The record-union., 1893-07-07
Special to the RECoRD-UNIoN.

New YORK, July 6.-The business men
of the metropolis met to-day and consid-
cred the financial and commercial situa-
ton by which they are surrounded. The
| occasion was the gathering of the Cham
Der of Commerce in response to call
issued by leading members, wherein they
declared that the present disturbed con-
dition of the finances of the country calls
for public expression by business men as
to the remedy to be applied for the resto-
ration of confidence
Nice-President Orr presided.
John Clatiin arose and said that they did
not need to be told that the strain bust
ness men were suffering from was a Sc
we're one. He did not believe they were
on the verge of a commercial panic.
They were passing through one. There
have been many causes" he said, (which
contributed to the present trouble. Most
of them would right themselves in the
natural course of business, but there is
one chief cause which is not included in
the category, and that is the silver-pur-
chasing clause of the Sherman law. ZAP
plause.l 1t has caused distrust abroad
and weakened us while it has strength
ened Europe"
He did not see how any sensible man
could oppose the repeal of the law. Any
law that might take its place should only
be enacted after wise and lengthy delib-
Grafton.
Clatlin concluded by Offering for adop-
ton resolutions which recited that the
country often suffered from hasty and
ill-advised legislation, and was now suf-
fering from the effects of the silver-pur-
chasing clause of the Sherman Act. In
consequence of this alarm money was
withdrawn from circulation, business de-
pressed, mills and manufactures pre-
pairing to close and thousands of labor
ing men about to be thrown out of en-
plOyment; that business enterprises will
not be resumed or labor steadily em-
ployed until money could be obtaided at
moderate rates, and ordinary interest
rates could not be expected until the
confidence in the stability OF all money
Of the country is thoroughly re-estab-
iished; that the repeal of the silver-pur-
chasing clause of the Sherman Act is
| essential TO the prompt restoration of
national prosperity, and urging the
clause. Further, that in the judgment
of the Chamber representative COM
mission should be appointed by Congress
at the special session to diligently study
the coinage and currency laws of the
United States, and other countries, and
report at the regular session of Congress,
to the end that a comprehensive plan for
a safe and elastic currency may be care
fully 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 Windmiller, and
lengthy discussion followed, after which
the resolutions and. amendment were
adopted, there being but three nays.
| WARMERS VIEWS ON THE SITUATION.
| WASHINGTON, July 6.-General A. J.
Warner, President of the American Bi
Metallic League, said to-day: "We NAV
| look for purchases OF silver on account of
the Indian Government at any time. In
fact, that Government adopted a sort of
Bland law, excepting that it fixed the
ratio at 2l4 for converting rupees into sill
yer. If the mints of the West remain
closed for any length of time, silver will
rise as a result of the purchases by our
| Government, and on account of India.u
Questioned as to the alleged purpose of
| the silver convention in Chicago on Au-
gust lst to pass resolution favoring the
decentralization of gold, Warner said he
knew nothing Of the purpose to intro
| duce such bill.
| 1t is now stated that the silver men
| may play part in the selection of Speak
| or. The announcement that there is a
possibility that Bland may not be placed
as Chairman of the Committee on Coin
| age, Weights and Measures stirred them
to renewed efforts. Stories of an attempt-
| ed com bination between free silver adyo-
Gates and Populists to place candidate
for the speakership in the field, unless
| they have the assurance of Crisp that
Bland will be retained at the head of the
committee, are floating about, but not
generally credited, for though it is openly
said by some that Bland will not again
! be Chairman of the committee, there are
no facts that would warrant such an as
! sertion. Crisp has not even intimated
such a thing. Among the more conser-
vative impressions are that Bland will
! head the committee. This would not.
however, indicate that the entire COM
mittee will remain. 1t is known that
Crisp made absolutely no pledges one
way or the other.
Senator Harris, President pro TEN. of
the Senate. says there will be 60 filibus-
tering in the Senate against bill to re-
| peal the Sherman law.
| HERMANN OF OREGON.
PORTLAND or, July 6.-Speaking on
the silver question Congressman Binger
| Hermann to-day said: believing in the
| free mintage of silver as well as gold, but
fearing the United States alone cannot
maintain before the world the present
/ legal ratio of sixteen ounces of silver to
one of gold, and that an international
agreement to reform the worlds ratios
cannot be secured, favor change of our
own legal ratio. Tho Sherman law should
not be repealed until better guarantee
is had that silver shall be recognized
upon a just ratio with gold and as free to
/ the mints as gold itself.''
Banks Reopening.
WAsHIN GToN, July 6.-The Comptrol-
J ler of the Currency is informed that the