New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-07
PRICE THREE CENTS.
THE SHERMAN LAW BLAMED.
CHAMBER OF COMMERCE ACTS
IT DEMANDS THE IMMEDIATE REPEAL OF
THE MEASURE
ADMIRABLE ADDRESS OF JOHN CLAFLIN-oNLX
THREE MEN OPPOSE THE RESOLUTIONS !
THE APPOINTMENT URGED OF A CON.
GRESs COMMITTEE TO STUDY THE
WHOLE FINANCIAL QUESTION.

THE APPOINTMENT URGED OF CON.
GREss COMMITTEE TO STUDY THE
WHOLE FINANCIAL QUESTION.
In the rooms of the Chamber Of Commerce yes'
terday afternoon there was a meeting OF nearly
90 OF the representative financial and business
men OF this city, to take action on the financial
situation. The meeting was the outgrowth OF an
effort originally put forth by some of the member,
Of the Chamber of Commerce for special meet
ing to pass resolutions calling upon the President
to get Congress together early possible. II
has been reported that the President through
friends learned of the movement TO have the
special meeting, and on last Friday afternoon, moi
much over an hour after notice had been given
that Alexander f. Orr the vice-president Of the
Chamber, had called the special meeting, word
came from Washington that the President had de-
cided to call the session of Congress in August
II then was determined by the members to takl
the opportunity which the special meeting would
present TO act upon set OF resolutions which
would express the sentiment of the Chamber OF
Commerce on the financial condition. The original
call for the meeting, with the signers to it, was az
follows:
Mr.. Alexander F.. orr, ViccPrcsdent Chamber Of Com
merce
Dear Sir: The present disturbed condition OF the
purchase OF useless silver bullion and the
quent the ability Of the Government preserve
the gold standard calls for public expression OF opinion
by business to the remedies 10 be applied for the
resto alton OF confidence.
That an opportunity be afforded for this purposs
the undersigned respectfully request you call special
Chamber for Thursday, the 9th inst. AZ
half.nast 12 o'clock D. m.
Your obedient servants, John Clahin. Cornelius N.
Bl's Woodbury. Langdon, Louis wndmuler w. T.
Hatch. Andrew Mills william f. Dodge. Dumont Clarke
George c. Magoun j. Edward Simmons John ii. Innan.
Warner Van Norden. Charles Lanier, Il. T. Wilson,
John Crosby Brown. Henry Hentz r. g. Rolston, Z. d.
Morgan & Co.. Frederic Taylor, Charles D. Fsirchild,
r. p. Ocott. Jacob II. schG. w l.. Trenholm, j. Pier
pont Morgan. +. D. Tappen and Oliver 5. Carter
The petition for the special meeting WIS sent
10 Mr. Orr on account of the absence abroad OF
Charles Stewart Smith, the president of the ON
ganization.
REPEAL OF THE ACT DEMANDED.
As was predicted in The Tribune yesterday
morning. the Chamber of Commerce at its meet@
ing of Yesterday dii not take any important
action further than 10 ask for the repeal Of
the Sherman Silver law, except TO call upon
Congress TO have a committee appointed ta
investigate the entire monetary question and to
report its findings the regular session Of Congress
4 committee Of representative men was appointed
10 confer with other bodies of business men, and
"A resolution WIS adopted providing for furnishing
the President and every member of Congress with
copies of the resolution which the Chamneo
adopted The vote the adoption Of the main
resolution. which called for the repeal OF the
Sherman Silver law, not unanimous. but N
was practically So there being only three mem'
bers who voted in the negative. These three
men We're William =. 81. John, the president
of the Commercial National Bank: A. Foster
Higgins and James b. colgate. Each OF these
thre.. men made arguments favoring the use OF
silver, while the argument for the resolutions
was made by John Claliin, who introduced them.
wELLKNowN MEN PRESENT.
