The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1891-11-18
SILVER PARITY.
Secretary Fosters Speech Before The New
York Chamber Of Commerce.

NEW YORK, Nov. IA most distin-
guished assemblage gathered tonight at the
one hundred and twenty-third annual din
ner of the Chamber of Commerce of the
State of New York. Among the many
prominent guests were: Senator Hiscock,
Chauncey NJ. Depew, Generals Schofeld
and Howard, Secretary Foster, Director of
the Mint Leech, Hon. Carl Schurz, Rev. DR..
Briggs, Earl of Aberdeen. Less than one
year ago Secretary Window was struck
down in the same banQueting hall, and be-
lore the feast was done he was dead. Many
times the tragedy was referred to tonight.
President Harrison, Secretary Blaine, Sec
retary Tracy, Secretary Proctor, Postmaster
General Wanamaker and ex- Presidents
Hayes and Cleveland were among the many
who sent regrets. Secretary Foster made
the speech Of tho evening, his sub
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 dollars. $50 now"
said he, "men whose Intelligence and patri-
otlsm cannot be questioned and whose pur-
poses are the most exalted are moved TO in
dulge in gloomy fOreb0dings over the pres
ent outlook and propose to repeal the act of
parity" He did not propose to indulge in
any prophecy. The Secretary told of an
elaborate speech he had prepared in 1873
upon silver and gold, but did not deliver 1t in
the House, because of his enlarged views be-
tween the writing of the speech and the day
set for its delivery. He added: "If the
New York Times could have that speech to
comment upon | think | should have to re-
sign my Office. l mention this merely to
call to mind the fact that many other gentle
m a UQ n MT aS liant 7
The Secretary further said, in his opinion,
with all our power we could not maintain
the parity of the two metals if the policy of
the free coinage OF silver prevailed. He is
firmly of the opinion the parity can be
maintained under the present policy.
% We 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
our present policy we buy 45O0.0 ounces
OF silver per mouth, paying for il
In new Treasury notes. Under such
parity will not be strain upon the re-
sources Of the country. If, however, the
balance of trade should turn against US TO
any great extent, which seems to me quite
improbGbe, except in the event of extra
ordinary contingencies abroad strain
resources is such as to compel me to believe
we would weather the storm and preserve
the parity. The shipment of more than
S7O,0O0,0O0 of our gold to Europe without
embarrassment to us is only an illustra-
tion of the marvellous financial strength of
this country. Under free coinage, silver
would take the place of gold in settling
balances.
II the price of silver were advanced from
81 TO 81 20 per ounce all the silver in the
world Tor sale would be attracted to this
country. To maintain a parity under su a
condition would be task requiring more
than our immense resources and the exer-
else of unusual power to the last degree
could supply. But, with 4, 500, O00 ounces Of
silver purchased at gold value each month,
the task would be easy. The practical
question Tor you, gentlemen, to consider, is
Believing that the good sense of the
business world must, in the near future,
be brought into harmony with US
in tile proposition that gold alone Is
too narrow base upon which to build the
worlds financial structure, l have much
hope that the best Judgment of all con-
cerned will agree to better and more ex-
tended use of silver, to be followed by inter-
national agreements by which the parity of
the two metals upon accepted ratio may be
maintained. One of the hindrances TO the
early agreement is the belief in Europa that
free coinage is to be the policy of this coun-
try. In such an event they know that their
silver VIII come to us and our gold 90 to
them. Convince Europe we will not permit
ourselves to do anything that will impair
our ability TO preserve the parity and an
obstacle to the agreement so much desired
iS n,-aif