The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1898-01-14
CHAMBER OF COMMERCE
THE FINANCIAL QUESTION DIS
CUssED AT SPECIAL MEETING

Rather Lively Time Over a Proposition
to Endorse the Measure Suggested by the
indianapolis Monetary Convention-The
Members Refuse to Do SO by a Close Vote
"A special meeting OF the Chamber of
Commerce was held yesterday after
noon ait 81 O'Clock, in accordance
with the resolution by Mr.. Hugh Mac
Rae, adopted at the regular meeting
last Thursday to the effect that a spe-
cial meeting be called to consider the
report of the Indianapolis monetary
commission, and if deemed advisable,
TO recommend to congress the passage
of tine bill embodying the financial
measures recommended in the report
of the commission.
The following members Of the cham
Der were in attendance: Messrs. James
.Cnddbourn, Jr., JnO. L.Cantwe1l, C.E.
Borden, Walker Taylor, j. A. AIRING
dale, Hugh MacRae, IredeIl Meares,
d. L.. Gore, j. A. Taylor, A. B.. Skel-
ding, Sam1. Northrop, b. F.. Keith, w.
f. Springer, NV. Jacob, S. B~ehrends,
A. j. Marshall, r. NJ. Wescoot, James
II. C~hadrbourn, B.. F. King, P. b. Man
ming, f. w. Kerchner, H.. G.. Mcqueen,
III. K. Nash, w. NJ. Cumming, w. b
Mickey, T. d. Meares, William Calder,
Gabriel Holmes, John w. Gafford, Jno.
S. Armstrong, r. w. Clawson, G. w.
Yates, George r. French, w. E. Worth,
j. G. l.. Gfeschen, j. A. Springer, F.
l.. Higgins, p. Pearsall, r. n. Sweet,
BENZ. Bell, and j. b. Mercer.
President James H. Chadbourn, Jr.,
presided and Colonel Jno. l.. CantWeH
was in attendance at his post as secre-
tary.
President Chadbourn called the meet
ing to order and stated the purpose of
}the meeting. He then called upon Mr..
Hugh MacRae to explain the object
for which the special meeting a been
called.
Mr.. MacRae explained that the meet
ing had been been called to consider
the report of the Indiana polls none
tary convention, and if 1T meets with
appreciation, to recommend ITO con-
gresS the passage of the bill embOdy-
ing the means for financial relief as
suggested by the monetary commits
sion. Mr. MacF1ae said he recognized
the fact that there was a real cause
for the financial discussion and cutlery
for increased monetary circulation in
the south and west. He said while he
had never seen the way to any relief
Din the free and unlimited coinage of
silver, he could see that there was I'M
DERIVING something for this clamOr in
our midst. He, however, believed that
the plans for relief suggested by the
monetary commission covers the
ground and the bill embodying the
measures suggested by the commission
would place US in the south in a posi-
tion to develop our He re-
marked that in "a recent INTERVIEW
Fall River manufacturer admitte1The
advantages of the south for NmRII,fac-
turing cotton, out he did ~ trbinL
there was cause for the easSrn MIAMI
facturer to give up, as There were
many advantages in hiSfayor. One of
rthe chief advantages Mentioned Inv the
Fall River man VIZ that money was
cheap, though h@edid not mention that
money was dgIgher in the south. Mr..
-"racroae uIx vent on ito say that
every lhu1str of the south was also
, ,SHunu i'm that very proposition: He
uru ut believe that THE government
.PrTfdes sufficient honey to meet the
Xmands of 1.-THE growth of this coun-
TRY, and he did not believe that the
free and unlimited coinage of Sill
Yer would. Neither did he believe, if we
-spnt more than we made, that the meas
ure offered by monetary commission
would give anything but temporary re-
lief. He did not expect the banks of
the north and east would advocate
this measure. 1T is not ito their in
terest to do so, but it is to the interest
of the south and it's banks ito secure
the passage OF the measure embodying
THE means suggested 10y the monetary
commission. 1t was with a view to
consider and endorse the measure
recommended by the commission that
'fGhis meeting was called, and lit could
doe considered and discussed, free from
any political bearing. y
Mr.. r. B. Manning requested Mr..
MacRae to state concisely what the
report of the monetary commission is.
President Chadbourn then statsd that
rhe report of the commission was pub
1ished in full in The Messenger and
distributed copies of the paper con-
+taining it.
Mr.. MacRae then outlined the
recommendations of the commission
and discussed them and the features
of the bill emlbodying' the measures
suggested by the commission for finan-
icial relief. He spoke of the south's
valuable COTTON crop as a source of
assets upon which to secure loans and
issue circulation.
Mr.. William Calder spoke a few
words about the Importance of this
feature, and upon his request Mr.. Mac
Kae more fully explained it, being in
formed by Mr.. C. f. Borden that The
south's COTTON crop lis valued annually
ait about $500 0 900, as an item show
ing ITS Importance.
Mr.. 3. F. Keith said why base the
measure for relief on the gold stand
ard altogether. 1t puts the banks I'M
der obrfgarions to gold. In his opinion
It only covers what one small party
advocated in the last presidential cam
paign. He opposed it\ as endorsing the
gold standard. He said he had believ-
for four years that the free and I'M
gi1nited coinage of silver would remedy
TIL financial evil, and as he saw in the
papers that President Mckinley had
decided to send the monetary commits
sion back to Europe to urge bflnetal-
ism, he did not see amy necessity for
haste in endorsing the measure now
under consideration. He spoke at
some length, giving his views about
the fnanCad1 situation. and dpcla ring