The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1891-11-18
FOSTER ON SILVER.
Free CoinageWould Make Amer
lea a Dumping Ground.
WISDOM OF THE PRESENT LAW.
An International Agreements Might b
Reached. but Europe Fears Kadi-
cal Americas LegisIatien.

NEW York. NOV. IA distinguished assem-
blsge gathered tonight At the i2sd annual din.
ner OF the Chamber OF Commerce of the State of
New York. Among The many prominent guests
were; Senator Hiscock. Chauncey Depew,
Generals schoneld and Howard, secretary Fos-
ter, Director OF the Mint Leeeh. Hon. Carl
sehurs. Rev. Dr. Briggs aud the Earl OF Abef-
deem Icss than one year ago Secretary Window
was struck down IN the same bauqpetiag hall,
and before the fesst was done be was dead
Many times the tragedy was referred to to-
night President Harrison, Secretary Blaine.
Secretary Tracy. Secretary Proctor, Postmaster
General wsnamakar and ex-President Cleve-
laud were among the many who sent regrets.
Secretary Foster made the speech OF the even
Ing, the subject being. "To Maintain Parity
Between Gold and silver a. tho Fixed Policy OF
This Government.
la the course OF bis remarks he referred 10 the
gloomy predictions made fifteen years ago by tho
people of the East over the proposed large coin
whose intelligence and patriotism cannot be
questioned and whose purposes are most ex-
allied are moved t. indulge ia gloomy forehod-
inss over the present outlook and propose 70 re-
peal the act OF July H.. $500, hoping thereby to
preserve this parity. He did not propose 10 in-
dulee in ANY prophecy.
The secretary told Of an elaborate speech he
had prepared IN 1875 unon silver and gold, but
did not deliver IL In the house of representa-
tves because of hts enlarged views between the
finishing Of the writing 81 the speech and the
dsy tes Tor Its delivery. lie added: "Is the New
YORK Times could have that speech 60 comment
upon think should have to resign my office.
mention this merely To cali to mind the fact
that many other gentlemen have not been AZ
prudent as was
The secretary further said that ia his opinion,
with all our power, we could not maintain tue
parity of the two metals IT the policy OF free
coinage OF silver prevailed. He il firmly Of the
opinion that parity cau be maintained under
the present policy. We produce annually about
Ess .l,l .kgAt
are thst the balance OF trade with foreign
nations for the next two years, aud for longer
period II the present tarin law Is maintained.
VIII require gold shipments to Us to pay the
balance in eur favor.
Under the present policy we buy s,5ooo coo
ounces OF silver per month, paving for II IN new
treasury noies under such conditions that the
wosk 81 maintaining parity viii not be strain
upon the resources of the country. II, however,
the balance oi trade should turn against us. 10
any great extent which seems TO be quite im-
probable. except in the event of extraordinary
contingencies from abroad. n strain would
come. but even then my faith in our resources
Is neh as 10 compel me to believe that we
wouid weather the storm aud preserve the
parity. The shipment OF more than sSo,oNooo
OF our gold TO Europe without embarrassment
To US Is only an illustration Of tho marvellous
financial strength OF this country.
Under Tree coinage silver would take the place
of geld in settling balances, II the prize of
silver advanced from 81 Ia si.so per ounce, all
the silver In the world for sale would be attracted
To this country, TIE maintain parity under such
conditions would he task requiring more than
eur immense resources aud the exercise OF un-
usual power tn the last degree could supply, but
with 4a0,asN ounce purchased at a gold value
each mouta. the tass would ee easy.
The practical question for you. rentlemen. TO
consider Is which OF these two policies you viii
prefer. Believing that the good sense of the
business world must, in the near future, he
brought Into harmony with US in the propasi.
ton that gold alone is too narrow base upon
which 10 build the worlds financial structure,
nave much hope that the hest Judgment of all
concerned will agree to better and more ex-
tended use OF silver. TO I've followed hv tnterna-
tonai agreements by which The parity OF the two
metals upon an accepted ratio may he MAIN
tanned One OF the btnd1ances 20 early
agreement ia the belief in Europe that free coin.
eye Is the policy ct this country. In such event
thew know that their silver viii come 90 VS. and
cur gold so to them Convince Eurcre that we
VIII not permit ourselves To do anything that
viii impair oar ability to preserve the parity,
ami the obstacle 81 the agreement SO much de-
sired IL removed