Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1891-11-18
On the Subject Of the Gold and Silver
Policy Of Our Govern
mrnt,
prLivtRrp At THE ANNUAL
DINNER
ny telegraph 10 tbe sEwaI
sueugrARy posrER
speaks 80 the Annual Dinner OF the
New York chamber OF Commerce.

Enfahs Anutnt wv wv
New York Chamber OF Commerce
NEw YonR, Nov. IT.--A distin-
Fuished a,scmblage gathered tonight
st the ono hundred aud twenty.third
aHnual dinner Of the Chamber Of
Commerce OF the State OF New York.
Among the many prominent gueeis
were senator Hiscock, Chauncey
Dep.g, Generals Schoneld and How.
ard, Secretary Foster, Director Of tue
Mint Leech, Hon. Carl 5churz, Rev.
Dr. Briggs aui the Earl OF Aberdeen.
Less than one year ago Secretary
Window was struck down In the sanie
banquc,iug hall, and before the feast
was done he WINS dead. Many times
the tragedy was referred to tonight.
President harrison, Secretary Blaine,
Secretary Tracy, Secretary Proctor,
Postmaster General Wananaker and
ex.Pfcsiden,s Hayes aud Cleveland
were among the many who sent re-
gTots.
aEcRErARY FOSTER
hdc the speech OF tho evening, HIS
subject being "ro maintain tho parity
between gold and silver II the liked
policy u this government" In tho
course Of his remarks he referred 10 the
gloomy predictions made fifteen
year, ago by the people Of the
East over the proposed large coinage
OF silver dollars. SO now, said he,
men whose intelligence AMI patriotism
cannot be questioned and whose pur-
pos,s arr the most exalted, are moved
TO Indulge In gloomy fofeboilngs over
the present outlook aud propose 10 re-
peal the act Of July lI,h, 1890, hoping
thereby 10 preserve the parity, lie
did not propose TO indulge In ANY
prophecy.
The secretary told OF an elaborate
speech he had prepared In 1873 upon
silver aud gold, tut did not deliver, In
the House, because Of an enlarged
view between tho finishing OF the
speech aud the day set for its delivery.
He added; az the New York Times
could have that speech 10 comment
upon ! think | should have 10 resign
my ofilcc. I mention this merely 10
call to mind the fact that many other
gentlemen have not been a. prudent as
] was.
rhn secretary further said that, ia
his opinion, with all VI our power, w
could not maintain
THE PARITY OF THE TWO METALS
II the policy Of free coiuage Of silver
prevailed. He Ia firmly Of the opinion
that the parity can bv maintained I'M
der the present policy. We produce
annually about thirty millions Of gold.
The present indications are that the bal.
snce Of trade with foreign nations for
the next two years aud for longer
period, II the present tarin law Ia
maintained, Will require gold ship.
menis 70 us TO pay the balances In our
favor Under the present policy We buy
$500, 900 ounces OF silver per month,
paying for " In new treasury notes.
Under such conditions the work OF
maintaining tho parity will not be
strain upon the resources OF the coun.
Try. H. however, the balance OF trade
should turn against Us, 10 any great
extent, which seems 10 be quite i'm.
probable, except In the event of extra.
ordinary contingencies abroad, the
strain would come. But even then my
faith In our resources IL such ~ tocom.
pol uie to believe that we would weather
the storm aud preserve the parity.
The shipment VI more than $4,000, 900
Of our own gold TO Europe without eni.
bara-sment TO US, 10 only an Illustra-
ti0n Of tho marvellous financial strength
OF this country. Under
FREE COINAGE
silver would take the place OF gold In
settling the balances.
II the price OF silver advanced from
81 TO 81 go per ounce all the silver in
the world for sale would be- attracted 10
this country. 70 maintain the parity
under such conditions would be n task
requiring moro than our Immense re-
sources and the exercise OF usual power
10 the last degree could supply. But
with sS,500,0O0 ounces OF silver, pur.
chased at gold value each month, the
task would be easy.
Tn. practical question for you, gen.
tlemen, TO consider, IL, which OF these
two policies would you prefer. Be-
ll.ving that the good sense Of the
business world must, In the near
futurt, be brought into harmony with
Va In the proposition that gold alone Ia
too narrow abase upon which 10 build
the worlds financial structure,
have much hope that the best judg-
ment OF all concerned will agree to the
better aud more extended use OF silver
10 be followed by international agree
ments, by which the parity Of th. two
metals upon an accepted ratio may be
obtained. One OF the hinderances TO
nm early agreement Ia the belief In
Europe, thAt free coinage Is 10 be- the
policy OF this country. In such an
event they know that their silver will
como TO ", aud our gold 20 10 them.
Convince Europe that We will not per.
init ourselver 10 do anything that will
impair our ability to preserve the
parity, and an obstacle to the agree
mont no much desired isremoveJ.
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