Omaha daily bee., 1891-11-18
70 MAINTAIN THEIR PARTY.
Secretary Foster Gives His Views on the
Silver Question. ID
GOLD STANDARD TOO MARROW A BIAS S,
Doioful Prophecies Of Evil That Failed
to Come True-Ihc Fixed Policy of
the Government on the Sub
jcct OF Money.

bSSh " oJ
New York. Nov. 17.-As the big clock in
Delmonico's banquet hall chimod o o'clock
this evening tho immense doors OF the dining
room were thrown open and 2T2 gentlemen,
representing the higher phases of national,
state and city life, Degar their march to tho
feast spread within. The occasion was the
l23rd annual dinner of the Chamber OF Com
merco of the state of New York.
One year ago the nations treasury secre-
tary had entered the same hall among the
guests hale, hearty and cheerful; before
the lights had gone out In the great hail or
even the feast was well done, he was dead.
Many times tho tragedy was referred to
tonight among those present.
President Harrison and Secretary Blaine,
who it was hoped would find it convenient
to attend, failed to put IN an appearance.
Both sent regrets, however, as did also Sec
rotary Tracy, Grover Cleveland, Postmaster
General Wunamakcr and Secretary Proctor.
President Charles $. Smith of the Cham
Der of Commerce, after the tables had been
cleared, made the opening address, in which
he referred to the vacant chair at the board
that formerly was occGpiod oy General Sher-
man, and "a toast was drunk in silence to tho
memory of the latter.
Hon. Charles Foster was introduced and
he mdae the speech of tho evening. His sub
ject was: "To Maintain the Parity Between
Gold and Silver is the Fixed Policy of tho
Government" Mr.. Foster then said sub
stantiaily as follows;
Secretary Fosters Remarks.
Prior to 1880 many sound-thinklng people
believed that, our financial structure
should be based upon gold alone. IL is now
too narrow n basis, Fifteen years ago people
Of the east, who were supposed to understand
the pnpGtinn Of nnnnpn inInlpaI ia "a nr,,I-
ecy AS to the evil that would follow such n
large coinage OF silver dollars.
chamber Of commerce. of New YORK and the
associated banks held that the parity could
MT be maintained. even with Il smaller coin.
Notwithstanding these doletul predictions
we have coined over SlO0,OON,tOO. We have be-
for 1t by the issue of about Su,OOO,00l OF
new treasury notes. And yet the parity Is
mnintained. So now men, whose intelligence
and patriotism cannot be questioned, and
whose, purposes are the most exalted, are
moved to indulge IN gloomy forebodings over
the present outlook, aud propose to repeal
the act of July II. 1891. the present law author
izing the purchase of 10 5000 ounces of silver
per month, to be paid in new treasury notes,
hopin; thereby to preserve the parity of gold
and silver
MIR. Foster told then of an elaborate
speech he had prepared in 1873 upon silver
and gold, but did not deliver in the house be-
cause of enlarged views between the finish
ing of the speech and the day fixed for its
utliNCly. IuCu Nv dltSu
If the New York Times coulc have that
speech to comment upon | think | would have
to resign my office. The question to consider
now is what policy that is attainable treincm-
bering all the time that the idea is imposSible)
will result IN the least strain upon our re-
sources ANA viii require the least resort to
the exercise of the extraordinary powers con-
fcrred upon those in authority to do what the
law commands. viz: 10 maintain the parity
of gold and silver.
In my opin on, with all of our power we
could not. maintain the parity of the two
MI - IT tnn liz nf rec N nj
silver prevailed.
] am firmly of the opinion that the parity of
the tive metals can be maintained under the
present policy. We produce in this country
about $30.oJO,dOO of god annually. The pres
with foreign nations for the next two wears.
and for a lon ger period i the present taritf
ments to us to pay balances in our favor. If,
however, the balance of trade should turn
against us to any great extent, when seemsto
me quite improbable. except in the event of
extraordinary contingencies abroad. the
strain would come: but even then my faith III
our resources is such rs to compel me to be-
lleve that we would weather the storm and
preserve the parity.
Financial strength OF the Country.
The shipment of more than Tt,nOO,G0O Of our
is only an illustration of the marvellous
financial strength OF this country; Under
gold in settling balances.
II the price OF silver was advanced from 81
to $L20 per ounce all of the silver for sale in
the world would lie attracted to this country.
To maintain the parity under such conditions
would be II task requiring more than our I'M
mcnse resources ana the cNcrc Sc OF our I'M
usual power to the last degree. But with
4,5OO,OOO ounces OF silver only per month. pu,r-
chased 1T It's gold value, the task would be
easier.
In my opinion. gentlemen, the espg clal q9es-
tion for you to consider is, which of these two
policies will you prefer. know YOU have On
pressed &; desire for the repeal of the present
law and understand you do not propose n sub
stituto of any Kind, or in other words, If you
can have your way you. propose TO permit
| have not given much thought to this phase
OF the subject for the reason that | do not be-
licyo congress will, endorse your views. But
| think can see clearly that If the govern
ment goes out of the market thc price viii de-
cline perhaps II VIII be a large DECLINE. IN
of maintaining The parity Will be embarrassing
and difficult.
ness world must in the near future be brought
into hurmony with us. in the proposition that
build the wor as financial structure, | have
much hope that the best Judgment or all con-
cern9od WI @gree to a bettGr tnd more eX-
national agreements. by which the party OF
the two metals, upon an accepted ratio, may
I feel quite safe in saying hat one of the
hindrnnces to an. early agreement In The
Europe that free coinage is to be the policy
Of .he country, !, ,h th Is to be our policy
aud our gold will 20 to them.
1t is, not the part OF vision not to refrain
from doing anything that viii impair our
ability u preserve the parity. 10 VII! con-
vince Europe that we viii not permit our
selves 10 tn,a IN t Ia respGc d, sn" h 10 r 0USSgeIL1
In what | have said. express the opinion OF
myself n, +. only y | aa e 1 ,ho tm seSn itrS ct ip "% id va " r6 Hr
position occupy requires me, for The time
bonn; TO give my best thnnsht ana attention
consider not the IDEAL, but tho practical only
Bishop Potter, Hon. William l.. Wilson of
Virginia and Key. DIR. q. a. Briggs were tho