Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1891-11-18
SECRETARY FOSTER
Delivers a Financial Policy Address
Before the
N. Y. CHAMBER OF COMMERCE.
Tie Parity Of Gold and Silver Coin and How Il
Maintain it Was the fhsms-MaDy Notable
People Present. Among Them Hon. VIM.
L. Wilson, Of West Virginia.

thrown open and 272 gentlemen, repre-
senting the higher phases of national,
State, and city life, began their march
to the feast spread within.
The occasion was the one hundred
and twenty-third annual dinner OF the
Chamber Of Commerce Of the State of
New York. The line was led by Presi-
dent Charles s. Smith, attended on the
right and left by the invited guests the
Hon. Carl Schurz, Hon. VIM. L. Wilson,
Rev. Or. Chas. S. Briggs, Hon. Frank
iHiscock. Hon. Chauncey NJ. Depew,
Gen. John NJ. Schofeld and Hon. John
iBigelow.
President Harrison and Secretary
Blaine, who 1t was hoped would find
lit convenient to attend, failed to put in
an appearance. Both sent regrets, how
ever, as did also Secretary Tracy,
Grover Cleveland, Postmaster General
IWanamaker, Secretary Proctor, Henry
Cabot Lodge, ex-President Hayes, Gov
ernor Russell, of Massachusetts, Ham
ilton Fish, Chief Justice Fuller, Thomas
"A. Edison, Attorney-General Miller and
Sir Edwin Arnold. E
The Hon. Charles Foster was intro
duced and he made the speech of the
evening. His subject was: ''To main
tain the parity between gold and silver
is the fixed policy OF this Government.
Mr.. Foster in opening said "To main
tain parity between gold and silver is
the.frst policy of the Government be-
cause we all recognize its supreme i'm
portance.
/ When we come to the question OF
what policy is the best to pursue to
maintain this desired condition, serious
differences of opinion arise"
/ He continued substantially as fol-
lows: IL any body of men in the world
ought to be practical in their undertak-
ings it is the Chamber of Commerce OF
New York. They should be able to dis
tinguish the practical things that can
be accomplished from the impossible
ideal which they would prefer.
I Prior to 1880 we had many sound
thinking people who believed that our
financial structure should be based on
gold alone. 1t is now agreed on all
sides that gold alone furnishes too mar
row basis upon which TO conduct the
money affairs of the world. Fifteen
years ago people Of the East who were
supposed to understand the question OF
finance indulged in prophesy as to the
evil that would follow such large coin
age of silver dollars.
Great fnanciers OF the country, the
Chamber of Commerce Of New York and
the associated bank, held that the parity
could not be maintained even with
smaller coin. Notwithstanding doleful
predictions we have coined over $780,
OOO,OO We have besides purchased
about SO, 900, 900 worth OF silver bullion
at gold value, and paid for it by the
issue of about seventy millions 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 pre-
dicted that under such conditions the
parity of the two metals would be pre-
served. So now. II men whose intelli-
gence and patriotism cannot be QueS-
toned and whose purpose are the most
exalted, are moved TO indulge in gloomy
forebodings over the present outlook,
and propose to repeal the act OF July
IA, 1890, the present law authorizing
the purchase OF 4,5O0,O 900 ounces of sill
YER per month to be paid in new treas
ury notes, hoping thereby to preserve
the parity Of gold and silver.
1t is not my purpose to dispute this
position, nor do | propose to make my
self the special advocate OF the law as it
stands. | do not propose to indulge in
prophesy as to what is to happen.
Mr.. Foster then told OF an elaborate
speech he prepared in 1878 npon silver
and gold, but did not deliver 1t in the
House because of enlarged views be-
tween the finish of the speech and the
day fixed on for its delivery.
Then be added: 'If the New York
Times could have that speech to COM
ment upon think l would have to re-
sign nv Office. This reference to my
If is perhaps out of place in the dis
cussion OF q very serious subject, but to
mention it merely to call to mind the
fact that many other gentlemen nave
not been as prudent as / have been.
There is one very important factor in
dealing with this question which has
not, perhaps, been wholly overlooked,
but which has not been appreciated to
any such extent as it deserves.
That is the enormous power given by
Congress TO those in authority 10 deal
with this question backed by the almost
incolcnlahle resources of the greatest
country on earth. The question to con-
slider now is what policy that is attain
able. remembering all the time that the
ideal is impossible, will result in the
least strain upon our resource and will
reoujre the least resort 70 the exercise
of the extraordinary powers conferred
upon those in authority to do what the
law commands, viz: to maintain the
party of gold and silver.
In my opinion, with all our power we
bould not maintain the parity OF the
two metals if the policy of the free
coinage of silver prevailed. Believing
that the good sense of the business world
must in the near future be brought into
harmony With US in the proposition that
roid alone is too narrow base upon
which to build the WORLDS
6nancial structure, l have much
hope that the best Judgment of all con-
cerned will agree to better and more
extended use Of silver to being followed
by international agreements by which
the parity of the two metals upon an
accepted ratio may be maintained
Risbop Potter, HoR. VIM. L. Wilson, OF
West Virginia, and Rev. DR.. C. A.
Briggs. were the other speakers.
Cold q Pittsburg.