The record-union., 1891-11-18
DISTINGUISHED GATHERING.
ANNUAL DINNER OF NEW YORK's
CHAMBER OF COMMERCE.
Secretary of the Treasury Foster De-
livers an Address on the None
tary Question.
Special 10 the REcoRp-UNIoN.

opeclal 10 the RECORD-UNION.
NEW YORK, Nov. ia DISTINGUISHED
assemblage gathered tonight at the one
hundred and twenty-third annual dinner
Of the Chamber of Commerce Of the State
of New York. Among the many promi-
nent guests were: Senator Hiscocl1.
Chauncey Depew, Generals Schofield and
Howard, Secretary Foster, Director of the
Mint Leech, Hon. Carl Schurz, Rev. DIR.
Briggs and the Earl OF Aberdeen.
Less than one year ago Secretary Win
dom was struck down in the same ban
ae,ing hall, and before the feast was
lane he was dead. Many times the trag-
G. " was referred to ito-night. President
Harrison, Secretary Blaine, Secretary
General Wanamaker, and eX-Presidents
Hayes and Cleveland were among the
many who sent regrets.
Secretary Foster made the speech of the
evening, the subject being ITO Maintain
Parity Between Gold and Silver is the
Fixed Policy of This Government" In
the course Of his remarks he referred to
the gloomy predictions made fifteen
years ago by the people of the East over
the proposed large coinage OF silver dol
lars. $50 now," said he. linen whose
intelligence and patriotism cannot be
questioned. and whose purposes are most
exalted, are moved to indulge in gloomy
tOrebOdings over the present outlook
and propose to repeal The Act of July II,
1890, hoping thereby 10 preserve parity.''
lie did not propose 70 indulge in any
prophecy.
The Secretary told of an elaborate
speech he prepared in 1878 upon silver
and gold, but did not deliver in the House
because Of enlarged views between the
finishing of the speech and the day set for
its delivery. He added: eff the New
York Times could have that speech to
comment upon ] think / should have to
resign my office. l mention this merely
to call to mind the fact that many other
gentlemen have not been as prudent as l
was"
The Secretary further said that in his
opinion, with all our power, we could not
maintain the parity Of the two metals il
the policy of free coinage of silver pre-
vailed. He was firmly of the opinion
that parity can be maintained under the
present policy.
I've produce annually about thirty
millions Of gold. The present indications
are that the balance of trade with foreign
nations for the next two years, and for a
longer period, if the present tariff law is
maintained, Will require gold shipments
TO us to pay the balances in our favor.
Under the present policy we buy 4,500,0 ,00C
ounces of silver per month, paying for il
in new treasury notes. Under such con-
ditions the work Of maintaining the
parity will not be a strain upon the re-
sources of the country. If, however, the
balance of trade should turn to us to any
great extent, which seems to me quite
improbable, except in the event of extra
ordinary contingencies abroad, strain
would come, but then my faith in our re-
sources is such as to compel me to believe
that we would weather the storm and
preserve the parity.
The shipment of more than SO, ,0O0, 600
Of our gold to Europe without embarrass-
menJ to us is only an illustration Of the
marvellous financial strength Of this coun-
try.i Under free coinage silver would take
the place Of gold in setting the balances. II
the price of silver We're advanced from
81 to 81 % per ounce, all the silver in the
world for sale would be attracted to this
country. To maintain parity under such
condition would be a task requiring more
than our immense resources, and the ex-
ercise Of unusual power to the last degree
could supply, but with 4,500,00O ounces OF
silver purchased at gold value each
month, the task would be easy"