Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1893-07-14
WANTS BASIS
Pittsbure clamoss for the Shef-
man Act Repeal.
The Countrv Was Prspeso~s Once.
He aakd. Hat Dss Presrrs Cos<ii-
sSon y Dee % 6Slver.

PsrrssrsG. July II The meeting
held 81 ths chamber of commerce this
sfternooa 10 discuss the financial and
commercial condition u the country
vss sell attended. The feature was the
speech of Cougressman Joha Dalssll. In
opening the meeting President Kelly
spoke briefly. and said business conf
dencs would not b. restosed until tho
silver purchasing CLAUSE of the Sherman
act 10 repealed Resolutions wore pre-
sented by Chairman Miller Of the
finance committee. calling upon
the ssnaiors aud representative
to do all in their power 10 secure At an
early date the repeal Of the silver pur-
chasing clause ot the Sherman act. Tho
resolutions recommended an amend.
ment TO the existing national banking
act 50 that national banks may issue
currency 10 tho full par of bonds depos-
tied by them. instead II 10 per cent. az
at present allowed A COMMITTEES of fiye
members was appointed by the chair Ia
co operate with other commercial bodies
in securing necessary legislation. Speak.
ing on the resolution. Congressman Dial
zeil's speech Was frequently interrupted
by applause. In Substance Mr.. Dalzell
said:
Caused by silver.
Within year We seemed to be on
the high road to prosperity. The same
material elements Of success today are
lacking. Whatever may be our opinions
on this subject. do not believe the
Sherman act is the sole cause. Ii is the
silver policy ~ the government. This
policy involves the policy IL 1878. when
the Bland Allison act was passed. 1t
also involves the declaration of the
Sherman bill. that il is the established
policy II the country to maintain two
metals. The act Of 1878 reversed the
policy OF half century. We were on a
gold basis and the Inauguration OF
system. which substituted deprecated
silver dollars. was the reversal OF policy
which had stood for fifty years.
When Alexander Hamilton's mint act
was passed our gold all went out IL the
country. From ls3i 10 1897 we had a
silver standard and frou 1881 IL ISIS We
we're on a gold basis Yet IL is a re-
markable fact that FROM the foundation
OF the country until 1873 our total mint
age was only ss.0000o0. No more suicidal
act could have been passed than the
compromises Bland Allison bill. II pro-
vided that the government should buy
aud coin not less than S2.OO0.CCU nor
more than 100000 year. All the
while silver kept going down. In 1890
we compromised again. The bill passed
then provided that Isl tons Of silver
should bc coiriod every month at the
market price and silver certificates
should be issued for it until July /. ls.l.
"way Not Hay Iron?
Since that time the government has
been in the storage business. and
the government has Just as much right
10 purchase pig iron and issue certiii
Gates for il as il has to buy silver bullion
and issue certificates for that. The pres
ent law means that for every ounce OF
silver worth 6S or 10 cents. We must is
sue certificates which the government is
bound TO redeem NJ dollar. We
are buying silver and storing it AT the
price of gold The government has
es5t .ai6, 600 of obllcaiions in currency
and silver which il IL bound TO pay in
gold aud it only has slooOo0.00o in geld
ia reserve. There Is no reason for say
ing that the country is bankrupt.
don't believe our country can be bank
rupted. All this obligation will not be
presented al once. and il will be able 10
meet H. The purchasing clause Of the
Sherman act ought To be repealed.