The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-06-08
BUYING OF SILVER MUST sToP.
Charleston's Chamber of Commerce
Aroused on the subject.

Charleston, S c., June AT a special
meeting Of the Charleston Chamber Of
Commerce, held to-day, resolutions were
passed denoUncjng the Sherman silver
purchasing law as failure, and calling
upon congress 10 repeal it as speedily as
possible. Efforts were set on foot to have
meetings for the same purpose held in
other parts Of the state.
In presenting the resolutions, James S.
Murdoch, a prominent merchant and
manufacturer, stated that as an extra ses-
sion of congress was to be held in Sep
tember it would be well for the chamber
of commerce, representing the commercial
interests of OfCharlestOn, to give expression
TO its views on this important question,
and endeavOr to impress upon our rep
resentatives in both houses of congress
to what extent our state, both
commercial and agricultural, is de-
pendent on their action. "With banks
scattered through all sections of the
state" he said, "On which the country
can usually depend, our planters will find
II difficult this year to get their neces-
sary supplies, while those dependent upon
merchants and factors will not be much
better off. The same condition exists in all
parts of the country, and in all lines Of
business. With greater natural resources
than any other country, and with a greater
proportion of our population devoting
themselves to work and money-making
than any other people in the world, we are
to-day paying from to per cent. for
money in the large money centers on the
best securities, while interest is quoted in
England at ~ to 3, in France at 2 to 23,
in Belgium, Holland and Germany at the
same rate and even in Russia at to a.
The whole trouble under which the coun-
try is now labOring is want of confidence
in the continued stability and sOundness
of our currency, which is as essential to
the health of the commercial and finan-
Cial world as pure air and water are to
the health of the human body. The
silver law, known as the Sherman act,
was passed in 1890 and has been
working with increasing bad effect from
that day to this. The laws of commerce
cannot be violated with impunity any
more than the laws of nature, and like
them they are often slow in action, but
just as sure. We are now seeing the
effect of this silverlegislation of 1880. 1t
is very much to be hoped that congress
when called together will appreciate the
present condition of affairs and unite with
out loss of time in repeating this law and
restoring the confidence of the country"
The following resolution was unani-
mOusly adopted by the chamber.
Resolved That it is the opinion of the
Charleston Chamber Of Commerce that the
Sherman silver law should be repealed by
congress; that il has failed in all the objects
for which it was passed. The price OF silver
has declined, the supply of money through
the agricultural districts has decreased, and
d check has been given to the advancement Of
all commercial, agricultural and manufactur-
ing interests Foreign capital has been with
drawn from this country, and bankers and
capitalists are locking their money up with
consequent loss of interest rather than make
investments or time loans under the present
conditions, and the country is threatened
with an unsound currency
The following resolution was also
adopted:
Resolved, That a copy Of these proceedings
be forwarded TO the mayor and commercial
bodies of the various cities and towns through
out the state, requesting them to call meet
ings of business men and others for the pur-
pose of indOrsing the action of this chamber
of commerce and to advise this chamber of
their action.