The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-08-23
BANKERS ASKED TO ASSIST
Requested 10 Flood Congress with Petit
tions for Repeal of the Silver Act.
White Metal Dollars Not Popular with New
Workers - Yesterdays List Of Bank
and Trade Failures.
BANKERS WORKING FOR REPEAL.

United Effort to Influence Congress TO Blot
Out the sherman Purchase Act.
NEW YORK. Aug. 22.-The American
Bankers Association IS now mailing from
it's offices the accompanying circular to all
banks and bankers in the United States:
Gentlemen-The extraordinary monetary crisis
through which the United states are now pass
ing, which involves the banss OF the country 10
an extent that eonpeis Their onteess TO 20 fe'n sa
Is Imminent, has constrained the American
Bankers Association TO indefinitely postpone It's
annual convention called Tor the oth ano 1th
prox. at Chicago.
This will prevent such expression on the part
OF the association as the financial situation de.
mands, which. otherwise would be made III
thus becomes The duty or the officers OF the asso-
citation to speak for It at this time anu suggest
what seems To them TO be the proper action Tor
the bankers of the country TO Immediately take
with a view TO obtaining speedy reilef Irom the
continued and disastrous stringency.
Ii is manifest that the immediate cause OF the
prolonged stringency is the fear and apprehen-
sion OF disaster engendered In the minds OF the
people by the continued purchases OF silver by
the government and by the increasing issues OF
which fear and apprehension can be only re-
moved and confidence restored by the removal
OF the cause. Ii Is believed that the bankers OF
the country will understand and realize this TO
as great. IL not greater extent, than any other
class OF citizens. and it, therefore,, becomes the
duty OF such OF them as fully realize this To urge
upon their fellO w-citizens and upon Congress
the great necessity for the. immediate and uIi-
conditional repeal OF the purchasing clause or
the sherman silver act. The repe al OF this clause
is d demanded In the interests OF those fayOr1ng u
gold standard and OF those favOrlng the use OF
silver with gold. as the continued purchase OF
enormous quantities or silver with gold oDllga-
tons can only result In the final inability
of the government to redeem such obliga-
lions in gold and in the continued oyerpro-
ductiOn and consequent further depreciation OF
silver, thus rendering the prospect OF any inter
national agreement for Its more general use
throughout the world more hopeless than at
present.
The President OF the United States having con-
vened Congress in an extra session ana having
recommended to IL such repeal. the power OF
public opinion should be brought to bear upon
Congress to induce favorable action thereon.
This may best DO done by invoking the aid OF
tors and Representatives, and by sending TO
them petitions urging such repeal; all OF which
should be done TO the fullest extent possible and
without delay.
A blank fora Of petition Is inclosed TO he cir
culatod among merchants, business men ana
others for their signatures To which sheets may De
appended. Act at once III the matter and secure
the intelligent cooperation OF Others. providing
them with printed or type written copies OF the
petition for the purpose.
The New York Board of Transportation
has called q meeting of representatives TO
commercial bodies throughout the country,
TO be held in Washington on the 18th OF
September. for the purpose of urging upon
Congress the business necessity for the I'M
mediate and unconditional repeal OF the
silver. purchasing clause of the Sherman
law