The morning times., 1897-03-05
MONEY AND ARBITRATION
Views of New York Chamber of
Commerce Thereon.
ASK ADMINISTRATIONS AID
Pathetic Plea for Legislative Es-
tablishment and Maintenance of
Single Gold Standard-Admis-
sion OF Present Unsatisfactory
Conditions.

Ne" YORK, March AT It's meeting
today the Chamber of Commerce had
submitted to it the correspondence be-
tween its president, A e Orr, and ex-
President Cleveland, relating to the scheme
for banqueting the latter. which fell
through.
On the subject OF the reform Of the cur
rency, John Harsen Rhoades, chairman Of
the special committee appointed at the last
regular meeting OF the chamber to confer
with the new administration and urge the
consideration OF the currency question at
the contemplated special session Of Con
Gress, submitted copy OF a letter on the
subject the committee had addressed to
President elect Mckinley. The letter saws
In part:
We think we reflect the conviction
which obtains with many who attended
the sound money convention at Indian
apolis that laws which would provide
for more even distribution OF currency
would disarm the arguments which have
driven many Western and Southern voters
into the free silver camp, and il is, there
fore, deemed OF the utmost importance
that the financial question be considered
in the extra session. If no steps can be
taken TO revise our banking and cur
rency laws until Congress meets In regu-
lar session, we fear that nothing viii be
aceompli shed in time 10 deplete the
ranks OF the free silver party OF such
voters, who have no real interest IL
silver, and no special love for it, ex-
cepting that, in their minds, it would
remedy the scarcity of circulating medium
from which their section suffers. and we
will stand in danger OF the lower House
of the Fifty-SiXth Congress Containing a
majority OF free silver menbers
We desire again to call your atten-
ton to the serious condition of the mer-
camille and Industrial interests of the
country and the need for speedy relief
This committee hcIieve that while lack
OF revenue has done much to impair the
credit OF the government. the evils ex-
listing have a deeper root than this. ana
that the long and continued effort 10
force silver legislation, the constant and
persistent attacks on capital ana CORPORA
uons all over the country, the apparent
desire In many sections to restrain the
collections OF debts, and the existence OF
badly regulated currency and banking
laws, have all done their fun share in
bringing on the existing condition OF
mercantile depression
The process sofHquidationin the country
is about complete. Forced economy has
reduced the expenditures OF the people
and squeezed the water out of speculative
enterprises. The shelves Of the merchants
are carrying reduced stocks. The cost
ofnving has decreased, and we stand ready
toenter upon a period Unmarked prosperity
thus the entire country waits upon the
action OF the government, pleading that
with sufficient revenue we shall also have
a sound monetary system. The prosperity
to follow will quiet the disaffected and
disarm the repudiatiOnsts.
with il the anXieties OF the leaders Of
the Republican party will be Immediately
removed, and let it not be forgotten that
this party owes much Of its success in the
late election to the patriotic efforts OF
those who had formerly been its opponents.
These men who so voted look with conf
dence to the incoming administration for
the prompt readjustment of our currency
system, through which alone they believe
that confidence cSa be restored and per-
manent prosperit-f follow.
For this reason and many others of
equal Importance, we respectfully urge
upon you that the monetary question shall
receive the serious attention Of Congress
at the coming extra session which the
people Of the country have been led to
believe will be called by you after your
In our Judgment, the need
of such legislation is imperative, the danger
Of delay increasingly great"
Resolutions were unanimously adopted,
urging the United States Senate to ratify
at an early day the arbitration treaty
between the United States and England
The resolutions declare that the advancing
civilization OF the world, and all business
interests OF this country, make it wise 10
avail ourselves OF this opportunity to try
the experiment OF the substitution OF law
IN place of war between the two countries
who are alike in language and tradition,
and who have the same methods Of legal
the same rules of evidence, the
same legal authorities. and the same re-
spect for legal decisions.