The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1880-05-12
JOHN SHERMAN.
His Speech at New York Yesterday,
At the Annual banquet ofshe New York
Chamber of Commercials he
marks ON the Prosperity OF
the Country and the
Condueiye
Causes.
Causes.

| NEW 4ORk, ApTll Tls-4ue huuuhl ptu
quet OF the New York Chamber OF Com
merce was given at Delmonico's tonight
Covers were set for over two hundred
persons. The toasts were: The President
OF the United States; State Of New York,
responded to by Noah Davis; City of New
York, by Mayor Cooper; The Financial
Prosperity OF the United States, by John
Sherman; Commercially Rev. R. R,storrs;
The Army and Navy,by Secretary Thomp-
son; international Contests, by Fernando
Wood; Religion and its Relations to Com
merce, by Rev. Robert Collyer; The Met
ropolitan Press, by Isaac q. Bromley;
The Chamber OF Commerce OF the State
Of New York, by Seth Low.
Secretary Sherman in his remarks said: (:
As your President has been kind enough
to call on me to respond to toast, ] am
happy to say fully concur in the opinion
expressed In il that our county has
entered upona period ofgreat prosperity.
This may be tested in anyway by which
prosperity is indicated. The production
In all branches OF industry is greater than
ever before. Our foreign commerce is in
creasing with the balance largely in our
favor. Our domestic commerce is so large
that all modes OF Transportation by land or
by water are fully employed. Labor is
fairly anv protitably employed. Capital
is hopeful and confident, and freely seeks
new adventures.
Great crowds OF emigrants come to us to
better their condition. While contribute
ing to our wealth within the last ten years,
nearly three million emigrants have come
to our shores. Let them come, 1t is our
boast and glory that we welcome equal
rights TO ali men who will help us to de-
yelop our resources. Our population ap-
proaches SO, 600. 900 people. The mineral
resources OF our country are greater than
the widest imaginings OF few years ago.
That section which was regarded as an
American desert in my boyish days, is
now. or will soon be the greatest wheat
field and broadest pasture OF the world.
Taxes that three years ago yielded bare
" enough revenue to meet the current
expenses, in March last, yielded, without
an increase In the rate surplus revenue
OF Sl4,O00,OOO, in April $4,000, 900, and
will no doubt during the present year,
Weld over $4,000 900. Our 4 per cent
bonds now sell az higher rate than our
6 per cent bonds averaged for a period OF
several wears. Surely under such con-
ditions we may iairiy.congratulate each
Other. in the language OF your President
on The financial prosperity OF the country,
~ also congratulate you that we have
now the nearest approach to sound cur.
rency that we ever had" l take 1t you
mean by sound currency mixed cur
rency Of both coin and paper. But few in
our country would be willing to dispense
with paper money. It is as necessary for
modern commerce as bills OF exchange
and drafts, but 1t must always be redeem
ALE and promptly redeemed on demand.
In This sense our paper money since
January l. 1879, has been sound cur
renev. am one OF those who believe
portion Of this paper money can be prop
erly and profitably issued by the Govern.
ment, but it should be carefully limited
in amount and so guarded by coin re.
serves that it will be without question
always maintained at par, and this paper
dollar should have no false pretense about
Il. Il should be what 1t puIports to be, a
promise to pay money and nothing more,
depending for its credit and value only
-, ,,,,o ,ha anra and nrnmnt fulfillmant Oi |