The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-11-22
GOLD rs THE MONEY.
Secretary Carlisle Says We
Can't Defy the World.
SILVER FLucTuATEs TOO MUCH.
Impossible to Have Two Standards OK
value-The Miners and the
Lead Tariff.

NEW YogK, Nov. 2L-The one hundred
and twenty-fifth annual banquet OF the
Chamber Of Commerce took place tonight,
800 prominent business men being present
Charles s. Smith, president Of the cham
Der, presided, and at the table Hon. John
g. Carlisle, secretary OF the treas
ury, occupied the post OF honor.
Among others present were: Hon. Will
lam Walter Phelps. Hon. Whitelw Reid.
Hon. Carl Schurz. Hon. st. Clair Nickel
way. Hon. Murat Halstead. Hon. James
II. Eckels, George NJ. Pullman. of Chi
csgo; Hon. w. G. Hornblower and Flor
ence o. Driscoll. In opening the speech
making the president took especial pains
to commend the character Of the New
York banks and their attitude toward the
country during the recent financial crisis.
Hon. John g. Carlisle. secretary of the
treasury. 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 current in any
marke. of the world, and that the ques-
ton shall be settled for all time and be-
yond controversy"
Carlisle said in part: r
III
unequal distribution of our trade with the
outside world TO the character OF their
fiscal legislation, think it may be safely
asserted that this country could not long
maintain its present position as one OF
the most conspicuous and important
commercial nations which now control
the trade of the world unless we preserved
a monetary system substantially at least
in accord with the monetary systems OF
the other principal nations. We cannot
possibly change the situation and conse-
quently the only practical question is
whether it is better to establish
by Law an inferior kind of money
for use ut 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
the only international money. 1t Is use
less for the advocates of different system
to insist that this ought not 10 be so; it is
so, and We can't change the fact.
II have never been able to understand
what is meant bv double standard of
value, and never found any one who could
to contend that there should be two dit
ferent standards as it would be
to insist upon having two yard
sticks of different lengths, or two
gallons of different dimensions.
Ii two standards are not equal in value 1t
Is eNluent tuat one Oh tEeIu must Dc u IaiSo
measure, and If they are of equal value it
is evident that no matter what law might
declare there will be in fact but one stand
ard. For instance, the silver question.
whether the obligations of the United
States shall be paid in coin current
in all markets of the world, has
already been settled, in my opinion. for ali
time TO come. This does not imply that
silver is to have no place in our monetary
system. What is to be the ultimate fate
OF that metal is one of the problems which
time and events can solve; but for
many years the fluctuations of its
value have been so rapid as to
demonstrate the fact that il cannot
be safely coined without limitations into
money for final redemption at the existing
ratio or any other ratio that might be es-
tablished."
Among the other speakers were Hon. st.
Claiy McKelway on Municipal Govern
menf." Hon. William Walter Phelps
made a felicItous reminiscent speech.