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Show The New York Chamber of Coii- 1 merce says: The country is now suffering from the effects of the silver purchasing clause of the Sherman act, which, by creating distrust as to the intorchangeahil-ity intorchangeahil-ity of our currency based on silver with our currency based on gold, has caused widespread alarm, and has almost created a commercial panic, that in consequence of this alarm, money is withdrawn from circulation, business is greatly depressed, de-pressed, many mills and manufactories manufac-tories are closing or preparing to close, and thousands of laboring men are about to be thrown out of employment; that business enterprises enter-prises will not be resumed nor labor be steadily employed until money can be obtained by manufacturers manu-facturers and by merchants at moderate rates, and that ordinal y interest rates cannot be expected until confidence in the stability of all the money of the country shall be thoroughly replenished, so that the lender may not fear repayment in dollars less valuable than those he lends. That Sherman act, says Bradstreet's, directs the Secretary of the Treasury to purchase from time to time silver bullion to the aggregate aggre-gate amount of 4,500,000 ounoes,OF so much thereof as may be offered in each month, at the market price thereof, not exceeding t for 371.25 grain b of pure silver, and to issue in payment for such purchases of silver bullion Treasury notes of the United States, to be repaid by the Secretary of the Treasury, in such form and of such denominations, denomina-tions, not less than $1 and more than $1,000, as he may prescribe, ant appropriates out of any money in the Treasury not otherwise appropriated ap-propriated a sum sufficient to carry this provision into effect. |