Arizona republican., 1893-11-22
The ANNUAL BANQUET.
New York'S Business Mer
Assemble.
A GIorification Meeting Over the
Downfall of Silver and the
Victory of the Goldbug.


b. the Associated PreSS.
New YORK, Nov. 21.-The one hun
dred and twenty-ffth annual banquet
of the Cham Der of Commerce took place
tonight. Three hundred prominent
business men were present. Charles
S. Smith, president of the Cham Der,
presided at the table. Hon. John G.
Carlisle, secretary of the treasury, oc-
cupied post of honor. Among others
present were Hon. VIM. Walter Phelps,
Hon. Whitelaw Reid, Hon. Carl
Schurz, Hon. St. Clair McKelway, Hon.
Murat Halstead, Hon. Jas. H. Eckels,
George M. Pullman of Chicago, Hon.
William B. Horn blower and Florence
sQBrien OF Driscoll.
In opening the speech making the
president took special pains to COM
mend the character of New York banks
and their attitude toward the country
during the recent financial crisis. Hon.
John G. Carlisle. secretary of the treas
ury, responded to the first toast of the
evening which was: Commerce de-
mands and the honor of the country re-
quires that the obligations of the
United States shall be paid in coin cur
rent in any market of the world and
the question shall be settled for all
time and beyond controversy"
Carlisle said in part: "Whlle it
would be unfair to attribute the une-
quail distribution of Our trade with the
outside world to the character of their
fiscal legislation, l think it may be
safely asserted that this country could
not long maintain its present position
as one of the most conspicuous and i'm
portant commercial nations which now
control the trade of the world unless
we preserve monetary system sub
stantially at least in accord with the
monetary systems of other principal
nations. We cannot possibly change
the situation, and consequently the
only practical question is whether it
would be better to establish by laws an
inferior kind of money for use at home
exclusively and another kind for use
abroad, or have all our money good
enough for use in every market where
our people trade. Gold is only an il
ternational money. 1t is useless for the
advocates of different system to insist
that this ought not to be so. 1t is so,
and we cannot change the fact.
l never have been able to understand
what is meant by double standard of
value and never have found any one
who could tell me. To my mind it
seems as absurd to contend that there
should be two different standards as it
would be to insist upon having two
yard sticks of different length or two
gallons of different dimensions. If two
standards are not equal in value it is
evident that one of them must be a
false measure and if they are equal in
value it is evident that no matter what
the law might declare there would be
in fact but one standard.
"The silver question whether the obli-
cations of the United Utates are to be
paid in coin current IN all markets of
the world has already been settled in
my opinion for all the time to come but
this does not imply that silver is to
have no place in our monetary system
What is to be the defnate fate of that
metal is a problem which time and
events alone can solve but for many
years the fuctuation in its value has
been so rapid as to demonstrate that it
cannot be safely coined without limita-
tions into money OF final redemption at
the existing ratio or any other ratio
that might be established".
Among other speakers were Hon.
William McKelway on Municipal
government. Hon. William Walter
Phelps made a felicitious reminiscence