The Helena independent., 1891-11-18
IT is A SETTLED POLICY.
This Administratio Is Irrevocably
Committed Against the Free
Coinage Of Silver.
Secretary Foster Addresses the
New York Chamber Of Com
merce at a Banquet.
The Chief Obstacie to an International
Agreement Upon n Ratio Hetwesn
Gold and silver.

| New YoRK, Nov. ia distinguished as
sembiage gathered tonight at the ono hun-
| dred and twenty third annual dinner Of tho
chamber of commerce Of the state Of New
York. Among the many prominents guests
| were Senator Hiscock, Channcey M. Depew.
| Gen. Schofeld, Gen. Howard, Secretary
| Foster, Director of the Mint Leech, Hon.
| Carl Scburz. Rev. DR.. Briggs, the earl OF
Aberdeen. Less than one year ago Secre-
| tary Window was struck down in tho same
banqucting hall and before the fsast was
done he was dead. Many times the tragedy
was referred to tonight. President Harri-
son, Secretary Blaine, Secretary Tracy.
| Secretary Proctor, Postmaster-General
Wanamaker and ex-Pfesident Cleveland
| were among the many who sent regrets.
Secretary Foster made the speech of The
evening, his subject being, 10 maintain
the parity between gold and silver
| is the fixed policy OF this govern
| ment." In tho course of his remarks
he referred to the gloomy predictions made
fifteen years ago by people OF the west over
| the proposed large coinage Of silver dollars.
$50, now" said he, ''men whose intelligence
and patriotism can not be questioned, and
whose purposes are most exalted, are
moved to indulge in gloomy forebodinas
over the present outlook and prOpose to re-
peal the act OF July IA. 1890, hoping thereby
to preserve the parity"
MIR. Foster said that i'll his opinion, with
all of 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 that the parity
can be maintained under the present
policy. We produce annually about $50
900 Of gold The present indications
are that the balance OF trade with foreign
nations for the next two years. and for u
longer period if the present tariff law 10
maintained, will require gold shipments to
the United States to pay balances III our
favor. Under the present policy we buy
4,500. 600 ounces OF silver per month, paying
for il III the new treasury notes. Under
such conditions the work Of maintaining
the parity will not be strain upon
the resources of the country. II.
However, the balance of trade should
turn against us 10 any great extent. whtch
seems to be quite improbable. except in the
event of extraordinary contingencies
abroad. the strain would come, but even
then my faith in our resources is such as to
compel me to believe that we would weather
the storm and preserve the parity. The
shipment Of more than 7O,OO0,0OO of our
gold to Europe without embarrassment to
us, is only an illustration of the marvellous
financial strength of this country.
Under free coinage, silver would take the
place of gold in settling these balances. II
the price of silver advanced from ISL to
$l.29 per ounce all the silver in the world
for sale would be attracted to this country.
To maintain the parity nnder such condi-
tions would be q task requiring more than
immense resources, and the exercise Of un-
usual power to the last degree, could supply.
But with 4.500.O00 ounces of silver pur-
chased at gold value each month. the task
would be easy. The practical question for
you. gentlemen, to consider Is
which of the two policies YOU will prefer.
Believing the good sense of the business
world must in the near future, be brought
into harmony with us on the proposition
that gold alone is too narrow a base upon
which to build the worlds financial struc-
ture, have much hope that the best iudg-
mtnt of all concerned will agree to the bet
Ter and more extended use OF silver,
to be followed by interEa-
tional agreements bv which the
parity of the two metals upon an accepted
ratio. may be maintained. One of the
hindrauces to an early agreement is the be-
lief in Europe that free coinage is to be
the policy of this country. In such event
they know their silver will come to Is and
our gold go to them. Convince Europe that
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 If removed.