The times. [volume] (Richmond, Va.) 1890-1903, 1893-07-07
THEY URGE IT'S REPEAL.
RESOLUTIONS BY THE NEW YORK
CHAMBER OF COMMERCE
Demanding a speedy Repeal of the sher-
man Purchasing Act Adopted With
Only Three Negatives.

NEW YORK, July 6.-The special
meeting Of the Chamber Of Commerce to
consider the present disturbed condition
Of the finances Of the country. which was
| called at 1890 o'clock this afternoon. was
largely attended. The first vice-presi-
dent, Alexander Il. Orr, presided.
John Cladin, the dry goods merchant,
offered the following:
whereas, this country has often suf-
fered greatly by reason Of hasty and i'll
advised financial legislation: and,
Whereas, it is now suffering from the
effects Of the silver purchasing clause Of
the Sherman act. which, by creating dis
trust as TO the interchangeability of our
currency based on gold, has caused
widespread alarm, and has almost crea-
ted commercial panic; and.
Whereas, In consequence Of this alarm,
money is Withdrawn from circulation.
business is greatly depressed many mills
and manufactures are closing or pre-
pairing to close. and thousands of labor
ing men are about TO be thrown out of
employment; and,
Whereas, business enterprises will not
be resumed, nor labor be steadily en-
ployed until money can be obtained by
manufacturers and by merchants at
moderate rates: and,
Whereas. ordinary interest rates can
not be expected until confidence in the
stability Of all the money Of the country
shall be thoroughly re-established, so the
lender may not fear payment in dollars
less valuable than those he lends Now
be II
Resolved I. That the repeal Of the sill
yer purchasing clause OF the Sherman
act. which month by month renders in
creasingly difficult the maintenance OF
the parity Of each dollar with every
other dollar. is essential 10 the prompt
restoration Of national prosperity. This
chamber therefore. urges the speedy and
unconditional repeal OF such silver pur-
chasing clause
Resolved. 2 That I'm the Judgment OF
this chamber representative commits
sion should be appointed by Congress at
the special session about to convene.
which commission should diligently study
the whole body Of coinage and currency
laws Of the United States and of other
countries and report at the regular ses-
sion Of Congress, TO the end that n COM
prehensve. elastic currency may be care
fully matured I'm the light OF the worlds
experience.
Louis Windmuller moved an addition, as
follows.
Resolved. That n committee Of seven
be appointed by the Chair TO cooperate
with other commercial bodies representing
similar interests Of this chamber in
Washington, with power to use all legiti-
mate means for the prompt Tepeal Of the
Sherman law"
Mr.. Windmuller's amendment was ac-
cepted as an amendment to the original
resolution.
The resolutions were declared adopted
there being but three votes I'm the Mega
tive The nays were William J. ST. John,
A. Foster Higgins and }. g. Colgate.
9. n. Bliss offered a resolution. which
was unanimously adopted. which instruct
ed the secretary 90 send n copy Of the
resolutions TO the President each mem
ber OF Congress. and 10 all the chambers
Of commerce and other commercial boz
dies throughout the United States, re-
Questing early action on this subject by
their respective associations.
The following committee. called for by
Mr. Windmuller's resolution, was appoint
ed: John Clafln, Henry Hentz, q. II.
Schwab. w. l.. Trenholm c. n. Bliss,
J. r. Simmons and John Sloan.
The chamber then adjourned.
PENSACOLA. FLA. July at large
meeting OF tit y NuilUFI VI AUltUflif
to-day resolutions. asking the repeal Of
the Sherman law we're unanimously
adopted.
More Bank Failures.
TOPEKA, KAN. July 6.-Two Kansas
banks closed their doors yesterday. The
failure OF Finney County Bank at Gar
den city was not unexpected, as the
bank has for some time been in bad
D.. Of |
county, has also closed.
OMAHA, July 6.-The American Saw
ings Bank suspended this morning with
deposits Of sl5300O and assets OF $259,o0D
II was involved i'm the embarrassment Of
the American Loan and Trust Company
through the latters enterprise. the Onla-
ha and South Texas Land Company.
EVERETT WASH. July 6-On ac-
count Of inability to realize on securities.
the Puget Sound National Bank. Of Ever
EFT, suspended yesterday.
WORTHINGTON, MINI, July 6.-The
Mobiles County Bank closed its doors
Thompson, made an assignment. Sew
eral thousand dollars Of the county's
money is tied up.
SUMAS, WASH, July 6.-The Bank Of
Sumas suspended payment Monday. No
statement has been made, but Ii is
thought the creditors will be paid I'm
full.
Governor Flower TO the Rescue.
WATERFOWL, N. Y. July GA run
has been started on the Jefferson County
Savings Bank I'm this city. Governor
Flower was n witness Of the run, and this
afternoon. the rush continuing. GoTeInor
Flower, j. II. Stebbns. president OF the
a Agricultural Insurance Company and sew
@ al prominent bankers and fnanclers
signed and published a statement person
oily guaranteeing tina. the depositors
shall be Paid I'm full. 1t is believed that
this will stop the run.