The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1893-01-27
SILVER COINAGE.
The Board of Trade takes a Decisive
Stand upon the Subject.


profitable one.
A letter was received from J. T.
Williams stating that he had attend
ed the national good roads conven-
ton.
Secretary Chapman read a letter
from Supervising Architect Edbrooke,
in which he regretted to state that
balance available for use in construct
ing the public building will not per-
NIT of the building of a clock tower
and the purchase of clock.
j. G. Noe stated that Senator w ash
burn and Congressman Lind had been
communicated with and asked to use
their influence to have a clock tower
built.
A communication was received from
the New York Chamber of Commerce
asking the board to oppose the con-
tinued purchase of 100000 ounces of
silver monthly and to ask Congress to
repeal the Sherman Act of 1890 and
any other law whereby the secretary
of the treasury is compelled to buy
silver
President J. A. Willard stated that
such action would be the most impor-
tant thing that the board could do.
There was a time when there was a
difference of opinion on the subject,
but this is no longer the case. Every
body outside of Congress and the sill
yer states is opposed to the continued
purchase of silver. Boards of trade
and other commercial bodies all over
the land are putting themselves on
record. He had drawn up a resolution
which he presented, and which J. G..
Noe offered. 1t was as follows:
RESOLVED, That we consider the con-
tinued purchase of silver by this gov
eminent under what is known as the
Sherman Bill. as well as the further
coinage of silver under the present
conditions, not only as menace to
the business interests of the country
and certain to end in financial diSas-
ter, but also one of the greatest obsta-
cleS to the success of any internatiOn-
al monetary conference and the adop-
tion by European nations of any
measures looking to larger use of
silver, therefore
We pray that Congress Immediately
repeal the silver purchase clauses of
the SO-called Sherman Bill without
reviving the purchase and coinage
provisions of the Bland Bill, so called.
J. N..Hall stated that he was in favor
of currency composed of both silver
and gold, but under the present con-
dition of things it was apparent that
the purchase and coinage of silver
should be stopped. The outcome of
the recent monetary congress shows
that the nations of Europe are will
ling that the United States should
continue to carry the butt end of the
load. 1T was a great mistake that
the law had been passed requiring so
much silver to be purchased. If the
purchase should be stopped, six
months afterwards the nations of Eu-
rope would be willing to cooperate
with us.
The resolution was unanimously
carried
President Willard then offered a
form of petition to congress embody-
ing the thought in the resolution, to
be sent to the Senate and House of
Representatives. 1t was signed by
most of the members of the Board
and circulated today. 1t is as follows
To THE HONORABLE, THE HOUSE OF
REPRESENTATIVES, OF THE UNITED
STATES:
We, the undersigned business men
and citizens of Mankato, MINI, irres
pective of parties, respectfully repre-
sent to your honorable body that the
experience of the past two years has
convinced us that the purchase OF
silver under the Act Of Congress
known as the Sherman Bill, or any
other bill having that object in view
has proved detrimental to the bust
ness interests of our country, and
that a continuance of such purchases
may within a short time result in
financial disaster, and should there
fore be Immediately discontinued.
And we pray that your honorable
body will at once take action to &C
complish that object.
Mr.. Willard stated that in a CONVEX
sation with Mr.. Lind two weeks ago
the latter had shown indications OF
weakening upon the stand which he
he has heretofore taken on the silver
question. He had asked whether it
would not suit the purpose to suspend
the purchase Of silver for the present.
in reply to which Mr.. Willard had
told him that it would be far better
to suspend it until the secretary OF
the treasury IN his discretion should
decide that it was wise to resume the
purchase of silver. Mr.. W. thought
that Mr.. Lind had become aware to
some extent of the necessity of the
situation, but not as business man
sees it. The theory of the silver adj
| vOca tac nav no all RIGHT hut q little