The Portland daily press., 1893-07-07
MESSAGE TO CONGRESS.
Some Timely Advice From the New
York "Gold Bugs"
RESOLUTIONS ADOPTED BY THE
CHAMBER OF COMMERCE.

They Want the Whole Subject Of the Cur
rency Investigated by a Commisoion-
Business Troubles In Australia-Theye
the Unemployed Are Trying to Get 70
America and Things Are Going to the
Dogs Generally.
NEW YORK, July GA special meet
ing of the Chamber of Commerce TO con-
slider the present disturbed conition of
the finances of the country this afternoon
was largely attended. First Vice Presi-
dent Alexander E. Orr presided. This
resolution was adopted with about 80
dissenting votes.
Whereas, this country has often su1-
fered greatly by reason of hasty and ILL.,
advised financial legislation, and
'sWhereas, it is now suffering from the
effect of the silver purchasing clause of
the Sherman act which, by creating dis
trust as to the interchangeability of cur
rency based on silver with our currency
based on gold, has caused widespread
alarm and has almost created CONNER
cial panic, and
"Whereas, in consequence of this alaYm,
money has been Withdrawn from circula-
ton, many mills and manufactures are
closing or preparing 10 close, and thou
sands OF laboring men are about to be
thrown out of employment, and
Whereas, business enterprises can
not be resumed, nor labor steadily en-
ployed, until money can be obtained by
manufacturers and merchants at moder-
ate rates, and
Whereas, ordinary interest rates cam
not be expected until confidence in the
stability of all the money of the country
be thoroughly re-established SO the lend
er may not fear repayment In dollars less
valuable than those he lends; be it
Resolved, frst-That the repeal of
the silver purchasing clause of the Sh er-
man act which month by month renders
increasingly difficult the maintenance of
| tile parity of exchange is essential to the
prompt restoration of national prosperi-
| ty. This chamber, therefore, urges the
| speedy and unconditional repeal of such
| silver purchasing clause.
Resolved, second-In the Judgment
| of this chamber representative commits
sion should be appointed by Congress at
| the special session about to convene
which commission should diligently
study the body of the coinage and cur
rency laws of the United States, and
! other countries and report at the regular
| session of Congress to the end that a
| comprehensive and elastic currency be
carefully matured in the light of the
worlds experience.
Resolved, That committee of seven
be appointed by the chair to cooperate
| with other commercial bodies represent
| ing similar interests to those of this
| chamber in Washington, with power to
| use all legitimate means for the prompt
| repeal of the Shsrman law
| A resolution providing that copy of
| these resolutions be sent to the President
| and different chambers of commerce
| throughout the country was adopted.
| The committee of seven was appointed
| by the chair.
UNEMPLOYED SWARM THE DOCKS.
wretched Australians Trying to Steal
Their Way to America.
SAN FRANCISCO, July 6.-News was
brought by steamer Maripaso today
from Australia of diseouraging tenor.
Closed banks are trying to resume and
business it at a standstilL Strikes are
imminent. A number of coal mines
have shut down. The wages of sailors
are being reduced. Omnibus drivers
went on a strike because their wages
| were reduced. The unemployed swarm
along the docks, seeking chance to
stow away on vessels bound for the
| United States. The governments of Vic
toria, New South Wales, and Queensland
are doing all in their power to relieve the
| situation, and with some degree of sue
| cess. One measure adopted by New
South Wales is the establishment of a
state bank.
| Many Small Concerns Involved.
Sheep and Wool Company and the
Ganesvoort Market Sheep Company. do
| Ing business at the Central stockyarris.
| Jersey City, failed this morning. It is
feared thefailure will involve the failure
! of many small concerns. The liabilities
exceed half million dollars. The as
sets are not known.
| Passed Dividend.
| New YoREA July e.--The directors of
| the Denver & Rio Grande Railroad Com
pany passed the regular semi-annual div
idend on preferred stock today.
| In Receivers Hands.
COLUMBUS, O., July e.-The Ohio Paw
ing Company went into the hands of a
| receiver today. The concern has branch
es all over Ohio. and is largely engaged
in making patent paving brick. The
| liabilities are S196, 900. assets $259, 900.