The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1891-11-18
anti FREE SILVER
Secretary Foster Discusses the
Question at Length.
PARITY OF THE TWO METALS
1t Can be Maintained Under the Present Policy
The Balance of Trade In Our favor
What Europe Fears.

NEW YORK, Nov. IA distinguished
assemblage gathered tonight ct the one
hundred and twenty third annual dinner of
the chamber of commerce of the state of
New York. Among the many prominent
guests were: Senator Hiscock, Chauncey
Depew, Generals Schofield aud Howard.
Secretary Foster. Director of the Min,
Leech. Hon. Carl Schurz, Rev. DIR. Briggs
and the Earl of Aberdeen. Less than one
year ago Secretary Window was struck
down in the same banQueting hall, and be
fore the feast was done he was dead.
Many times
THE TRAGEDY WAS REFERRED To
tonight. President Harrison, Secretary
Blaine, Secretary Tracy, Secretary Proc
tor, PostmasterGeneral Wanamaker and
ex-Presidents Hayes and Cleveland were
among the many who sent regrets Secre-
tary Foster made the speech of the even
ing, the subject being ITO Maintain the
Parity Between Gold and Silver il 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 coinage of silver dollars. So
now, said he, men whose intelligence and
patriotism cannot be questioned and whose
purposes are most exalted, are moved to
INDULGE IN GLOOMY FoREBoD1NGs
over the present outlook aud propose to
repeal the act of July IA, 1891, hoping
thereby TO preserve the party. He did not
propose to indulge in any prophecy. The
secretary told of an elaborate speech he
prepared In 1875 upon silver and gold, but
did net deliver in the House because of
his enlarged view between the finishing 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
l should have to resign my office. [ men
ton this merely to call TO mind the fact
that many other gentlemen have not been
as prudent as l was.n
he secretary further said in his opinion
with all OF our power, we could not main
tain the
PARITY OF THE TWO METALS
If the policy of the free coinage of silver
prevailed. He is firmly of the opinion
parity can be maintained under the present
policy. I'VE produce annually about
thirty millions of gold. The present indi-
cations are the balance of trade with for
eign natlous for the next two years, and
for longer period, if the present tariff
law is maintained, will require gold ship
monts to US to pay balances in our tavor.
Under the present policy we buy 4. SOC. coo
ounces Of silver per month, paying for it
In new treasury notes. Under such
conditions the work OF maintaining the
parity will not be strain upon
the resources of the country. If, however
the balance OF trade should turn against
US 20 any great extent, which seems to be
quite improbable, except in the event of
extraordinary contingencies abroad,
strain would come, but even then my
FAITH IN OUR RESOURCES
Is such as to compel me to believe we
would weather the storm and preserve tue
parity. The shipment of more than $40.
100000 of our gold to Europe without en-
barrassment to US only an illustration OF
the marvellous financial strength OF this
Under free coinage silver would
take the place of gold in settling balances.
Ii the price Of silver advanced from 81 TO
l.29 per ounce, all the silver in the world
Tor sale would be attracted TO this country,
10 maintain the parity under such condi-
uons would be task requiring more than
our immense resources and the exercise of
unusual power to the last degree could
supply. But with Z, 1900, 600 ounces of sill
yer, purchased at gold value each month.
the task would be easy. The practical
question for you gentlemen to consider is
which OF these two policies you will prefer.
Believing the good sense of the business
world muslin the near future be brought
INTO harmony with US in the proposition
that
GOLD ALONE IS TOO NARROW ;
3 base upon which to build the worlds
financial structure, l have much hope the |
rest judgment OF all concerned will agree
to the better and more extended use of sill !
yer, to be followed by International agree |
nents by which the parity of the two
metals upon an accepted ratio may be main. !
tanned. One of the hindrances to an early |
agreement is the belief in Europe that free |
coinage is to be the policy of this country. |
N such an event they know their silver |
Will come to US and our gold go to them. |
convince Europe we will not permit our |
selves to do anything that will impair our
ability to preserve the parity and an obsta. |
lie to an agreement SO much desired is re |
moved"