The morning call., 1893-08-23
NEED FOR REPEAL.
Bankers Come Out With
a rIanifestO.
STREET HAS SPOKEN.
1t Remains for the Bankers Outside of
New York to flake
Answer.

NEW YORK, Aug. 22.-The American
Bankers Association is now issuing a cir
cular to all banks and bankers in the
United States. stating that an extraordinary
monetary crisis has constrained the asso-
citation to postpone the annual convention
called for the 9th and 7th prox., at Chicago.
This will prevent such expression upon
the part of the association as the financial
situation demands, and the officers feel it
Incumbent upon them to speak for the
association. They say it is manifest that
the immediate cause of the prolonged
stringency is the fear and apprehension of
disaster engendered in the minds of the
people by the continued purchase of silver
by the Government. and by the unceasing
issue of its obligations therefor, redeema-
bic in gold, which fear and apprehension
can only be removed and confidence re-
stored by the removal of its cause.
1t believed the bankers of the country
will understand and realize this to great
extent. If not 10 greater extent than any
other class of citizens, and it therefore be-
comes such of them as fully realize this to
urge upon their fellow-citzens and upon
Congress the great necessity for an imme-
diate and unconditional repeal of the pur-
chasing clause of the Sherman silver act.
The repeal OF this clause is demanded in
the interests of those favoring a gold
standard and those favoring the use of
silver with gold, as the continued purchase
of enormous quantities of silver with the
issuance of gold obligations can only re-
suit in the final inability of the Govern
mentto redeem such obligations in gold, and
as the continued overproduction will give
consequent further depreciation of silver
this will render the prospect OF any inter-
national agreement for its more general
use throughout the world more hopeless
than at present.
blank form of petition is inclosed TO
be circulated among merchants, business
men and others.
The New York Board of Trade and
Transportation has called meeting Of the
representatives of commercial bodies
throughout the country in Washington oD
the 18th Gf September, for the purpose of
urging upon Congress the business neces-
sity for the immediate and unconditional
repeal of the silver purchasing clause of
the Sherman law. 1t is also intended to
appoint national non-partisan and ex-
pert commission to consider the future
financial needs of the country.
The banks reported the shipments of
currency, notes and coin to the country to-
day as quite heavy, Notwithstanding
great deal of discrimination was shown in
granting the applications therefor. Bond
brokers, too, said that the sale of United
States and other bonds for country banks
had been quite heavy the last few days,
sellers stipulating that currency be for
warded therefor. Brokers said that the
country savings banks were preparing for
Withdrawals. for which notices had been
given early in the present month
LIMA, Aug. 22.-It is announced that
the Valparaiso Bank, National Bank and
the Agricola Bank have been consolidated.
with capital of $4,000. 900. Financial
distress is confined to Lima and Callos.
The prospects are brighter in the northern
and southern provinces.
LONDON, Aug. %. - Forty thousand
pounds of gold were withdrawn from the
Bank of England for shipment to America
to-day.
KANSAS CITY. Aug. 22.-Swifrs packing
house closed down to-day on account OF
the butchers strike.
WATERLOO Iowa, Aug. 22-The private
bank OF j. T. Knapp g. Co. at Cedar Falls.
Iowa. failed TO open this morning, and
complete assignment of the affairs of the
Institution was made later. No valuation
is given to the list of assets and liabilities
filed