Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-05-12
BANQUETING BOASTS.

Feast OF the New York Chamber
of Commerce--GIowingP Picture Of the
Present Condition of the Country by
John Sherm ma6.--Sensible Plea for Greater
Efforts to Revive Americas Ocean Com
merce.
New YORK, May 1.-The annual banquet of
the New York chamber of commerce was given
at Delmonicos tonight Covers were set for
over two hundred persons. The toasts were:
"The President of the United States" Music.
"The State of New York." responded to by
Noah Davis. ''The city of New York." by
Mayor Cooper. "The financial prosperity of
our country" by Secretary Sherman. 'Com-
merce," by Rev. R. Storrs. "The army and
navy" by Secretary Thompson. 'Interna-
tional contests" by Fernando Wood. "Relig-
ion; its relations to commerce" by Rev. Rob-
ert Collyer. ''The metropolitan press" by
Isaac H. Bromley. 1.-THE chamber of COM
merce, State of New York." by Seth Law.
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
I fully concur in the opinion expressed in it,
that our country has entered upon period
of great prosperity. This may be tested in
any way by which prosperity is indicated.
Produ ction in all branches of industry is
greater than ever before. Our foreign COM
merce is increasing, with the balance largely
in our favor. Our domestic commerce is so
large that all modes of transportation by
land and by water, are fully employed.
Labor is fairly and proftablyiemployed. Capital
is hopeful and confident and freely sends new
adventures. Great crowds of emigrants come
to us to better their condition, while contribut-
ing to our wealth. Within the last ten years
nearly three million emigrants have come to
our shores. Let them come. It is our boast
and glory hat we welcome to equal rights all
men who will help us to develop our re-
sources.
Our population approaches $50, coo, 900 peo-
greater than the widest imaginings of few
years ago. That section, which was regarded
as the American desert in my boyhood days. Is
now, OF will soon be, the greatest wheat field
and the broadcast pasture of the world. Taxes
that three years ago yielded barely enough
revenue to meet the current expenses, in March
last yielded without increase in rate surplus
revenue of $14,O00000, in April $12, ,000, 600,
and will no doubt during the present year yield
over $l00,000 900. Our per cent bonds now
sell at higher rate than our 6 per cent. bonds
averaged for period of several years.
Surely under such conditions we may fairly
congratulate each ether in the language of your
toast on ''the financial prosperity of our coup-
try" l also congratulate you that ne have now
the nearest approach to a sound currency that
we have ever had. I take it that you mean
sound currency, a mixed currency of both coin
and paper. But few in our day would be will
ing to dispense with paper money. It is as
necessary in modern commerce as bills of ex-
change and drafts, but it must always be re.
deemable and promptly redeemed on demand
In this sense our paper money
since Jan. 1st, 1879. has been sound cur
rency. am one of those who believe portion
of this paper money can properly and profit
ably be issued by the government, but it
should be carefully limited in amount and go
guarded by coin reserves that it will be with
out doubt or question always maintained at
par, and this paper dollar should have no false
pretense about it. 1t should be, what it pur-
ports to be, a promise to pay money and noth-
ing more, depending for its credit and value
only on secure and prompt fulfllment of
that promise on demand. We want
no fiat money, - but We want
coin and paper money that rests upon the Sc
cured promise of the government, or of cor.
porations that it can be converted into coin
when needed. All our coin should be of mar
ket value. It may be of either gold or silver,
or both, but if of both, dollar of either must
contain enough grains to be equal in value to a
dollar Of the other. If dollar in silver is not
equal to dollar in gold in market value, You
must put more grains in the silver dollar or less
in the gold dollar.
AS great commercial and creditor nation,
we want the best and highest standard. We
could now convert our $68, 600 of silver
coin and bullion laying uncalled for in the
treasury into silver coin of equal market value
to gold coin, dollar for dollar, at cost not
greater than the so-called profit we have already
derived from coming it. One months sur
not have sound currency while it is settled
that gold and silver dollars shall be of equal
intrinsic or market value.
There is one other branch of your toast to
which should allude, viz: To the enlarge
ment of our agricultural. manufactures and
ship building. You need not disturb your
selves about our agriculture and mauufac-
turers. No country in the world can vie with
us in the production of food, in its cheap trans
ment; in the production of cotton, wool and the
articles of food, we need not fear the
rivalry of any nation. Our manufac-
tories have for the last ten years
more than doubled. In one great
industry alone we show our national weakness.
We have lost our supremacy in building ships.
Iron ships have driven from the sea the great
body of American vessels. It is reproach to
us that three-four5hs of our foreign commerce
is conducted under foreign flags. To correct
this should be the primary object of American
statesmen and American merchants. Ship
building should be encouraged, and if neces-
sary. ships should be admitted like other foreign
merchandise, at such rates of duty
and with such facilities as
will enable Us to compete for
the trade Of the world. TIE rapid changes
made during the last few years have greatly ad-
vanced the building of iron ships in this coun-
try, and if you can aid in promoting this great
object, you will complete the triumph of Amer
lean industry. Then our agriculture, COM
merce and manufactures, supporting each 9TH
or and alike developing all industries, will
make this great city the center of international
exchange.