The morning call., 1893-11-22
CARLISLE SPEAKS.
New York Chamber of
Commerce Banquet.
MANY NOTABLE MEN THERE.
The Secretary of the Treasury De.
clares Gold to Be the Stand
ard of Values.

NEW YORK, Nov 21.-The one hun.
dred and iwenty-fifth annual banquet of
the Chamber of Commerce took place to-
night. Three hundred prominent business
men were present. Charles S. Smith, pres
ident of the Chamber, presided, and a; the
table John G. Carlisle. Secretary of the
Treasury, occupied the post of honor.
Among the others present were: Hon.
William Walter Phelps, Hon. Whitelaw
Reid, Hon. Carl Scburz. Hon. ST. Clair
Mex, lway. Hon. Murat Ralstead, Hon.
James b. Eckels, George NJ. Pullman of
Chicago Hon. William G. Hornb blower and
Florence o. Driscoll.
In opening the speech-making the presi-
dent took especial pains to commend the
character of New York banks and their
attitude toward the country during tie re-
cent financial crisis. Hon. John G. Car
Isle, Secretary of the Treasury, responded
to the first toast of the evening. which was
Commerce demands and the honor of the
country requires that obligations OF the
United States shall be pa in coin current
in any market in the world, and the Dues
ton shall be settled for all time and be-
yond controversy"
Carlisle sad in part: "While it would
be unfair to attribute the unequal dis
tribution of our trade with the outside
world to the character of their fiscal legis-
iation, / think il may be safely asserted
this country could not long maintain its
present position as one of the most con-
spicuous and important commercial
nations which now control the trade
of the world unless we preserve
monetary system substantially. at
least, in accord with the monetary
systems OF the other principal nations. We
canno OF possibly change the situation. and
consequently the only practical question is
whether il is better to establish by law an
inferior kind of money for use at home
exclusively AID another kind for use
abroad, or have all our money good enough
for use in every market where our people
trade. Gold is the only international
money. IL is useless for advocates of a
different system to insist that This ough.
not TO be so. 1t is so and we connot change
the fact.
II have never been able to understand
what is meant by double-standar value.
and never found any one who could tell
me. To my mind it seems as absurd as to
contend that there should be two different
do III WOulu UC W lusISl upOU
having two yardst cks of different lengths
or two gallons of different dimensions. If
there are two standards, not equal in
value, il is evident one of them must be
false measure; and if they are of equal
value. it is evident. no matter what the
law might declare; there would be, in
fact. but one standard. If, for in stance, the
silver question is whether the obligations
of the United States shall be paid in gold
coin current in all markets of the world :; it
has already been settled in my opinion for
all time to come. This does not imply sill
yer to have no place In our monetary sys-
TEN. What is to be the ultimate fate of that
metal is one of the problems which time
and events alone can solve. but for many
years the fluctuations in its value have
been SO rapid as to demonstrate the fact
that it cannot be safely coined without
limitations into money and final redemp-
ton at existing ratio, or any other ratio
that might be established" Among other
speakers Hon. William McKelway spoke
on Municipal Government" and William
Waller Phelps made a felicitous reminis-
cence speech.