Los Angeles herald., 1891-11-18

Commerce's Dinner.
New YORK, Nov. IA distinguished
assemblage gathered tonight at the 123d
annual dinner of the chamber of COM
merce Of the state of New York. Among
the many prominent guests were SEN
ator Hiscock, Chauncev NJ. Depew, Gen
erals Schofield and Howard, Secretary
Foster, Director of the Mint Leech, Hon.
Carl Schurz, Rev. DR.. Briggs, and the
earl of Aberdeen.
Less than one year ago Secretary
Window was struck down in the same
banqueting hall, and before the
feast was done he was dead.
Many times the tragedy was re-
ferred to tonight. President Harri-
son, Secretary Blaine. Secretary Tracy,
Secretary Proctor, Postmaster General
| Wanamaker and ex-Presidents Hayes
and Cleveland were among many who
sent regrets.
Secretary Foster made the speech of
the evening, his subject being, To
Maintain the Parity Between Gold and
Silver is the Fixed Policy of this Gov
ernment. In the course of his remarks
he referred to the gloomy predictions
made fifteen years ago by the people OF
the east over the proposed large coinage
OF silver dollars. So now, said
he, men whose intelligence and
| patriotism cannot be questioned, and
whose purposes are most exalted,
are moved to indulge in gloomy fore
bodings over the present outlook, and
propose to repeal the act OF July H., 1890,
| hoping thereby to preserve the parity.
He did not propose to indulge in any
prophesy.
The secretary told of an elaborate
speech he prepared in 1879 upon silver
| and gold, but did not deliver in the
house, because of his enlarged views be-
tween the finishing of the speech and
| the day set for it's delivery. He added:
IF the New York Times could have that
| speech to comment upon, l think I
should have to resign my office. men
tion this merely to call to mind the fact
that many other gentlemen have not
been as prudent as was"
The secretary further said in his
speech: "With all of our power, we
could not maintain the parity of the two
metals if the po licy of the free coinage
of silver prevailed. am firmly of the
opinion that parity can be maintained
under the present policy. We produce
annually about $3S,000,000 of gold.
Present indications are that the balance
of trade with foreign nations for the
next two years, and for longer period,
| if the present tariff law is main
tanned, will require gold ship
ments to pay the balances in our
favor. Under the present policy
we buy 100000 ounces OF silver per
month, paying for it in new treasury
notes. Under such condition the
work of maintaining the parity will not
be strain upon the resources of the
country. If, however, the balance of
trade should turn to any great ex-
tent, which seems to be quite improb-
| able, except in the event of extraerdi-
nary contingencies abroad, a strain
would come; but even then my faith in
our resources is such as to compel me to
believe that we would weather the storm
and preserve the parity. The shipment
OF more than $70,000.000 OF our
| gold to Europe, without embarrassment
| to US, is only an illustration of the mar
velous financial strength of this coun-
try. Under free coinage silver would
take the place of gold in settling bal
ances. If the price of silver were ad-
vanced from 81 to $1.29 per ounce, all
the silver in the world for sale would be
attracted to this country. To maintain
parity under such condition would be
a task requiring more than our i'm
mense resources and the exer-
else OF unusual power to the
last degree could supply: but with
| 4,500, 900 ounces of silver purchased at
| gold valuation each month, the task
would be easy. The practical question
for you, gentlemen, to consider is which
OF these two policies you will prefer.
Believing the good sense of the busi-
ness world must in the near future be
brought into harmony with us in the
proposition that gold alone is too mar
row a base upon which to build the
worlds financial structure, I have much
hope that the best judgment Of all
concerned will agree to a better
and more extended use OF silver,
to be followed by international
agreements by which the parity of the
two metals upon an accepted ratio may
be maintained. One OF the hindrances
to an early agreement is the belief in
Europe that free coinage is to be the pol
icy of this country.eIn such event, they
| know their silver will come to us and
our gold 20 to them. Convince Europe
that we will not permit ourselves to do
| anything that will impair our ability to
preserve the parity, and an obstacle to
the agreement so much desired, is re-
! moved,
A Suit fits we'll and proves Fine Tail
| oring when selected from the large New