Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-11-18
THE SILVER QUESTION.
SECRETARY FOSTER SPEAKS IN
NEW YORK.
Financial Affairs-A Great Gather
Ing of business Men.

New YORK, Nov. 17.-As the big clock in
Delmonico's banquet hall chirled O'Clock
this evening the immense doors OF
the dining room were thrown open
and 272 gentlemen, representing
the higher phases of national, state,
and city life took their chairs at the feast
spread within. The affair was the one
hundred and twenty-third annual dinner of
the Chamber of Commerce of the
state of New York. The line was
led by President Charles Smith, attended
on the right and left by the invited guests,
Hon. Carl Schurz Hon. W. I Wilson,
Rev. DR.. Charles S. Briggs, Hon. Charles
Foster. Horace White. Hon. Frank HiscoSas
Hon. Chauncey NJ. Depew, Gen. Juo. NJ.
Schofield and others. One year ago the
nations treasury secretary had entered the
same hall among the guests, hale, hearty
and cheerful. Before the light had gone out
of the great hall or our feast
was well done he was dead Many times
the tragedy was referred to tonight among
those present.
Hon. Chas. Foster was introduced and he
made the speech of the even
ing. His subject was to main
tain the parity between gold and silver
as the fixed policy of the government. Mr..
Foster said: III any body of men in the
world ought to be practical in their
undertakings, it is the Chamber
Ol Commerce Oh New Ofk. lnev
should be able to distinguish practical
things that can be accomplished from the
impossible idea which they would prefer.
Prior to 1850 we had many sound thinking
people, who believed that our financial
structure should be based upon
gold alone. 1t is now agreed on all
sides that gold alone furnishes too
narrow basis upon which
TO conduct the money affairs
of the word. The question to consider now
is what policy that is attainable, remember
ing all the time that the ideal is impossi-
bic, will result in the least strain upon
our resources, viii require the least resort
to the exercise of the extraordinary powers
conferred upon those in authority
10 do lawfully what the law COM
mands, viz: TO maintain the parity
OF gold and silver In my opinion, with all
of our power, we could not maintain the par
ity of the two metals if the policy Of
free coinage of silver prevailed.
/ am firmly Of the opinion that the parity
of the two metals can be main
tanned under the present policy
We produce in this country about S3O,O90,-
600 of gold annually. The present indica-
tions are the balance of trade
with foreign nations for the next
two years, and for longer
period if the present tariff laws are MAIN
tanned. will require gold shipments 10 the
United States to pay the balances in our
favor. Under the present policy we buy
4,50O0 600 ounces of silver per month paving
for this purchase its value in new treasury
notes. Under such conditions the work Of
maintaining parity will not require any ex-
traOrdinary exercise of power or be a
strain upon the resources of the country.
If, however, the balance of trade
should turn against US to any great
extent, which seems to me quite improb-
airy contingency abroad, the strain would
come, but even then my faith in our
resources is such rs to compel me to
believe that we would weather the storm
ana preserve parity. The shipment Of
more than S1OO0J.O0G of our gold to Europe
without embarrassment 70 US is
an illustration of the marvellous financial
strength of this country. Under free
coinac: silver would take the place
of gold in settling the balances.
If the price of silver were advanced from
81 to Sl.29 per ounce all Of the
silver for sale in the world would
be attracted to this country. To maintain
the purity under such conditions would
be task requiring more than our
immense resources and the exercise
of our unusual power could supply,
but with 100000 ounces of silver only per
month, purchased at its gold value. the
task would be easier in my opinion. Gentle
men, the principal practical question foryou
to consider is which Of these two poll
cie5 will you prefer? l know
You have expressed desire
for the repeal of the present
law, and understand that you do not pro-
pose substitute of any kind In other
words, if you can have your way. you
propose to permit silver to take care of
Itself. | have not given much thought to
this phase of the subject, for the reason
that l do not believe congress will
irdorse your views, but think l can see
the market the price will decline,
perhaps it will be a large decline,
in which case it seems to me
the task of maintaining the parity will be
and difficult. Believing
that the good sense of the
business world must in the near
future be brought into harmony
that gold alone is too narrow a base upon
which to build the worlds financial
structure, l have much hope
that the best judgment Of all concerned Will
agree to better and more extended use of
silver to be followed by international
agreements by which the parity
of the two metals on an accepted ratio may
be maintained. ] feel quite safe in saying
one OF the hindrances to an early agreement
in the direction | have indicated is the belle
in Europe that free COMA. e is TO be the
policy.of this country. If this is to be our
policy they know that their
silver will come to US and
that our gold will go to them Is it
not the part Of wisdom for us to
refrain from doing anything that will
impair our ability to preserve the party2
Convince Europe that we will not permit
ourselves to fail in this re-
spcct aud the obstacle TO the agree =
nent so much desired is removed. In
what I have said express the opinions of
myself only; whether they are of
any value or not is for you and |
the country to judge. The posi-
lion I occupy requires me for the |
time being to give my best thought and |
attention to this and kindred subjects [ |
I'M trying to consider not the ideal but the |
practical only"
MHDkED NNUCIOM