Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1891-11-18
I23 ANNUAL DINNER
Able address by Able Men-Whe Was
There and What They Said.

| Nxw YoRk, Nov. 1.-THE New Yosk /
Chamber Of Commerce tonight gave ne
one hundred snd twenty third ansual dinnsf
at Delmonico's. the most successful and
largely attended OF any yet given. Covers
| were laid for aSs persons. Those pfeseIt
sat down At the iables at s As O'Clock. Rev.
DR.. Chsrles A. Briggs offered the invoca-
ton.
Letters of regret we're received from
President Harrison, Vice President Nor
ton. Secretary Blaine, ex President Cieve-
land. Postmaster General Wanamaker.
Secretary Proctor, Hsary Cabot Lodge. ex-
President Hayes, Sir Ed~in Arnold, Chef
Justice Fuller, Secretary Noble. Attorney
General Miller. Secretary Tracy, Governor
Russell OF Massachusetts, ard oihers.
Charles s. Smith presided. At the
speaker table were Secretary Of tbs Treas
ury Charles Foster, Carl Schurz. Bishop
Henry c. Potter. Hon, VIM. L Wilson,
General Schofeli. Rev DR. ChAs A. Brisgs,
Chauncey N. Depew. John Bigelow. Samuel
ID. Bsbcock, Hon. Ed~srd s. Lacey. Sena-
tor Hisceck Edward o. Lsech. David NJ.
Stone, Gen. Howard, tIon. Euoch l., Fam
cher. Capt. Henry Eroen. U. s. N, Horace
White, Hon. Thomas II, Carter and many
others.
At o'clock President Smith called the
guests to order and made speech, Secre-
tary Foster was then introduced ard
responded TO the toast; TO Maintain
Parity Between Gold and Silver is the
Fixed Policy of This Government He
said:
"To maintain parity between gold and
silver i, the fxed policy Of the govern
ment. because We all recognize its supreme
importance, but when We come to the ques-
ton of what policy is best to pursue to
nsintsin this desired condition . serious
difference of opinion arises. We are all
compelled to admit that we have learned
something by the experience of the past l6
years on the subject Of silver.
IL is now sg,eed on all sides that gold
alone furni,h.sl. t>o nurow basis upt
which to conduct the money Afairs Of the
world. Notwithstanding the dolefnl pre-
dictions OF eminent authorities, we have
coined over 100, 900, 900 silver dollars, he
sides having purchased about $40. 600 900
worth of silver bullion at gold value, paid
for il By sn issue Of about $40, 900, 900 nav
treasury notes. and yet the parity 10 main
tanned.
$50, now, men whose intelligence and
patriotism cannot be questioned and whose
purposes are most exalted, are moved to
indulge In gloomy forebodings over the
present outlook, and propose to repeal the
present law authorizing the purchase Of
4 800, COO ounces of silver per month to be
pid in new treasury notes, hoping thereby
t o preserve the parity of gold and silver
Mr.. Foster said it was not his purpose 10
dispute this portion. nor did he propose to
make himself the special advocate OF the
law - i, now stands. Mr.. Foster said that
one important factor In dealing with this
question has not been appreciated to any
such extent as it deserves. That 10 the
enormous power given by Congresst to th,,e
in suthority to deal with this question,
backed by almost iucalculable resources
Of the greatest country on earth.
The queStion to consider now 10 what policy
is attsinable that will result in An ease Of
the strain upon our resources, and will re-
quire the least resort to the exercise Of the
extraordinary powers conferred upon thor Q
in authority to do Whist the law commands,
viz: to maintain the parity Of gold and
silver.
In my opinion We could not maintain the
parity two months il the policy Of free
coinage Of silver prevailed. I am firmly
of the opinion thst the parity Of the two
metals can be maintained under the present
policy. We produce in this country about
$50, coo, 900 in gold annually. The present
II dicatiobs sre that the balance Of trade
with foreign nations for the next two years
and longer period, the present tsrif laws
being maintained, will require gold ship
ents to us 10 pay the balance in our favor.
II the balance Of trade should turn
sgainst US to any great extent, which
seems unlikely, the strain would come
ard even then my faith in our resources is
such ~ to compel me to believe that we
would weather the storm and preserve the
parity. In my opinion nothing short Of an
exceptionally large drain Of gold is likely
to produce strain upoh our resources in
the fort to maintain the parity of gold and
silver.
But under free coinsge silver would take
the place Of gold in settling the balances.
II the price Of silver wxs advanced from
81 to 81 20 per ounce, sll the silver for
sale in the world would be attracted to this
country. We would then nave buodreds Of
millions Of silver dollars added to the $4G0.
0o0 600 that We now have and that, too. AS
fast IS the mints could coin them. To
maintain the parity under such conditions
would be tack requiring more than our
immense resources and the exercise Of un-
usual power to ihe last degree could supply.
Mr.. Foster further said that il the gov
eminent goes out Of the market tine price
Of silver will decline; perhaps there will be
large decline, in which case the task Of
maintaining the parity will be embarrassing
and difficult He EXPIRE ssed the hope
that the best judgment Of all concerned
will sgree to the better and more extended
use Of silver, to be followed by inter-
national agreements by which the parity Of
the two metals upon IN accepted ratio may
be m aintsined.
Speeches were made by Bishop Potter,
Hon. VIM. L. Wilson, Prof. Briggs,
Eharnna.. AZ Inx.nxr I'D Esasftta Wiruar N,