The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1893-07-07
New York Chamber of
Commerce Speaks.
HAS NO USE FOR SILVER.
rlerchants of Gotham Hold the Sher-
man Law Accountable for the Pres.
ent Commercial Depression.
Special to THE MORNING CALL.

NEW YORK, July 6.-The business men
Of the metropolis met to-day and consd-
cred the financial and commercial situa-
tion by which they are surrounded. The
occasion was the gathering of the Chamber
of Commerce, in response to call issued
by the leaaing members, who therein de-
clared: "The present disturbed condition
of the finances of the country calls for
public expression OF opinion by business
men as to the remedy to be applied for the
restoration of confidence
Vice President Orr presided. John
Clafn arose and said they did not need to
be told that the strain business men are
suffering from IS a severe one. de did not
believe the nation Is on the verge Of COIN
mercial panic; it is through one. There
have been many causes, he said, winch
have contributed to the present trouble.
Most of them would right themselves in
the natural course of business, but there is
one, the chief cause, which is not included
in the category. and that is the silver pur-
chasing clause of the Sherman law. Ap-
lause 1t has caused distrust abroad and
weakened us, while it has strengthened
Europe. The speaker did not see how any
the law. Any laws that might take its
place should only be enacted after wise
and lengthy deliberation.
Clafln concluded by Offering for adop
tion resolutions which recited that the
country had often suffered from hasty and
ill-advised legislation, and that 1t is now
suffering from the effects of the silver pur-
chasing clause of the Sherman act. In
consequence of the alarm money has been
Withdrawn from circulation, business is
depressed, mills and manufactures are pre-
pairing to chose and thousands of laboring
men are about to be thrown out Of EN-
ploymeDt. Further that business enter
prises will not be resumed or labor steadily
employed until money can be obtained at
moderate rates; that ordinary inter-
est rates cannot be expected un-
til confidence in the stability of
all the money of the country is
thoroughly re-estab ablished; that the re-
peal of the silver purchasing clal
Sherman act is essential to tn
restoration of national prospe
urging the speedy and uncondi
peal of the clause. Further, Il
Judgment of the chamber repr
commission should be appointed
gress N the coming special
diligently study the coinage ant
laws of the United States and
tries and to report at the regul
of Congress, to the end that &C
sive plan for q safe and elastic currency
may be carefully matured In the light of
the worlds experience.
An amendment providing for a COM
mittee Of seven to go to Washington and
work for the repeal Of the Sherman law
was offered by Louis Windmller and a
lengthy discussion followed, after which
the resolution and amendment was
adopted, there being but three noes.
The refusal of the treasury to accept
silver bullion at the prices offered yesterday
weakened silver at the Stock Exchange to-
day. and decline to 73h took place. The
transactions to late hour were only 10000
ounces. Commercial bar sold at 73 to "a,
Mexican dollars So to SO and the bullion
value of the American silver dollar 561a TO
57h. Money was easy at to on call.
The demand for stock exchange purposes
was light, in the loans g. Sterling ex-
change was quiet and firm. The inquiry
has fallen off, while the volume of bills is
small. The posted rates remain 81 S3b
and "a S5h. No loan certificates were
issued to-day. but 100000 were Cancelled
by the CleaIing-h ouse. This is the first
time there has been any cancellation, and
indicates decided improvement in the
condition of the money market.
The Commercial Advertisers Washing
ton special says: When Speaker Crisp
left here some weeks ago he was chagrined
at the Presidents rejection of his wishes
regarding certain offices, and he said the
administration will have to seek him in
future. and it did. In short while he
YVES summoned to Washington to confer
with Carlisle. The silver men are whs-
pering that il Crisp goes against them it
will be because he has surrendered to the
Presidents offer of patronage. Crisp
maintains a diplomatic silence. but there
is no room to doubt that he will sustain
the President.