ed John Clafiin, Henry Hertz, &. H.
Schwab w. l.. Trenholm, {. IL. Bliss, j
T. Simmons and John Sloan.