The Portland daily press., 1891-11-18
TALKED OF MONEY TO MONEYED MEN.
Secretary Foster Before the New
York Chamber OF Commerce.
The Administrators Treatment of
the silver Question.
Its Policy Has Thus Far Proved
Wise and Successful.

New YORK, November 1.-THE New
York Chamber Of Commerce tonight gave
its one hundred and twenty-third annual
dinner at Delmonieo's. II was the most
successful and largely attended Of any yet
given. Covers were laid for 232 persons.
Those present sat down at the tables at
6 45 O'Clock. Rev. DR.. Charles A. Briggs
offered the invocation. Letters of regret
were received from President Harrison,
Vice President Morton, Secretary Blaine,
ex-President Cleveland, Postmaster Gem
eral Wanamaker, Secretary Proctor, Hen
ry Cabot Lodge, ex-Presldent Hayes, Sir
Edwin Arnold. Chief Justice Fuller, Sec
retary Noble, Attorney General Miller.
Secretary Tracy, Governor Russell of
Massachusetts, and others. Charles s.
Of the Treasury Charles Foster. Carl
Schurz, Bishop Henry O. Potter, Hon. VIII
liam l.. Wilson, General Sehodeld, Rev.
DR.. Charles A. Briggs. Chauncey M. De-
pew, John Blgelow, Samuel ID. Babcock.
Hon. Edward 5. Lacey, Senator Hisc0ck,
Edward o. Leech, David M. Stone, Cen
eral Howard, Hon. Enoch l.. Fancher.
Captain Henry Erben. u. s. N, Horace
White, Hon. Thomas II. Carter and many
other prominent gentlemen were present.
At 8 o'clock President Smith called the
guests. to order. Secretary Foster was
then introduced and responded to the
toast, ITO maintain parity between gold
and silver Is tue fixed policy Of this gov
eminent" lie said: $40 maintain parity
between gold and silver Is the fixed policy
OF the government because we all recognize
na,o is supreme Importance: rsIS;e:n When we we
policy It is best to pursue
to maintain this desired condition,
serious difference Of opinion arises. We
are all compelled TO admit that we have
learned something by the experience Of the
past l6 years on the subject OF silver. 1t
Is now agreed on all sides tnat gold alone
furnishes too narrow q basis upon which
70 conduct the money affairs OF the world.
Notwithstanding the doleful predictions OF
eminent authorities, we have coined over
400.000,0O0 OF silver dollars, and besides
have purchased about $40, ,0O0, 900 worth Of
silver bullion at Its gold value. and paid
for 1t by the issue OF about S70,00O,000 In
new treasury notes, yet parity has been
maintained. So, now, men whose intelll-
gence and patriotism cannot be questioned
and whose purposes are most exalted. are
moved to indulge In gloomy f0rebodings
over the present outlook and propose to re-
peal the present law. authorizing the pur-
chase OF 100000 ounces OF silver month
to be paid In new treasury notes, hoping
thereby to preserve the parity OF gold and
Mr.. Foster said 1t was not his purpose
to dispute this position nor did he prODOse
to make himself the special advocate Of
the law as 1t stands. He said: Zone Inn
portant factor In dealing with this ques-
tion has not been appreciated TO any such
extent as 1t deserves. This Is the enormous
power given by Congress to those In au-
thority to deal with this question backed
by the almost incalculabie resources OF
this great country. The question to con-
az 20 fai NJ 10 mil
result In the least strain upon our resources
and require the least resort TO the ex-
ercise Of the extraordinary powers to do
what the law commands, viz, to maintain
the parity Of gold and silver. In my
opinion we could not maintain the parity
Of the two metals II the policy Of tree
coinage Of silver prevailed. l am firmly
Of the opinion that the purity Of the tive
metals can be maintained under the pre-
sent policy. We produce in this country
about S30,O00,00O of gold annually. The
present indications are that the balance OF
| trade with foreign nations for the next two
| years and a longer period, II the
| present tariff laws are maintained, will re-
quire gold shipments to the United Seates
l to pay the balance In our favor. IL the
balance Of trade should turn against US TO
any great extent, which seems quite un.
| likely, the strain would come. Even then
my faith in our resources Is such as to
compel me to believe that we would
4 W6ALn6r tn6 SbOEul anu preserve Lno party.
| In my opinion, nothing short Of an sxcep-
ttonally large drain Of gold Is likely TO pro-
duce strain upon our 70; ources IN the ef-
fort to maintain the parity OF gold and sill
YER. But under free coinage, silver would
take the place of gold In ssttllng the bal
ance. II the price of silver advanced from
81 ito $1,29 per ounce, all the silver for sale
In the world would be attracted TO this
country. We would then have hundreds
of.mlllions Of silver dollars added to the
S400, 900 we now have, and that, too, as
fast as the mint could coin them. To main
tain parity, under such conditions, would
be task requiring more than our immense
resources.
The other speakers were Bishop Potter,
Hon. Wm. l.. Wilson, Professor Briggs,
Chauncey NJ. Depew and Erastus Wyman.