New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-01-06
AGAINST THE SHERMAN LAW.
ACTION OF THE CHAMBER OF COMMERCE.


A DECISIVE VOTE IN FAVOR OF STOPPING THE
PRESENT System OF SILVER PURCHASES.
The Chamber of Commerce held its monthly meet
ing yesterday afternoon at its rooms In Nassanst.
First vice-President Alexander K. Orr presided.
Twelve new members were elected, which brings the
total membership 10 1000. Henry Willard oherd
resolutions authorizing the president Of the Chamber
to appoint a committee Of five TO consider the best
means be taken TO provide for the proper reception
ind entertainment Of prominent foreigners who may
visit the Worlds Fair. II was adopted unanimously
The Committee on Foreign Commerce and Revenue
Laws through r. Il. Thurber, recommended that the
questions concerning the Customs Administrative oct
referred 10 them some time before be referred 10
special committee. This was done. This committee
also reported a resolution which was unanimously
adopted favoring the bill introduced into the United
States Senate by Senator Culom lcealIzlng pooling
BY common carriers when such pooling should have
Its object the maintenance of reasonable rates and
the prevention OF unjust discrimination. and giving
to the Interstate Commerce Commission power 10
order The cancellation Of any pooling agreement the
effect OF which should be TO establish unreasonable
charges unjust discrimination.
Louis Windmuller. chairman OF the Committee on
Internal Trade and Improvements. offered a resolu-
ton providing that tue Chamber recommend 10 the
Legislature the passage of law providing that towns
pnd counties be compelled TO construct macadamzed
roads. This was adopted. An amendment offered
by Hugh " Camp for the appointment OF delegates
10 attend the convention OF the National League for
Good Roads lost.
Louis Wlndmulcr then offered the following resolu-
lions:
Whereas The continued issue Of "a. 900 OF legal
tender Treasury pay for 100000 ounces OF
will make 1t and more difficult for the Gov.
eminent TO redeem obligations in gold the longer 1t
Is continued
Whereas Confidence in the stability OF currency
Il weakened these issues increase;
Whereas in securities are becoming rest.
icas MI
10 accept payment in deprecated currency; be it
Resolved That Representatives in Congress
TO urge the prompt repeal OF the Sherman act OF 1870
or any by which tho Secretary OF The Tasuy
Is compelled TO buy silver.
Resolved, That we earnestly call on every chamber
n commerce and all other commercial bodies throughout
the United States TO unite with US on this appeal
Resolved That copies Of these resolutions be sent 70
every member Of Congress. OF the Senate ana 70 all
commercial associations in the United States
Mr. Wincmuler, speaking the resolutions. said :;
"They simply recrate. only In stronger language
those which were unanimously adopted on March g.
To-day the amount Of gold in the Treasury Is ABOUT
The same as it was then, but the amount OF Treasury
notes since issued Is about 100000, so that
we hold barely Sl2 Of gold 800 of circulating notes
This is not a safe basis for sound banking IL VIII
put q premium gold and drive 1t out OF circuia-
ton II II be continued. We know by our experience
Of thirty years ago the consequence OF sucn u
calamity. When acquiesced in the Issue OF legal
tenders without security we did ii 10 save the Union
Now we icopardze best Interests simply for The
real or imaginary benefit of three classes who want
6rs TO bolster up the value Of silver owned by miners
second to initiate the currency to assist needy
borrowers who fooiishy believe that a cheap dollar
Will help in paying their debts; third TO please few
misguided persons who want TO have silver adopted as
the general standard Of yalne
William 4. st. John made speech in favor OF
free silver and said silver Of the best prop
lrties In the world. He thought the newspapers did
not understand the silver question but their agitation
against silver had more weight than any figures he
could give.
J. b. Colgate also argued against the resolution
saying that gold rising instead OF silver falling
and the people failed distinguish between the mar
ket and the legal prices Of silver. He argued that
unce English silver coins sold here at much more than
er bullion price, the legal price was the trle value
George Foster Peabody made speech in favor OF
the res button, saying that he owned silver stock,
which would be affected II the price fell, but he
thought that the interest OF the country demanded
the repeal OF the Silver law. and in the end the
silver Interest itself would be better or
J. F. Henry wanted the resolution referred 10 the
Finance Committee but the chairman OF the Com
mittee, George s. Coe, objected that the committee
had often considered the subject and agreed with the
sense OF the resolution vote WAS taken rnd me
men who voted against the resolution were Messrs.
81. john Colgate and Henry.
G.. Waldo Smith offered a resolution, which, a. his
request, referred = the Finance Committee, call
Ing for the repeal Of tue usury laws OF this State on
the ground that they veXatiOus restrictions on
easily evaded when any inducements existed for evad
Ing them.