The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1893-11-22
G0LDBUGS AT A FEAST
The NV York Chamber Of Commerce
Holds Its Annual -0p,ninS.
FELlClTATlNG THE BANKS
Secretary Carlisle Declares That
the Gold Star lard Has Como
to Stay In This Coun-
try Forever.

NEW YORK. Nov. 2i.-The annual BAN
quct of the chamber of commerce took
place tonight, 300 prominent business
men being president. Charles :. Smith,
president of the chamber. presided and at
the table Hon. John G.. Carlisle, secretary
of the treasury, occupied the post of honor.
Among others present were Hon. William
Walter Phelps. Hon. Whitelaw Reid, Hon.
Carl Schurz, Hon. ST. Clair Mckc,was,
Hon. Murat Halstcad. Hon. James
II. Eckcls. George NJ. Pullman OF
Chicago, Hon. WiiliamG. Hornblower and
Florence %. Driscoll. In opening the
speccli-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 e.. Carlisle,
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 paid in coin
current in any market OF the world, and
the question shall bc settled for all timc
and beyond controversy"
Carlisle said i'm part: while il would
be unfair to attribute the unequal distri-
button OF our trade with the outside world
10 the character OF their fiscal legislation,
l think it may be safely asserted that this
country could not long maintain it's pres
ent position as one OF tho most con-
spicuous and important commercial
nations which now control the trade of
the world unless We preserve n monetary
system substantially, ut least, in accord
with the monetary systems OF the other
principal nations. We can not possibly
change the situation, and consequently
the only practical question is whether il is
better to esta blish by law an inferior kind
of money for use at home exclusively,
aud another kind for use abroad, or
have all our money good enough for use in
every market whcrc our people trade.
Gold is the only international money. II
| is useless for the advocates of a different
system to insist that this ought not be so
IL is SO aud We cannot change
the fact. 1 have never been ablc to un-
dcrstaud what is meant by a double
standard of value and never found any
one who could tell me. To my mind i,
seems as absurd 10 contend that there
should DC two different standards as It
would bc to insist upon having two yard
sticks Of different lengths, or two
gallons of different dimensions. If two
standards are not equal in value, II
is evident that one Of them must be n
false measure and il they are of any
equal value. II is evident that no matt er
what the law might declare. there W i'll be
in fact but one standard. IT, for instance
the silver question Is whether the oblpa-
tlons of tho United States shall bo
paid i'm coin current in all the
markets of the world. that bns already
been settled, in my opinion, for all time
TO come. This does not imply that silver
is to have no place in our monetary sys-
TEN. What Is TO be the ultimate fate o.
that metal ~ 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 a
the fact that IL cannot be safely coined
without limitations into money OF final
redemption at the existing ratio or at any
other ratio that might he established"
Among tho other speakers was Hon.
McKelwny on "Municipal Government"
Hon. William Walter Phelps made n
felicitous reminiscent specrli.