New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-11-19
THE ADDRESS OF SECRETARY FOSTER

THE ADDRESS or SECREI3EI FOoIEH
Secretary Fosters address at the banquet OF
the Chamber of Commerce was as worthy, brave
and statesmanlike as the memorable address OF
Secretary Window, which was followed by his
tragic death. Both addresses were eminently
the utterances of the statesman in the higher
sense, urging the best practical action for the
good of the Nation, rather than impracticable
and empty theories. Mr.. WINDOWS contributed
powerfully to the defeat of the Free-Conage
bill in Congress, and has done more than any
other speech ever delivered, perhaps, TO arouse
public opinion to the peril of that measure. Mr..
Fosters will have not less powerful effect for
good though it may not be so closely in harmony
with the present opinion of the Chamber.
There was in this respect radical difference.
Mr. Foster knew that he was combating a policy
upon which the Chamber of Commerce had de-
c!ared its purpose in resolutions deliberately
adopted lie met the issue with great courtesy,
fairness and tact, but with courageous candor
which must have impressed his hearers. Know
ing that they were with him in opposition to
free coinage he pressed upon their attention the
fact that the existing silver law provided the only
basis upon which free coinage could be defeated.
The parity of gold and silver could be main
tanned, he affirmed upon his responsibility as
Secretary of the Treasury, under the existing
statute and that was the one thing the Chamber
of Commerce ought especially to desire. it was
not DO sible to repeal that law Congress being
what it is. without other and probably far more
dangerous legislation. As a practical states
man. he urged that the existing law, which in
sured safety, ought to be maintained until some
thing distinctly better and safer could be adopted
in It's stead.
In his arguments Secretary Foster took first
the ground which was taken by The TRIBUNE
in commenting upon the resolutions of the Cham
her of Commerce Immediately after their adop-
ton. especially urging that they proposed no
satisfactory or practical substitute The bare
repeal of the presen. law would leave part OF the
Act of 1873 in force, and as no one can tell how
much, the result would be legal chaos. That
law has stepped the coinage of silver requires
the Government to maintain the parity OF the
two metals. and has placed vast powers at the
commard of the Secretary OF the Treasury for
that purpose The question whether such an
act ought to be repealed, and whether its repeal
would render it more difficult to maintain tho
parity of gold and silver currency, was submitted
by Mr.. roster WIN peculiar ttcV anu Impressive
ness.
That was not the least interesting part OF Mr..
Fosters address, in which he frankly admitted
his own errors Of judgment in the past. The
candor and manness of this acknowledgment
deserve high praise. The truth is that on the
face of things he is an incompetent financler
who dos nj feel. after the remarkable expert
ence Of the last thirteen years, that he has learned
much in regard to monetary problems and has
been obliged more than once to set aside some
beliefs that had been sincerely held, and were
supposed to be warranted by all past experience.
He who has learned nothing during the last
wear has particularly little occasion to beast OF
the fact America is making history on no other
field moe rapidly or strangely than in respect
to monetary questions. The country has sent
abroad this year more gold than any other nation
on earth could have spared without financial
revulsion, and yet this occurred under the opera
ton of an act which was by many believed to
eodanger the maintenance of gold payments If
fbe members IF the Chamber of Commerce find
in these events no reason to dstrlIst the infai-
biIity of their own judgment they learn less
from experience than the Secretary OF the Treas
| ury learns