The midland journal. (Rising Sun, Md.) 1885-1947, 1891-11-27
The Financial Policy of the Gold
Ring.

an organization of the money class l23 years
old Win the reader marx the age of this
particular class association? This is the
"oldest and most important commercial
body in the United States," remarks New
York newspaper. Why the ''most impor-
tant' except on the score Of age is not stat
ed. That il has been the most important
for mischief in the United States, none will
fail to believe who have cad its history.
The occasion above alluded to was the
anniversary Of its birth which was celebrated
by feast at Delmonico's, at which 232
plates were laid and Hon. Charles Foster,
Secretary of the United States Treasury,
was the hono-ed guest. Before Secretary
Foster is introduced we will state that these
high priests Of the temple of Mammon a
short lime ago passed resolution instruct
ing--for that is what the resolution was
intended for--insiruct.ng the President and
Congress that il was their wish and desire
that the present law requiring The purchase
Of 4,500,0 600 ounces of silver by the Treas
urer monthly should be repealed and silver
money in the future be abolished from our
realm of finance.
The chief object of this feast at Delmon-
ico's was to call together the great party
leaders Of both parties and impress upon
them the necessity of having the worship of
gold pure and indebted, that silver should
-hot only be partially, but wholly dethroned
aud no other god but the god of gold be
allowed place in the temple of Mammon.
Secretary Of The Treasury. the Hon. Chas.
Foster, was introduced and responded 10 the
toast, "To Maintain The Parity Between
Gold and Silver is the Fixed Policy of This
Government" He said:
ITO maintain parity between gold and
silver is the fixed policy of the government
because we all recognize its supreme i'm
portance. When we come to the question
of what policy is the best to pursue to main.
tain this desired condition serious differ.
ences of opiuion arise. Ifany body of men
in the world ought to be practical in their
urdertak ings, it is the Chamber of Com.
merce in New York. They should be able
TO distinguish The practical thinps that can
be accomplished from the impossible idea
which they would prefer. We are all COM
PEELED to admit that we have learned some.
thing By the experience Of the mast sixteen
wears even upon the subiect of silver Prior
to 1880 we had many sound-think;ny peonle
who believed that our financial structure
should be based upon gold alone. II is
probable that The Chamber If Commerce.
held this opinion at that time. II il now
agreed on n sides ,ha. oold alone f,rn,.bes
100 narrow basis pnop which to cond,c,
The money affairs If Tho World F;foan
Years apo neon,e If II. F.s, who move .,n-
posed 10 understand the o,ss,;,n 80 s,ano.
indnloed in nronhacv asto ,ho an;I ~,
wonid follow nnder snc, LARGO oo;nana ~
silver dollars. was Of tho on;n;o, la,ool,
for The reason Tia, 81, The .re,, 6nanc;er.
or The conntrv-,ha cl,.n,ho. - ca...
&c Naw vi. ~ 80,
that lie enar;tv con,d -, ha a;n,a;,.a
even with smaller COINAGE of all, a. dollars
/ could not resist such conclusion.
Notwithstanding The ,,oIee,, meditation.
of eminent authorities. we have coined not
Only 100000 GOO Of silver dollars bu, reach.
ell the sum If over S40o ooo o0o W. have
besides pu,cbased ahou. s7f, ono ooo wor,b
Of silver million a. cold mar .n,I.,.;d eor :,
by The ,ssne Of abon, $40 ooo ono ~ ne,,
treasury notes. and 70, The n.r;,v 10 main
tanned. Is there now living anv man Who
would have been REGARDED as GOOD au,bor;,,
on the subject but who vopld have n,ed,cted
that under such conditions the n,r;,v of tho
two metals would be preserved9,,
There were mite a Good MANY me, I;v-
ing whose opinions were the exact reverse Of
the Honorable Secrstarv,s and Tho ch.m-
Der of Commerce. who confidently nredic,ed
what proved to he ,rue but of course ,hav
were not ssreuarded As pood an,bor;,v,, hv
The high priest of Mammon m The cbsmhs,
of Commerce.
Mr.. Foster tells The Chamber ,h., .os,,,.
TRANSMITTING s;,oa 1879 b.,o n,aa,,n uoa;eoa
If not entirely changed Fl. on;,;on -
f,onoa = g. - IL.
cerned He saws 70 ,he .rons, t,h.mhar.
~ remember 10 have vers carsr,IIr No
nared ii 1874 ! sneeeh ~ ,he s;,.a. onas