When Mr. Orr called the meeting 10 orue'
there was hardly standing room in the chamoe"
Among the wel-lSr.wn men present were
Alexander f. Orr Charles Butler, william L. Tren
holm Camden c. Dixie Cornelius v Bliss william n'
Webb A. Foster Higgins O. NJ. Harper Scou ro'..s
Ambrose snow ,ieorce 5. Coz, James w Cromwell "'s
bert NJ. Plympon Louis wndmuller Alfred r Whitney
Frelorc Tavior William II. Lyon Gustav. H. >ch"an
car : straus. Charles \. Hoyt. william H. hooeeo
Jane, II. Colgate. James W. Tappin. william l. y. 'ohh
Frederic II. sturees John H. Inman' JACOB wendell
ncr Van Noden. Jams 7. Waring T. t. b'ackois
r,uoene Kelly jr J Edward Simmons. Dumont onrHe
lfucn ~ Camp August Belmont Emerson oo'en'H
Henry W. Maxwell. \. $ frSsel, Woodnuty i''. ao
r A. C. smith, John Clahin. Jacob y scniu' is'Do'
s,ous George L. Macoun Walter T. Hatch ORLANDO n'
ro,,or William w sherman John r. Townsend hehrS
,ront, Charles H. Conn Forrest II. faiAer 'am'S !"
rrothincham John D. Crmmins Julio r sorzaho, Jon.
r Terry John T. Pracger. 4. Augustus he'A'' hN"'''
yo,ns p u worralL Bnyton Ives. Robert Mleay'
I U.rsen Rhodes william c. Lee. william Iurhoun'
rroncis A. Fogg Henry Cews. James Benedict BowS
n,sb Edwin A. McArin A. w Kingman ana John No
Ancrney.
In compliance with the provisions Of the
.esoIutions, Mr. Orr appointed Jonn 'lihlh'
Henry Uentz, Gustav II. Schwab, W. H. Irenh'ln'
.'ornelius " Bliss j. Edward Simmons and John
Sloane the committee 10 cooperate with o'hei
bodies of financial men TO secure the repeal OF tN
sherman Silver law.
JOHN CLAFLIN OFFERS THE RE'oLrTioNs.
When Mr. Orr called the meeting TO order John
latin at once arose and SAID:
We do not need to be t,ld that financial strain 10
ron Us. We have felt il for a long time men "hs
,,, heen through the great rancs Of ~ and 6l ans
e have told that this strain has been worse .""s
hat Of anv other The commercial community mas ofo
,ared crisis but / believe not because the strain mas
cen moderate been les or has been indeea ewes
n mau A. taat of other times but simply because ortu
,ately the commercial community ha, own stronger
ater wears and because hanks have wisely tool
., ether and have AFFORDED the commercial community tho
h, 70 which they were properly entitled do not fed
n,, NO oro on the verge OF any commercial crisis.
eel that We are passing through crisis which i simply
not commercial commerce i able 70 stahd IL 0nt
!. We pass through this crisis we are not coming ous
nto times Of prosp unless the cause of the rre'ens
,outls he removed There l. out without removing
ne trouble perhlp-without removing the great cause
he troublc-but that way out /, through depression
ourh los, is through shutting down OF nanua.tores
nd the throwing Of aborng men out Of employment untu
nalv through sta. nation cone into peri a OF com
arative
THE CHIEF CAUSE OF THE TROUBLE.
There have been many contributing 70 the prev
nj trouble Many those causes Will rectfy Themselves
the ordinary process OF international commerce. but
here /, one causc trouble which has been at the bot
mn Of ALL which than all others has contributed
nda mine confidence here anf abroad. and that is the
clau'e of IN, Sherman act (AppauseI
ven those wish silver To be purchased who wish 10
he malntained-aai wish heartily myself that IL could
cus see that th. very law has done harm to silver By
bnormay the production Of mines ard has thus
laced an amount s.ver the market which the world