New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-01-25
FOR CURRENCY REFORM.
IMPORTANT ACTION OF THE CHAMBER
OF COMMERCE.
THREE PER CENT GOLD BONDS RECOMMENDED
GOVERNMENT COMMISSION ASKED FOR
TILT BETWEEN MEssRs. IVES

GOVERNMENT COMMISSION ASKED FOR
TILT BETWEEN MEssRs. IVES
AND sCHIFF.
The Committee on Finance and Currency OF the
Chamber OF Commerce reported yesterday at the
special meeting OF the Chamber on the currency
question. and submitted report which contains
pan II currency reform The report, which Is
summed up In resolutions attached to II, recommends
Congress TO authorize the Secretary Of the Treasury
to issue bonds at per cent. payable principal ana
interest In gold for the gradual retirement OF green
backs and coin notes; for the appointment or
commission monetary reform by Congress. and
1t heartily indorses President Clevclands message
on maintaining the gold standard.
After the report and resolutions had Decn READ
Jacob II. Schn. Of the barking house OF Kuhn,
Loeb & Co. spoke on the currency question. and
criticised the banks for acting. he said. In an
unpatriotc manner IN drawing gold from the Treas
ury. and he recommended that the banks place all
tho gold they had at the disposal OF the Govern
ment Mr.. Heidelbach also spoke ir The same strain
These remarks brought forth a reply from Brayton
Ives. president OF the Western National Bank. Mr..
Ives took exception to the remarks OF the speakers.
and in extended speech defended the banks say
ing that they had given support to the Government
to extraordinary degree In the last TWO !e''9'
and ne declared that Mr.. SchIns remarks had 'oo
much sentiment and little business judgment III
them
Ives OF casting a slur on his firm. lie WAS ru'eu
out OF order by the president OF the Chamber ana
when he saw, that he would not be permitted to
make such remarks left the room
THE COMMITTEES REPORT
The rep,rt ~ the Committee on Finance and Cur
rency which was read by John Harsen Rhoades
president Of the Greenwich savings Banks was As
follows:
That IN their judsment. before plan for eur, cnrs
a,, lnv connnGance in the stability OF our exist
ing currency and In our power L malh'a'" SuJi'
currency on A parity with gold must De re-esta1-
shed on the part OF our own poop, snl ,ha ma.
lions OF Europe who mold close coniher''a '''a'
TO this end in the Judgment Of your committee
there should be no further delay on me pait o.
Congress IN aphorzng Inc or % interest no.
exceeding per cent. such bonds payable expmciuEg,
ami aneness now liked by law, TO b. usei not only
in maintaining ;he gold reserve. which - being 1r-
D. ted both through distrus' and deficiency In Treas
rv receipts under necessary expenditures. but also
Tor fhe gradual withdrawal ana cancellation o.
II deemed aIy .lh.e. allonal National bank not
circulation 10 b" provided for - an ano"h' 'P"A'
The objection Wh N may be raised that the ssh"
- bond supuih'ins payment n so'i hlsh tn
INK The ques ION whether these bonds also VIII b"
hereafter r"s-nl"a - D'.nS pay ~ s1u III
weight u View ", the repeated p.~ig-- On the part
credit ~ the nation. ior mis- ointment does Exist
r..nea, BOND. aaysbIe in roi prn,ipsl and inter
.sf An undoubtedly b. negotiated on better I'M
tef~sf hasfs Than th0s" containing terms ~ pay
men. a.. now expressed Bcsl~-. gco'i currency
las" established upon c9tr"nt prihcp.es :" nnaace
would forever remove ~" lloiity 20 me foVerA-
meni ~ being pa 'eI N a position other man thai
- s ability To- pay all rs oo'sauonS e'th"r " goo
We now nave IN evidence the fact that United
IL
rrncy nave been IN existence FOR years and that
, s,g- nay 4a to o,hc2 -.ucl anu rurner
v!lua- relying upon the purpose AMI ability Of the
Government - mA.utlin gold payments. have NOT
hrsi't'eI 10 incorporate gold clause In thor o"n
me further objection raised 90 .ssue Of bonds
wouI be- .Smpei,rl to pay interest where i now
hiss created and Uses debt 'ertii ate free of In
ter-sf is best answered Dy the we.lsustalnel be
l"f hat ne renewed ana permanent prosP"rlty 70
the country which would follow a withdrawal or
oush reform In our currency laws. would result IN
such large increased revenu'' 70 the Government
nothing ~ the improved credit OF the Government
Itself In al the markets % the word arising from
voluntary retirement OF iorceI loan created
during ne eN!g"nces ~ a great war.
