Los Angeles herald., 1890-11-19
A TRADE BANQUET.
An Event of Some Import
ance in Gotham.
The Chamber Of Commences
Annual Blowout.
Chauncey Depew and Grover Cleve-
land Exchange Compliments.
Honors Rest Easy Between Them-Carl
Schurz Also One of the After
Dinner Speakers.
Associated Press Dispatches.

hsooCldteu freSS D1SpAlCneS.
New YORK, Nov. 18.-The one hun
dred and twenty-second annual banquet
OF the New York chamber of commerce
was held tonight. President Smith, in
his address, said he was profoundly con-
Einced that reciprocity is is the key key which
will open the wide door of commercial
intercourse, and give to us an outlet for
our surplus products.
Chauncey Depew spoke at length on
the events in the financial world. In
the course of his speech, he said {:
within the past two weeks we have
stood the strain OF the re-purchase of all
our bonds and stocks which Europe de-
sired to sell. 1t was a fearful test,
but it was superb demonstration
CT the strength of our financial situation,
the soundness OF our credit and the per-
manence OF our prosperity. The break
ing of the dam OF this European reser-
volr may pour upon us stream OF Sc
curities which may reduce values twen-
ty-five to fifty per cent. Such contrac-
tion would at certain times suspend the
business of the country and bring about
bankruptcy and ruin. These possibil-
tiles will be averted as we grow rich
enough to absorb our own secur-
tiles. But to enlarge our avail
able resources we must enlarge
the area of the market for our surplus
products. The solution of dangerous
problem and our future prosperity lies
largely in the direction OF commercial
reciprocity among the nations of all
America.
Carl Schurz made brief address,
calling for such revision of the tariff
as will relieve our manufacturing indus
tries of the artificial burdens which in
crease the cost of those things they
have to use in production, and give them
a fair chance for export trade.
Ex-President Cleveland was called on
to say something. Depew had mem
toned that congressman Springer had
nominated Cleveland for the next Dem
ocratic presidential candidate, and said
he hoped the Republicans would NOM
mate that champion of reciprocity,
James G. Blaine.
Mr.. Cleveland was not on the pro-
gramme to speak, and arising made a
few remarks. He said he had heard a
good deal tonight about reciprocity with
the Spanish speaking people. "Now
if it is a good thing for them,
why is it not a good thing
to have reciprocity with our own peo-
pie? We have heard about France help
ing out England and the United States
financially. Why cannot they do SO
commercially Pm sorry friend Depew
mentioned what Mr.. Springer said, for
it does not seem to me of much import.
ance, and of no interest 10 you, gentle
men,"
Mr.. Cleveland jocularly referred to
banquet at Albany a few years ago,
when Depew had nominated him for the
presidency, and hoped the Republi-
can party would nominate "that grand
est of statesmen, the Plumed Knight,
the name which rises to your lips, but
not to mine."
Mr.. Cleveland added that he had rea-
son to believe that it was put that way,
owing to Depew's extreme modesty.
He said at the time that he would, when
he got good chance, put in a good word
for Mr.. Depew's candidacy, and he
asked if this evened up Springer's re-
marks.