The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1891-11-28
TWO METALS.
A System for Keeping Gold and
Silver on a Parity.
Secretary Foster Before the New York
Chamber Of Commerce.
Ono Hundred and Twenty-Third Annual
Dinner-One Year Ago, on n Similar Oo-
casion, Secretary Window Expired
Suddenly in the Same Hall.

New York, Nov. 10.-The one hun
dred and twenty-third annual dinner of
the chamber of commerce of the state
of New York was cele brated Tuesday
night at Delmonico's. D.
1t was just one year ago, on a similar
occasion, that Secretary Window had
been stricken dead in this same ban
quet hall.
Pres. Charles S. Smith, of the cham
ber, made the opening address, in
which he referred to the vacant chair
at the board that formerly was occu-
pied by Gen. Sherman, and toast was
drunk in silence to the memory of the
latter.
Hon. Charles Foster was introduced,
and he made the speech of the evening.
His subject was: ITO maintain the par
ity between gold and silver is the fixed
policy of the government"
Mr.. Foster said among other things:
"It is now agreed on all sides that gold
alone furnishes too narrow basis upon
which to conduct the money affairs of
the world. Fifteen years ago the peo-
pie of the east, who were supposed to
understand the question of finance, in
dulged in prophecy as to the evil that
would follow such large coinage of
silver dollars. Great fnanciers of
the country-the chamber of COM
merce of New York and the asso-
ciated banks-held that the parity
could not he maintained, even with
a smaller coin. Notwithstanding dole
full predictions we have coined over
S4OO, 900, 900. We have besides pur-
chased about $40, 600, 900 worth of silver
bullion at gold value and paid for it by
the issue of about 100000, 900 of new
treasury notes. And yet the parity is
maintained. Is there now living any
man whom we would have regarded as
good authority on the subject but who
would have predicted that, under such
conditions, the parity of the two
metals would be preserved? So now,
men whose intelligence and patriot
ism can not be questioned, and
whose purposes are the most exalted,
are moved to indulge in gloomy fore
bodings over the present outlook and
propose to repeal the act of July a. 1890
(the present law authorizing the pur
chase of 4,5O0, 600 ounces of silver per
month, to be paid in new treasury
notes., hoping thereby to preserve the
parity of gold and silver. 1t is not my
purpose to dispute this position, nor do
l propose to make myself special advo-
cate of the law as it stands. do not
propose to indulge in prophecy "s to
what is to happen"
THE question to consider now is
what policy that is attainable (remem-
bering all the time that the ideal is inn
possible) will result in the least strain
upon our resources, and will require
the least resort to the exercise of the
extraordinary powers conferred upon
those in authority to do what the law
commands, viz: To maintain the parity
of gold and silver.
''In my opinion with all of our power,
we could not maintain the parity of the
two metals if the policy of free coinage
of silver prevailed.
81 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 $50, ,000,-
900 of gold annually. The present in
dications are that the balance of trade
with foreign nations for the next two
years, and for a longer period if the
present tariff laws are maintained, will
require gold shipments to us to pay bal
ances in our favor.
"Under the present policy we buy
4,5O0, 900 ounces of silver per month,
paying for this purchase its value in
new treasury notes. Under such con-
ditions the work of maintaining the
parity will not require any extraordin-
ary 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 improbable,
except in the event of extraordinary
contingencies abroad the strain would
come, but even then my faith in our re-
sources is such as to compel me to be-
lieve that we would weather the storm
and preserve the parity.
"The shi pment of more than $40,
900, 900 OF our gold to Europe without
embarrassment to us is only an illustra-
ton of the marvellous financial strength
of this country. Under free coinage
silver would take the place of gold
in settling balances. If the price of
silver were advanced from 81 to 81. 029
per ounce, all OF the silver for
sale in the world would be at
tracted to this country. To maintain
the parity under such conditions would
be task requiring more than our im-
mense resources and the exercise of
unusual power to the last degree could
supply. But with 4,5OO, 900 ounces OF
silver only per month purchased at
its gold value, the task would be
easier. In my opinion, gentlemen, the
practical question for you to consider is
which of these two policies will you
prefer"
| War Possible.
BERLIN. Nov. 19.-The German wal