The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-08-13
INST ACT WITHOUT DELAY.
Rr,Dc,s Men Demand a Repeal Of the
Sherman Law.

e,,Dport a Repeal of the Obnoxious
No More Currency to be Ex-
ported.
rbs Joint meeting of the board of trade
and cotton exchange at the board of
.-s5s rooms yesterday morning, was
,,rre.v attended by the members of both
bodies.
t+rsdp presided Secretary G.. Wallace
GI,,,.ard acted as secretary. After call
lI,tba meeting to order President Purse
l+7tgd its object in the following Ian
guage: co.,
Fxchauge-Gentlemen gu nave Deen con-
Iened f1 special JOINT meeting to-day to give
e,vy-rression to the views OF the business com
Tdnftv upon the extraordinary situation OF
financial embarrassment In which the entlre
a-,rrry has now become involved, practl-
cSiIr hacking the whole machinery Of bust
49, and to urge upon congress, assembled
in eYtra0rduary session at washington, lne
Immediate enactment OF legislation 10 reAeFe
t1punparalleled strain TO which every com
.-I-liiI and other interest is subjected in the
mort 10 stem the tide Of these adverse condl-
,jDns Feeling confident that, from your
thorough knowledge and appreciation OF the
rT,yity Of the financial situation, your dehD-
6otiors will be characterized by wisdom,
igstice and moderation in the suggestion ana
r1rommeudatiOn of measures for lmmedl-
afaly meeting and relieving the emergency OF
The hour. / now declare this body open for
business
At the conclusion of Capt. Purses ad-
dress Mr.. John IL. Young introduced the
following set of resolutions:
Whereas The present financial condition
'nrrvgilug throughout the country Is working
frsaf ana iucalculable injury to all CONNER
and unless'C heCked at once must orlng upon all
classes Of our citizens serious loss, sunerlng
and distress by the enforced stoppage OF IN
du.trcs the embarrassment ana ulHcullleS
irferDosed TO the marketing Of the crops the
constantly increasing curta1lment OF CreulIs,
the cessation Of the ordinary and usual meth
Gus OF conducting business, and the constant
and continued shrinkage IN the values OF all
classes Of property; and
Whereas. I he evils from which the country
is suffering are in a large measure attribute
bic TO the effects of the silver law OF 1880,
known as the sherman silver bill, under the
operations of which there have been created
widespread apprehension and alarm causing
The timid to hoard up their money, ana
threatening in this way to bring ABOUT
serious scarcity in the circulating medium
and
Whereas, The President of the United
States. in his message submitted 10 congress
on August 8, has clearly pointed out the only
means Of giving immediate relief and has
urged the prompt and unconditional repeal OF
said law; and
Whereas. II is proper at a time like this
that there should be an expression OF opinion
from the business bodies and institutions OF
the country; therefore, be 1t
Resolved, hy the Savannah Board OF
Trade and the savannah Cotton Exchange IN
Joint meeting assembled, that we heartily com
mend and lndOrse the President message,
and call upon the senators and representa-
tives from this state to lend their earnest and
active support to the speedy accomplishment
d
Resolved further n hat ii is the opinion Of
this meeting that the only action in regard to
this matter which it is desirable for
congress to take at this time is TO adopt the
recommendation Of the President 5 message,
leaving for future consideration any further
effort at financial legislation so that 1t may
proceed with the caution and deiiberatiOn
which is demanded by the vital Importance of
the subject TO the welfare of the country.
Resolved further that these resolutions
be printed and that copies thereof be sent TO
the President Of the United States and to
each Of the senators and representatives in
congress from the state Of Georgia.
THE EVIL APPARENT.
The resolutions were ably seconded by
Col Chas Ii. Olmstead. Col. OimStead
said the subject needed no discussion.
The cause OF the evils sought TO be rem
edied was apparent TO all. 1t is of vital
Importance, he said, that our representa-
tlVes IN congress should be impressed
muuity. He advocated sending a joint
letter from the presidents of the board
of trade and the cotton exchange to each
OF the senators and representatives in
congress from this state, repre- Senting to
them the urgency of the situation and the
eaneStuess of the people in their de-
mands set forth in the resolutions Col
OmSteudS remarks We're received with
applause
Mr., r. r. Dancy gave an emphatic in
dorsement of the resolutions. He thought
they should be made even stronger than
they were. He suggested that copy of
the resolutions be forwarded to every
member of congress.
There were no further remarks. The
motion was put by the president and the
resolutions were unanimously adopted.
THE DEMAND FROM THE WEST.
Mr. j. NJ. Dixon introduced a resolu-
ton that ali remittances to parties out
side Of the city be made either in New
Ork exchange or in checks drawn
upon the local banks payable in current
exchange on New York.
Mr.. Dixon said that the situation of af
lars Is such that if the demand from the
north and west that all orders be accom-
panied by currency is complied with, this
sectlon will soon be depleted of currency,
carry on their business.
Mr. D. p. Williams opposed the adop-
ZION OF the resolution on the ground that
IL would IN effect place an embargo on the
eArortation of currency from the city.
ms would be impossible to comply
"lJn IN the naval stores business,
ne SAID, as the factors were often neces-
sarly compelled TO remit currency to
lneir customers. The plan may be very
wen applied to dealings with the west,
put 1t can hardly be carried out in doing
BUSINESS nearer home.
mere were Ii good many present who
evidently agreed with Mr. Williams as
was shown by their applauding his re-
Mr Herman Myers differed with Mr..
Williams. He held that the resolution
"dS very wise one. MIR. Myers said;
can see no possible objections to calling the
guull' attention to the effects a depletion of
fI5Iehcy would be to our community. The
solh OF our products such as cotton, naval
S.oIeN. lumber, etc, are either shipped north
" payments are made for them through New
~ "a. ana New York not being able at pres
en- TO furnish currency for balances except
SH, cost OF about 3 per cent, 1t naturally
nui' TAX either the commission merchant,
SAinIler. or producer per cent, on all ship
aLtH. YOU can, therefore. readily see the
images OF carrying out the spirit of the
'''"-elloh when practicable.
CAPT. FLANNERY's RESOLUTION
Odpt John Flannery saidthat speaking
% commission mcrchanC and not as a
va os1Her he approved Of the general nature
VI yue resolution. He suggested a slight
CV.lhCdtl0n of the resolution, however.