New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-11-18

expected 70 sstonsh House BY my familiarity with
ssa su' e sna S. s sS
began TO think thst perhaps il was after all the safer
% ne s not psss %a @ a'G sS
because q the hnoysd s Ct s exist
effort TO belittle me. If that paper conid have the
to ONCE p0 nssa AND %i spp Ss TE
q 70 yeSy Serious 4 Subject BIZ Rfs 1"
sn S 70 G not BEEN ss prudent haV Il Is
ably true that no man has written or spoken on TINS
discovered that he was more or less in error Applase
There is one very important factor in dealing with
this question which has not perhaps beep wholly over
looked but which has rot been appreciated such
extent as II deserves That IS the enormoss power over
this question backed by the almost incsculabe resources
Of the greatest country on earth The question now
tho time that the IDEAL Is i@psssble will result ia the
@ s !, spt eur exercise c the saS
ers conferred upon those In authority 10 do what the
Law commards, viz TO maintain the parity OF gold ana
FREE coINAGFi WOULD DEBAsE SILVER
In my opinion with all Of our power. natural and
conferred by law; with all Of our resources employed
to their fullest extent VIC could not maintain tho
parity Of the two metals II the policy of free coinage
/ OF silver prevailed (hpplause)
am firmly OF the opinion that the parity OF the Two
metals can be maintained under the present policy.
We produce In this country ebcut $50 o. eom
sanaa The present sasas 6s s that xxi es
Years ana for Longer period If the present Tariff laws
uantaned will require god shipments to b mI TO
buy 1900 600 ounces Of silver per month, PAYING
for this purchase Its vane In he ~ mnaiaSn e0 the
parity will not yoQuiro aG evtraodinay eXereee 0
T or hSxsve tth e P saanse ' should
against us to any great extent whch 10 me
sontnrsncies abroad the strain would come but even
then my faith In our resources IS suCh as 70 COMPEL ny
to believe tina. we would weather the storm and pre-
fba afit
The Shipment Of more than s7o,oooo 900 Of our gold
to Europe without cmbarrassmeant TO Us str. o, ~
this Country to Which have called attention So
large drain of gold is likely to produce strain upon
our resources IN the effort TO maintain the parity Vi
sut Under free coinage silver would take the place
Of gold in settling balances tue price Oh enncs
wore advanced from less Is tb h World Would be attracted
10 this country. We weuld then have, hnndisms Oh
mlons OF silver dollars added TO The Sioo oooOoo we
coin them To maintain the parity under such cond
e ons we and Dc Exercise Of Unusual the last
decree could supply. But with $500 600 ounces OF
ns v Sns p: 3. 1asg Rppnnse5 ~ ITO ~
TIE PRACTICAL QUESTION.
In my opinion, gentlemen, the pr'cucal q"cSuom
for you to consider Is which OF these two poces WI"
you prefer? 1 know yen have expressed desire lot
the REPEAL of the present law, md, as understand
you do not propose substitute Of any kind In o'her
words If you have your way, you propose 10 per
NIT silver to take caro- Of itself You have doubtless
oven your proposition the fullest possible consiGera
Sp t s s seEe 81 nGs oH e parity
two metals shall 10 mantained nv g the
effect on price that would follow the stoppase OF tee
purchase S@O9 S the a yo RTe @
considered the effect this would have toward increasing
the burden fSer ct e 3 pas II the Subject e 0 for the
reason that not believe Congress VIII neV s EC%t
eminent goes out OF the market the price will decline
perhaps It win be large decline In which case II seems
S Ia ra and dincult. lApplause. world
Believing that the go9a sense sr 81 he harmony witt
Ms in the proposition that gold alone Is TOO narrow
base upon which to build the worlds financial structure
have wIGn a see to better and more extended
Of silver to BE followed by International I'M
e by %G rs sne sv 10 msntained AppaseJ
feel quite safe in saying that one OF the hndfance
is the belief in Europe that ise conas1 IS To porf
policy Of . cOu ,Es, silver win come % TO us and
that our gold viii go to them. tAppause0 .,..,r from
the part Of T mpsr o dST ABILITY to
the parity convnc. Europe that we viii no, permit III
ourselves to fail m e E9s %ppas
in what have said express the opinions not OF myS for
only whether a sn 9 s5e u d any The position NJ occuy
requires for the time to sea agd fn GyS Subjects
am irving 10 consider. not the IDEAL but the prac~ca
only. dong continued cheers and applause)
"Do | understand the Secretary to, say that he
has the right to Issue bonds for gold if that OF
n .oS shonld arise ?" asked the chairman. "
would like him to say ii that is the case zap
planse)
, The Resumption Act confers authority upon
the Secretary of the Treasury to issue bonds TO
any extent he may feel called upon to Go to IN
crease or 10 maintain tne Goa ne,er, ,rossrye TIE
paritv between gold and silver 1t has always
been the custom Of this country 10 pay its obhga,
IlnF
tbere hn eny trouble about this and the present
hundred millions Of gold or reserve fund we can
il, be intrenched upon, 1T was IN ms power unuer
tbe law 70 issue bonds for gold paying per cent
and replace or increase the Reserve Fund.
81 BISHOP PoTTER's WORDS.
This is the way in which the chairman INTRO
duced Bishop Potter Gentlemen: In these
davs of war Of creeds and confessions, 1t is mat
ter Of congratulatlon that we have at the head OF
a. great historic Church in this city a man suited
10 the distinguished in his high profession
by conservative views and actS, ne mas Rdi'linls-
tered the duties of his Office in such manner as
TO. command the respect Of all men of all creeds
have areaJ pleasure in introducing the Kt. Key;
Henry c. Potter, Bishop Of New YORK. VINO wi III
Wealth, as it Is the Law oil Commerce. mere
is what Bishop Potter said
Gentlemen OF the Chamber of Commerce In CON
necton with another OF our annual fes1vltes-l mean
that Of the NewEDglaaa Society--onc OF those well
tests xach 90 eSy On such oecaIS Ss eoo wS
orator whose theme rcM!ts him to the Landing OF The
Pilgrims takes Mr.. Delmonlcos menu for his teXt
and dscourseS with appropriate sarcasm upon mo
heidshps OF our New fnglsnd forefathers as appio
pratey celebrated in the prodigal luxury oil tcir de
scendalts.
II very instructive contrast, but not more So
think IN any such connection than in this. Ihe new
YORK Chamber OF Commerce. do not know how old it
is nor how rich-but II could exchange this scene
for QUE nearly hroe hundred years ago when Iendrch
HUDSON came TO these shores end laid the fOundatons
In his traffic with the upper Hudson OF your traiic
with I'LL the world, IT, say. one could for few mo
prents exchange this assenlbage and this New York
for hat NcwyoFk the contrast wonld certainly be
shores the historian tells us was by means Of wan
pun or strings Of shells and Professor Sumner would
have US believe that the white man soon showed his
periOry the Of this by coun erfeting the peri
wrinkles and clam shells which were the native cur
rency This simply shows, II it IS true-I can only
hona lint II is not-ho~ early was d.velopsd N ths