Evening journal., 1891-11-18
FOSTERS SILVER VIEWS.
Why He Objects to Free Silver
Coinage.
PARITY COULD NOT BE SUSTAINED.


He thinks That the Present Law Does
Very wen. and Throws Cold Water on
scheme Of the New York Chamber
Of Commerce.
NKw YORK, Nov. 1s-The one hundred
and twenty-third annual dinner Of the
chamber Of commerce was held at Del
mouicos last evening. The large dining
hall 10 Delmonico's presented beautiful
picture when the dinner commenced, the
decorations being very elaborate. Covers
were laid for 232 guests. Charles s. Smith,
president OF the chamber, presided. Al
the speakers table were Secretary Of the
Treasury Foster, Hon. Carl Schurz, Bishop
Potter Hon. William L. Wilson, General
John NJ. Sohoheld, Rev CHARLES A. Briggs,
Hon. Chauncey M. Depew, Hon. John
Bigelow, Samuel ID. Babcoek, Hon. Ed
ward S Lacey, Hon. Frank Hiscock, Ed
ward e. Leech, David NJ. Stone, General
o. o. Howard, Hon Enoch L. Fancher,
Captain Henry Erben, y. S. n, and
Thomas II. Carter.
Secretary Foster Speaks
President Smith introduced Hon. Charles
Foster, secretary Of the treasury, who
spoke as follows: "To maintain parity be
tween gold and silver is the fixed policy
OF the government, because we all recog-
nize its supreme Importance. But when
we come TO the question of what policy is
the best to pursue to maintain this de-
sired position, serious differences Of opin-
ion arise We are compelled 20 admit that
we have learned something by the expert
ence Of the last sixteen years on the sub
ject Of silver
Gold Too Narrow Basis.
1T is now agreed on all sides that gold
alone furnishes too narrow a basis upon
which to conduct the money affairs Of tho
world. Fifteen years ago people who were
supposed to understand the question Of
finance indulged in the prophecy as to the
fall that would follow the coinage Of 1900,
600 silver dollars per month. | voted for
the measure, confess, with great misgiv-
ing. now say frankly that II IL had been
proposed to coin 300, 100000 Of silver dol
lars in twelve and half years I should
have voted no. Yet we have coined not
only 800, 600 900, but have reached the sum
OF over 400 100000 We have besides pur-
chased SO, ,O00,O 600 Of silver bullion at equal
value and paid for it with an issue Of TO-
100000 Of new treasury notes and yet the
parity is maintained. lApplansel
Parity Cannot BE Maintained.
"The question to consider now Is what
policy will result in the least strain on our
resources and viii require the least resort
to the exercise Of those extraordinary pow
ers conferred on those in authority to
maintain the parity of gold aud silver?
AZ
natural and conferred, with all Of our re-
sources employed to their fullest extent
we cannot maintain the parity Of the two
metals If the policy of free coinage Of sill
yer is to prevail Applause.
Il am firmly Of the opinion that the
parity Of the two metals can be maintained
under the present policy. The present in
dications are that the balance Of trade with
foreign nations for the next two years at
least viii require gold shipments to MS to
pay the balance in our favor 81 500, 100000
Of silver to be purchased AZ its value IN
new treasury notes Under such condi-
tions the work Of maintaining the parity
will not require the exercise of the extraor-
binary resources Of power. Even If the
balance OF trade should turn against us,
which seems to me quite impossible, / be-
lieve we would weather the storm and pre-
serve parity.
Under Free Coinage.
"But under free coinage silver would
take the place Of gold in settling balances
If the price Of silver were advanced from
less than 81 an ounce TO 81. 29 all the silver
for sale in the world would be directed q
this country. To maintain parity undei
such conditions would be a task requiring
more than our vast resources.
TN my opinion the practical question
for YOU TO consider is which Of these tw,
policies do you preferf ] know you hav
expressed a desire for the repeal Of tn
present law, and, as ! understand it, yol
do not propose TO substitute law Of an
kind You propose that silver shoul
take care Of itself have not given muc
thought "a this phase Of the subject bl
cause don't believe congress will iudors
your views. But | think can see clearl
that II the government goes out Of th
market the price win decline-perhaps
will be a large decline-in which case
seems that the task Of maintaining Ii
parity viii be embarrassing and difficult
A Larger Use Of silver.
Believing that the good sense Of q
business world in the near future must
brought into harmony with us in the pr
position that gold alone is too narrow
base on which to build the worlds fna
cial structure, have much hope that Il
best Judgment Of all concerned viii crea
better and more extended use Of silvC
70 be followed by international agre
ments BY which the parity Of the "
metals may be maintained" Cheers
Bishop Potter, Congressman Wilso
Professor Briggs, Chauncey NJ. Dope
Erastus Wiman and others also spoke.
Letters Of regret were read from NJ
President Morton, Secretary Blair
George William Curtis, exPreside
Cleveland, Postmaster General War
maker, ex.President Hayes, Secreta
Proctor, Edwin Arnold Chief just
Fuller, Secretary Noble, Thomas A. Z
son, Secretary Of the Navy Tracy and G'
ernor Russell
- Fr. .a.l