Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1893-07-20
TIE MONEY QUESTION.

An Important Meeting OF the Pittsburgh
Chamber OF gresham
Daizen Speaks on the Silver Question
The Present Stringency More Apparent
than Rea1-The Government in the Storage
MISUNDERSTANDING Silver with Gold.
PITTSBURGH, Pa, July 1.-THE meet
ing held at the chamber of commerce
yesterday afternoon to discuss the
financial and commercial condition of
the country was well attended. The
feature was the speech of Congressman
John Da1zelL In opening the meet
ing President Kelly spoke briefly and
restored until the silver-purchasing
clause of the Sherman act is repealed.
| Resolutions were presented by Chair
man Miller of the finance committee
calling upon the senators and repre-
sentatives to do all in their power to
secure at an early date the repeal of
the silver-purchasin clause of the
Sherman act.
The resolutions recommended an
amendment to the existing national
bank laws: also, that national banks
may issue currency to the full per cent.
OF bonds deposited by them instead OF
30 per cent. as at present allowed.
The committee of five members was ap-
pointed by the chair to cooperate with
other commercial bodies in securing
necessary legislation.
Congressman Dalzell's speech was
frequently interrupted by applause.
In substance Mr.. Dalzell said:
Within year We seemed to be on the high
road to prosperity. The same material ele-
meats OF success exist to-day. Whatever may
be Cur opinions on this subject do not believe
the Sherman act is the sole cause. 1t is the
silver policy of the government. This policy
involves the rolicy of 1873 when the Bland
Allison act was passed 1t also involves the
declaration Of the Sherman bill that
1t is the established policy of the country
to maintain the parity OF two metals. The
act Of 1873 reversed the policy OF half a CEN
fury. We were on a gold basis and the inaugu-
ration of system which substituted depre-
clated silver dollars was reversal of policy
which had stood for fifty years. When Alex
ander Hamilton mint act passed our gold
went out of the country. From 1884 to 1897 we
had silver standard. and from 1887 to 1887 we
were on gold basis. 1t is a remarkable fact
that from The foundation of the country until
1873 our total mintage only S. 1000. No
more suicidal acts have been passed than the
compromise Bland-Allison bill. 1t pro-
vlded that the government should buy and
coin not less than 81 00j.0)0 nor more than
S400oO0 month. and all the while silver
kept going down. In 1899 compromised
again. The bill passed then provided that 1877
tons OF silver certificates should be issued for
1t until 1891. Since that time the government
has been in the storage business and the gov
eminent has just as much right to purchase
pig iron and issue certificates for it it has to
buy silver bullion and issue certificates for
that The present law means that for
every ounce of silver worth siXty-eight
seventy cents We must issue certificates which
the government is bound to redeem at dollar.
We are buying silver and storing it at the
price of gold. The government has
Ss4,24G.O00 of obligations in it's
currency and silver which it is bound
to pay in gold. and it only has s1O0O)o,OO0 in
that the Country is bankrupt. 1 don't believe
our country can he bankrupted. All these obli-
cations will not be presented at once. and it
will be able to meet them The purchasing
clause of the Sherman act ought to be
pealed, Its first effect is the effect
feeling now in the money power Of the country
to redeem its obligations. Its second effect
~ an inevitable contraction OF the money
value. The standard to-day is gold. and
anything that does not come up to the full
value, is deprecated. An American dollar
ought to be worth 100 cents everywhere our
flag floats. I think your first resolution ought
to he adopted. but don't know about further
legislation 1t might do to let nature assert
herself and let financial matters take care OF
themselves for little while and see how the
natural laws would work things out for US.
The resolutions were unanimously
adopted and the meeting adjourned.