Pawtucket tribune. (Pawtucket, R.I.) 1890-189?, 1893-07-07
REPEAL IS DEMANDED.
Business Men AgainStth
Sherman Law.
GOLD MUST PREVAIL.
An Appeal to Congress by Merchants
Throughout the Country.

NEW YORK, July IA special meeting
of the Chamber of Commerce TO consider
the present disturbed condition Of the
finances Of the country was held beZ, aud
was largely attended. The Grst" vice.
president. Alexander L. Orr, presided.
John Clahin, the dry goods merchant,
said there was no doubt that the country
was suffering from financial stagration.
He did not be lieve that they were on the
verge Of a commercial panic; they were
passing through one. There had been
many causes which had contributed TO the
present trouble. Most OF them would
right themselves In the natural course Of
business, but there was one chief cause
which was not included In that category,
and that was the silver purchasing Clause
Of the Sherman law. II had caused dis
trust abroad and weakened US while IL
strengthened Europa He did not SEQ how
any sensible man
Could Oppose the Repeal
of that law. Mr. Claflin then offered the
following resolutions;
Whereas. This country has often suffered
greatly by reason OF hasty and ill-adyised
financial legislation, and
Whereas, II is now suffering from the effect
OF the silver purchasing clause OF the sher-
man act which, by creating distrust as 10 the
interchangeability Of our currency based on
silver, with our currency based on gold, has
caused widespread alarm. and has almost
created a commercial panic; and
Whereas, In consequence OF this alarm
money Is Withdrawn from circulation. busi-
ness is generally depressed. many mills and
factories are closing or preparing 70 close, and
thousands of laboring men are about 70 be
thrown out Of employment, and
Whereas. Business enterprises will not be
resumed nor labor be steadily employed until
money can be obtained by manufacturers and
by merchants at moderate means, and
Whereas, Ordinary interest rates cannot be
expected until confidence In the stability OF all
the money of the country shall be thoroughly
re-establshed, 80 that the lender may not fear
payment In dollars less valuable than those
he lends, now be 10
Resolved, First, that the repeal of the sill
yer purchasing clause Of the Sherman oct,
which month by month renders increasingly
difficult the maintenance Of the parity Of each
dollar with every other dollar. Is essential to
the prompt
Restoration OF National Prosperity.
This chamber, therefore, urges the speedy and
unconditional repeal Of such silver purchas-
ing CLAUSE.
Resolved, Second, that IN the Judgment Of
this chamber o representative commission
should be appointed by congress- at the special
session about 20 convene, which commission
should diligently study the whole body Of
coinage and currency laws Of tbe United
States and Of other countries and report at
the regular session OF congress, to the end
that comprehensive elastic currency may be
carefully matured in the light Of the worlds
experience.
Mr.. Windmuller made an addition to
the motion, as follows:
Resolved, That a committee Of seven be
appointed by the chair to cooperate with
other commercial bodies representing similar
interests OF this chamber In Washington,
with power to use all legitimate means for the
Prompt Repeal of the Sherman Law.
After some discussion by eminent flnan-
ciers vote was taken on the question
Only three Of those present voted against
It Cornelius N Bliss introduced a reso-
luton, providing that copy Of the resolu-
tions be. sent to the president and to the
different chambers OF commerce through
out the country, which was adopted.
In accordance with the amendment Ia
Mr.. Clafin's resolution for the appoint
ment Of committee Of seven, the chair
appointed the following, John Claflin
Henry Hentz, Gustav ii. Schwab, w. T.
Trenholm, G. N. Bliss, J. K. Simmons
aud John Sloane