! IL absolui.y necessary. and must. IN the end. be
adopted. while longer delay carries with It grave
T. - our belief TIA; The result ~ such action on the
part ~ Congress would al once relieve the * sting
hn M nhrnss H'.nrs. viii revive and go'i
would one. more begin TO flow through the natural
channels - commerce and local circulation. and
nnd it, way both into the vaults 4 the banks and
the United States Treasury.
Under present Conditions Il appears TO your com
mitiee mex, cient Tor the chamber 20 indorse or
advoc ate any scheme for reforming he currency
II IL wiser In their judgment. FOR the Chamber 10
use It's Influence IN cndraVOring TO secure provision
FOR competent commission 20 study the subject
and 30 report a weL-dlgesieI pan adapted to 'ne
needs and conditions OF al. classes OF people ana
all sections OF tn country II Is only IN ths way
that We can Obtain permanent "ilstlctlon IN respect
currency. and II Is better to wait than incur
risks by adopting hastily devised exp-ients TIE re-
sui 81 efforts o. compromise principles which are
dameniary irrcconcllabe. When the time comes
mission This chamber should be uniramne'iei
through commitment to any plan In order 10 40
employ its Influence ~ To ala IN securing good iesis
The reform Of he currency can wait but the
Treasury Of the United states cannot wait and II
ought not to be kept waiting day FOR legislation
empowering It 70 assure fn.i value to the none
IN" VcOpl, nov depend upon rms ~ me dhtN o thr
hour Thi' IL what the Chamber should try to bring
about Immediately.
the Jeople throughout the country understand the
present situation and are alive 10 its dangers they
believe that the voters In majority or tnr Ton
OCCASIONAL districts VIII sustain Their representatives.
IN passing promptly whateyer measures may DE DE-
further believe that the real obstacle TO such action
f., the reluctance OF public men to put aside party
Issues and 10 unite IN passing such currency Jaws
AZ the honor. welfare and dignity OF the country
demand
Your committee submits tnat the Chamber Of
Commerce Of the State Of New York Is in position
Il lead ia denouncns ana DFrakins Gown lnIS M
opporune intrusion 81 parry spirit into a question
that touches 50 profoundly The material Interests 81
every citizen ~ the United states Let ~. there
fore send forth "A cAil To honest, intelligent
fellow-ctizens OF all sections and all parties 10 rally
ln support Of the Natona credit and National honor
by Insisting that those who represent them In Con
gross snail lay aside party differences. cease from
petty manoeuvring. and work together Loyalty ana
sincerely In expeiitins the passage OF law en-
powering the President 10 use the great credit OF
our country to protect It's financial honor. and TO in
SUR to every man full value for the money he now
mas and that which he must for a long time still
accept in payment for his labor or his crops or his
goods ,
Your committee would. therefore. oner the follow
ing resolutions:
"Resolved That this Chamber is heartily IN accord
and sympathy with the expressed determination or
the President OF the United States TO continue the
sale Of bonds to extent necessary TO maintain "A
proper gold reserve the Treasury, even II he IN
forced TO sell such bonds at price out or proper
ton the high credit which this Nation IL entitled
to in the markets OF the world
Resolved. That respectfully urge upon CONGRESS
the necessity OF prompt action Ia Ewing 70 the Sec