Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-01-31
FAV0RS ITS REPEAL.
THE CHAMBER OF COMMERCE op-
POSED TO THE SHERMAN ACT.
The Board Also Adopts Resolutions Ask
ing Our Senators 60 Work for the
Norfolk and Western Biii.

The Board Of Directors of The Chamber
Of Commerce held a called meeting yes
terday afternoon Mt o'clock TO consider
report from the Committee on Banks and
Currency relating to resolution OF tho
Chamber of Commerce Of the state OF
New York advocating the repeal OF the
sherman act Of 1890. Hon. George j..
CHRISTIAN. the president, occupied the
chair. and there was a full attendance.
Mr.. John s. Elicit. chairman of the com
mittee referred TO. presented report IN
which they declare that the act appears To
have a two-fold Obiect-by making these
huge purchases Of silver 4,5OJ.OO1 ounces
per month"; 10 bull the prices OF that metal
In the markets of the world. and to tur-
nish the people of the United States an
increased supply Of currency.
FAuED IN THE TIRsT.
The report continues:
"It appears 20 as hat tho operation OF TIC
law has signally failed to accomplish the hrsi
purpose. II went into effect about two and
half years ago, whom the prico Oi SILVER was
about sl.0S per ounce. After purchasing auout
$4,000, 600 OF ounces the price to-day - -
cents per ounce. and tho Coy erumcnt las lust
many millions OF dollars by ihC experiment.
AS to the second purpose, us success. 10 my
the least, Is very dOnbifaL When the law was
enacted the United States Treasury held siSO'-
OOO, 600 OF net gold. Its credit was the h'shest
amongst the nations 81 the earth. Today u
holds less than ll4.o00,OO0 net god us anu
tyto MAINTAIN It's currency at par win goa "a
doubted 81 home and abroad. We are threat.
ened with suspension OF goa pay mems, az, y,
the resulting loss Of HUNDREDS % a9d a
gold which now torn part OF our currency, hnu "
consequent large decrease, instead 9i hu ~ u,
crease. IN the circulating medium. We arc u'
tho opinion chat n proper banking sys'u'n IN;
either under national or state regulations wiz
furnish ALI additional currency needed bY The
people" ,
The committee therefore recommended
resolution. which was adopted. declaring
that the &C Of Congress requiring the PuI-
chase of 10000 ounces OF SILVER per
month should be repealed. and requesting
the Virginia senators and congressman 70
use their influence TO OBTAIN its repcdl
and that OF any other law 10y which inc
Secretary Of the Treasury Is required TO
buy silver"
TIE NORFOLK AND WESTERN BILL.
IL appearing from the press reports that
there is grave doubt of the Norfolk anu
Western bridge bill, now ponulhg III u.
Senate of the United States, passing tha'
body. Mir. James Il. Worth asked that tuc
board take that subject under considesa-
ton as one of great importance. not "hN
10 the Norfolk and Western railroad. uut 10
other corporations Of the state II \relh,a -
aud TO this and other secnohS "i me
country. The consent of the nolrd utIns
obtained. preamble and resoiutl9hS W tl-
offered by Mr. Werth and seconded by M
S. w. Travors. After the reading OF tie
resolutions motion was MADE 10 rel'i
them to the Committee on lnisn" trace
iut IL being suggested that u the question
was 10 be acted on at all, PROMPT hcu"n
was necessary. This motion was lost ana
the resolutions were adopted III eject a.
follows: .-... ..
"Fully recognizing the great importance 10
M, ,,,,r,yuerc,, a. INC country Of having another
nn!ce over the Potomac AT Washington; there
fore, BE- n ,,..,.
rnercc urges the senatofs from 'feihlh Z" 81" "ii
m their power % elcrt TIE pas,ngc o. ihe pre-
ent iill TO allow the Norfok and " r-lern hhli-
road Company % buid another bt4fHo al "Hsu-
iugton and thus relieve tho country from thc
monopoly imposed by the one priuE' a' S'''
point; ana ,,- -
secondly, Resuc,tfully ask TIE other
nercIhl lies in the South 10 urce the oehAt 49,
from several sections to take similar action
in behalf Of the passage of said bill