The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-11-18
GOLDAND SILVER ATPAR
SECRETARY FOSTER PRooLArMs IT
THE GOVERNMENTS POLICY.

the President OF the Chamber In a
Talk About What is Needed to Make
Gotham the Worlds Financial Center.
NEW YORK, Nov. 1.-THE New York
Chamber Of Commerce gave its 1884 an
pual dinner al Delmonioo's tonight The
affair was especially notable. Covers were
laid for 2S2. It was just 6:45 o'clock when
the great body sat down at the table.
Rev. DR.. Charles A. Briggs offered
the invocation. Letters of regret
we're received from Vice President
Morton, ex-President Cleveland, and Sec
retary Blaine. Flanking President Smith,
on either side of the table, were Secretary
of the Treasury Foster and Hon. Carl
Schurz President Charles A. Smith in
calling the guests to order said there is no
doubt that the people OF the United States
are honest and do not desire so cents worth
Of silver to pass for 100 cents In payment of
debt.
NEW YORK AS LoNDoN's SUCCESSOR.
Before New York could take I,ondon's
place as the worlds banking depository
two things are absolutely necessary. First.
we must make the world believe that gold
dollar deposited in New York can be repaid
in gold. This is a question OF character as
well as finance, and it concerns the honor
of the American merchant; and, second, we
must have steamships sailing under the
American flag to all the worlds CONNER
cial ports. Commerce regulates exchange
and we cannot do the worlds business per-
manently and proftablY unless we can de-
liver the products Of commerce in our own
steamers.
PARITY OF GOLD AND SILVER.
Secretary Foster was then introduced and
responded to the toast ITO maintain parity
between gold aud silver is the fixed policy
Of this government" He said:
Tomaintain parity between gold and silver is
the first policy Of the government, because we
ell recognize its supreme Importance. When
we come to the question of what policy is
best to pursue to maintain this desired con-
qItlon serious differences OF opinion arise.
dertake argument for or against any of the
views that may be advanced by members of the
ohamDer OF commerce or any official action it
may determine to take. If any body of men in
the world ought to be practical in their under
takings, it is the chamber of commerce of New
York They should be able to distinguish prac-
teal things that can be accomplished from the
impossible ideal which they would prefer Prior
70 1850 we had many sound thinking people who
believed that our financial structure should be
based upon gold alone. It is now agreed on all
sides that gold alone furnishes too narrow a
basis upon which to conduct the money affairs
Of the world. Fifteen years agothe people of the
essI' who were supposed to understand
prophecy as to the evil that would follow ur-
der such large coinage of silver dolars was
Of this opinion largely for the reason that all
great hnancierS of the country the chamber of
commerce of New York. and the associated
banks, he'd that parity could not be maintained
even with smaller coinage of silver dollars.
DoLEFUL PREDICTIONS DIsPELLED.
Notwithstanding the doleful predictions of
S000O,OO0 Of silver dollars but reached the sum
OF over goo, OOO,000 We have besides purchased
about $40, 900 worth of silver bullion at gold
value and paid for it by an issue of about SO,
yet parity is maintained. Is there
now living any man who would
nave been regarded as good authority
On On tne subject. but who would have predicted
mat under such conditions. parity of the two
metals would be preserved. So now men whose
iltehlgence and patriotism cannot be ques-
Toned and whose purposes are most exalted
are moved to indulge in gloomy forebodings
over the present outlook and propose through
the chamber of commerce and other agencies to
repeal the present law, hoping thereby to pre-
serve parity OF gold and silver. 1t is not my
purpose TO dispute this position, nor do | pro-
pose 70 make myself a special advocate of the
Iaw as IL stands. do not propose to indulge in
prophecy as to what is to happen.
SPEECH THAT WAS NEVER DELIVERED.
he then told about how, in 1878, he had
worked for weeks on a silver speech, with
which he expected to astonish the House of
representatives. and how proud he was of
Tue speech, and OF how, finally, as the time
lot its delivery drew near, he thought per-
maps the speech had better not be made,
and 1t was never delivered. II the New
YORK Tunes, which was belittling him,
9ao tnat speech to comment on he might
leel compelled to resign his office. He
merely mentioned this because many other
Rentlemen had not been as prudent as him.
seu, ana every silver writer had discovered
!nat he was more or less In error Continu-
ing he said:
The quasti on to consider now is what
ipolicy mat Is attainable. remembering all the
;Ine u; H mat the ideal is impossible would result
III ve east strain upon our resources and will
..equire the least resort to exercise of the ex
;raordlnary powers conferred upon those
~ authority to do what the law commands
wa Hj $40 10 maintain the parity Of gold
nat an sITer Ia my opinion with all of our power,
natural natural and conferred by law; with all of our
o9 oes99rces employed to their fullest extent we
tp tppuiu not maintain parity of the two metals if
v p.ncy ay OF Tree coinage of silver was adopted
policy. oA '-o ~ A'S0A'
OUR PRODUCTION OF SILVER
we produce in this country aboht $50 600. 600
are Stu that annually; 1h The present indications
osn nations for the next two years.
In anu Tor longer period il the present tariff
o"s are maintained. will require gold shipments
,Ss " US 10 pay the balances Ia our favor Under
siI Suu present policy we buy 1900 900 ounces of
va,,,a per month, paying for this purchase its
oonS;.;u u new treasury notes. Under such
SS;iiatlons, VII the work of maintaining the parity
no MI not require any extraordinary exercise of
co. rower or De strain upon the resources Of the
sSntIy. IL, however, the balance of trade
should should turn against us to any great extent.
tboo tboieu seems TO me quite improbable, except in
stv vvent OF extraordinary contingencies abroad,
faith ha'n i would come; but even then my
10 'su s, ~ our resources is such as to compel me
neVe oeieVe that we would weather the storm and
e59 e559serVe oao rarity. The shipment of more than
ssrOiuVO,UoO Of our gold to Europe without
assIneRt TO us is the only illustration Of the
wbil Jetpus financial strength of this country to
ion in4on nave called attention So, in my opin-
do, nosShlng short of an exceptionally large
onr ro VI gold is likely to produce a strain upon
psri+t ss SuMrses M In the effort to maintain the
p~rl'y Oh gold and silver.
EFFEcTs OF FREE COINAGE.
p,ann ,u. under free coinage silver would take the
~ siI VI go'o ID settling balances If the price
onDne o. u, were advanced from 81 to 81 20 per
wonIS oil on the silver for sale In the world
W. Wu oe attracted to this country
Me would then have hundreds of millions 81
no,e uollars added tc the 0OOOO0O0 we
rt nJw nave, and that too. as fast as the
rl1 limits could coin them, To maintain parity
S Huuer such conditions would be n task reonirjnS
a.oi oIe tnan our immense resources and the ex
s'nrs OF unusual power to the last degree could
onptIp pptpiy. But with 4.50O,0OO ounces of silveI
tba per month, purchased at its gold value
gan,iasA isA would be easy. In my opinion
consiSar ~ % Ihe practical question for you tC