The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1893-07-21
THE MONEY QUESTION.


An Important Meeting Of the Pittsburgh
Chamber of Consnerce Gong rcssmsn
nuIseIl Speaks On the silver Question-
The Present. strlnge ncy More Apparent
than Rral-The Govermcnt In the storage
business -isuying silver with Gold
PITTSBURGH, Pa, July 1.-THE meet
Ing held at the chamber of commerce
Yesterday afternoon tn discuss the
financial ana commercial condition OF
the country was well attended. The
feature was the speech Of Congressman
John Dalzell. In opening the meet
ing President Kelly spoke briefly ana
said business confidence would not be
restored until the silvcr-purchasing
clause Of the Sherman act Is repealed.
Resolutions were presented by Chair
man Miller Of the finance committee
calling upon the senator's and repre-
sentatves to do all in their power 10
secure at an early date the repeal OF
the silver purchasing clause OF the
Sherman act.
The resolutions recommended an
amendment to the existing national
bank laws: also, that ~ational banks
may issue currency to tine full per cent
Of bonds deposited by them instead OK
90 per cent. as at present~ali lowed.
The committee of five members was APP
pointed by the chair to cooperate with
other commercial bodies in securing
necessary legislation.
CONGRESSMAN Dalzells speech was
frequently interrupted by applause.
In substance Mr.. Dalzcll said:
Within u year we seemed TO be on the high
road to prosperity. The same material ele-
men;s OF success exist to-day. Whatever may
he or opinions on this subject do not believe
the Sherman act is the sole cause. II Is the
silver policy Of the government. This policy
Involves the Policy of 1878 when the biahu
Allison act was passed. II also involves the
declaration OF the sherman bill that
II Is the established policy OF the country
to maintain the parity OF two metals Inc
act Of 1873 reversed the policy OF half cen
fury. We were on gold basis ana the ihaus"
ration OF a system which substituted uepse
ciated silver collars was reversal of polio!
which had stood for fifty years. When Alex
under Hamiltons mint act was passed our Roi'
went out OF the country From lSss TO 1877 w
had silver standard and from 1887 TO INT W
were on q gold basis. II IS remarkable lac
that from he foundation OF the country unit
1878 our total mintage was only ss.0Jo.0U. y
more suicidal acts have been passed than tn
compromise Dland-Allison I'LL. II pre-
vided that the government should puy ah'
coin not less than tsO)0U nor more ina
"a 10000 a month. and all the while silve
, kent going down In 1890 we compromised
, again The bill passed then provided that u
tons OF silver certificates should be issued 10
, il until 1891. Since that time the government
l has been in the storage business and the GOV
! eminent has just AS much right TO purchas
pig iron and issue certificates for II as II mas
buy silver bullion aud issue certificates 10
that The present law means that &c
: every ounce OF silver worth sixty-eight O
!. seventy cents we must issue c"rtihcates whie
/. the government is bound TO redeem at q doiia
We are buying silver md storing II al u
= price OF gold The government ~
!, 1884 $4,000 OF obligations in
|, currency AMI silver which IL Is bour
TO nav In gold and IL only has 100000
!. gold in reserve There Is no reason for sayin
= that the Country is bankrupt. | doa't belies
:. our country can be bankrupted. All these oh
II cations will not Ice presented at once ana
T. will be able 10 meet them. The purchasi
l. clause OF the sherman act ought 10 he
pcaled It's first effect Is the erect we
y feeling now in the money power OF the CONT
s. 20 redeem It's obligations. Its second enc
~ is an inevitable contraction OF the mon
q value. The standard to-day is gold. a
= ANYTHING that does not come up TO the !
value is deprecated. An American DOL
a ou-ht to be worth 100 cents everywhere
|. mar floats. think your hrst resolution ous s
~ legislation. II might do to let nature ass
y herself and let financial matters take care
g themselves for n little while and sse how !
~ natural laws would work things out Tor US.
Id The resolutions were unanimous
IN adonted and the meeting adjourned.