The times. [volume] (Richmond, Va.) 1890-1903, 1895-07-12
FAVOR SOUND CURRENCY
CHfuBER OF COMMERCE. OPPOSED
10 FREE COINAGE or SILTEE.
A Communication from Gen. Peyton Wise
in Reference To the Confederate Re-
union and Action Taken Thereon.

the following from the Committee on
Banks and Currency:
Richmond. Va, July 3, $50
To the ,harber of Commerce OF the
City OF Richmond
Your Committee on Banks ana Cur
rcncy" have had under consideration 2
communication from the COMMITTEE On
soUnd-Money Legislation, Chanlti Oh
Commerce Of the state of New YORK.
upon the subject of "Ag!,1tinS against
the free coinage Of silver, and IN iaNor
Of the maintenance of tht present
standard of value AMI report Is loi-
low.
We entertain profound conViciion'
that the free coinage OF silver, al the
ratio of 16 % ], by the United states
-lCnc, without international agreement
uears. not bimeiallism, but silver mono
metallism. Bimetalllsm does not to-uay
prevail in any country Of the worm
where free coinage exists.
AT the present price OF silver bullion,
the co-existence Of bimetdllism and free
coinage at the rate Of 10 10 /, without
international agreement Is simply an I'M
possibility. Under existing chcum-
stances, therefore, If the United states
should undertake free coinage of silver
at 10 TO J., it would result IN 'orciag TINS
country to the sole silver standard max
ing IL take rank as q silver country Win
China, Japan, India, and mexico Al
y, uld bring about the deb1seMcnt OF cur
currency. and the consequent REDUCTION
in value Of the accumulated savings or
the pcoI le, In the price Of the iaDor Oh l"3
mechanic. the tiller OF the soil, the aaia-
red clerk the physician, the lawyer ana
every man who lives by the "crN OIL his
brair or hands.
If II should be believed by the nations
OF the world that the United states was
about TO embark upon so hazardous an
adventure. 1t would in all prOoaplhiy
procipitate a panic more violent ana enc
during than the frightful financial COLI
yulsion OF t,3. t
We deem it the interest OF every Ddsi-
ness man. of every husband OF father |
who has invested his savings In a pohcy
of life insurance for the benefit oil ms !
wife and children in fact, Of every Gnu
zen who has a stake OF any KIM lH
the community. 20 insist that the uolar
of the United States shall be the e4uiFa-
lent IN value Of gold dollar no" anu
fOrev n. g..
loving resolutions:
Resolved. LIST. That the Chamber or
Commerce Of the city Of Richmond heatu-
" approves and cOmmends the vigorous
and wise action .of the Chamber OF |
Commerce Of the state Of New YORK. ana |
we pledge 10 II our cordial cooperate" |
and the exercise Of all our influence, ln /
carving on the campaign in pehai OF
sound money and maintaining the present /
standard Of value IN This country.
Resolved 2nd That the Chamber OF /
Commerce urgently recommends the lot |
nation of what shall be termed Sornu- !
Money Clubs" IN every ward OF TINS Guy /
and respectfully asks the press OF ul,s
CITY and State 10 urge upon me people |
TO stand by and IN favor Oh SO""'
money. ,,,rc
'''s'''' Chairman.
JAMES TT. DOoLEI'
{. W. BRANCH,
JOHN 5. ELLETT
WILLIAM Il. PALMER,
While not committing myseH UNI
servedly to the preamble i concur j" 'ii7
resolutions. .,.. p, ,r AID
The report after being read. was ADOPT
o1 and rnon motion Of Mr.. y. X saw
s1o the secretary Of the Chamber was
instructed TO forward a copy tnereoI 10 |
the Chamber Of Commerce OF the state
Of New York. ,,-. ,,,f,~
+ n ID. Myers called the attention oil
the chamber to the publications being |
issued bv the Sound-CuTency committee
of the Reform club. Of New York. ana |
csneciallv to one ontieled. '"The People
Money" These publications. he SAID :
woulq afford valuable Information 20 SUI" /
dents OF this question, and ne suggest
that IL might be well FOR the '"aH.D''
IN secure some Of this literature. MIR. |
Morris explained that the Chamber had |
been promised some publications OF tnls
character by the representative OF the /
View York Chamber, who has recently /
visited Richmond, which. when received /
will be at the disposal CT members. ana /
that ho thought later on there WJta ne |
clubs organized throughout the city 10
disseminate information of this charac-
ter
Mr.. A. D. Landerkin. chairman Of /
the Ccmmitto, on James River Improve [
ment. reported the steps which had been |
taken TO induce the Secretary Of the
NAVY 10 allow the monitor feet 10 re-
main at it's present anchorage below |
Richmond. and referred TO the letters |
which had been received from Hon. |
Thomas :. Martin and John W. Daniel /
and Tazewcil Elicit. as well as one from /
the Secretary OF the Navy to Senator |
Martin. which had been published. and |
which appeared TO be conclusive Of the |
fact that while there was every dis /
position 10 meet the wishes OF the people |
Of Richmond. the conditions were not /
such as 20 justify the Department I'm /
changing IFS plans.
There being no other reports from |
standing committees. the secretary read /
the resolutions adopted at a meeting of /
the Central Trades and Labor Council ~ |
Richmond and vicinity held the 18th |
ultimo, thanking the Chamber for its |
participation in the movement for a Sat |
uriay half-holiday and a mid-week pav- |
day. which were received and ordered 10 /
be duly acknowledge.