The herald., 1893-11-22
A GOLDBUG LOVEFEAST.
NEW YORK CHAMBER OF COM
MERCE BANQUET.
Secretary Carlisle the Honored Guest
sof the Occasion-He Discourses on
the Necessity of a Single !
Monetary Standard. Y Z,

New York, Nov. 2f.--Ths 125th, an
nual banquet of the chamber of com
merce took place tonight. Three hun
dred prominent business men were
present. Charles 8. Smith, president OF
the chamber, presided at the liable.
Hon. John G..Carlisle. secretary d the
treasury, occupied tie post OF hdpor.
Among others present kwere Hon.
William Waiter Phelps Hon Whitelaw
Reid, Hon. Catl schntk, Hon. St. Clair
McKelway. Hon. Matsfs II Halatead, Hon.
James H.. Eckels, Georga H. Pui3msn of
Chicago, Hon. Willign q. Horn}stower,
snd Florence O'Brlsn @Driscoils In
his opening speech the preaident took
especial pains to conameuA this character
of the New York banks ohd their fatti-
tude towards the o7untry Sir ring tls re-
+ssent ssipyneial criefss
!, Hon. John G. Carlisle, secretary oil
the treasury, responded to the first
toast of the evening, which was: Com
merce demands and the honor of the
country requires that the obligations
of the United States shall be paid in
coin current in any market of the world,
and that the question shall be settled
for all time and beyond controversy.
Carlisle in part said: "While it would
be unfair to attribute the unequal dis
tribution of our trade with the outside
world to the character of their fiscal
legislation, think it may be eafely as
eerted 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 pre-
serve a monetary system substantially
at least, in accord with the monetary
systems of the other principal nations.
We can not possibly change the situa-
tion, and consequently the only practi-
cal question is whether it is better to
establish by laws an inferior kind of
money for use at home, exclusively, and
another kind for the 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 useless for the advocates OF differ
ent system to insist that this ought not
to be 30. 1t is 80, and we can not change
the fact. l never have been able to
understand what is meant by a double
BLdQQdIu VI Vhlu6, duu u6toT 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
yardsticks of different length or two
gallons of different dimensions.
If the two standards are not eqal
in value it is evident that one of them
must be false measure, and if they are
of equal value it is evident, no matter
what the law might declare, that there
will be in fact but one standard. The
question whether the obligations of the
United States shall be paid in coin cur
rent in all the markets of the world has
already been settled, in my opinion, for
all time te 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 ia one of the
problems which time and events alone
can solve, but for many years the fluc-
tuations in its value have been so rapid
as to demonstrate that it cannot be
safely coined without limitations into
money OF final redemption at the exist
ing ratio, or any other ratio that might
be established"
Among the other speakers was Hon.
William McKelway, on Municipal Gov
ernment.
Hon. William Walter Phelps made q
felicitous reminiscence speech.