New-York tribune., 1893-11-22

sist upon having two vardsticks OF different lengths
or two gallons OF different dimensions. II there
We're two standards. or measures. not equal IN
value. 1t is evident that ore OF them must De a
false measure; and IL they were OF equal value II
Is evident that. no matter what the law might
declare there would be In fact but measure.
although composed OF two different kinds OF mate
rial II, for instance. the silver dollar and the gold
dollar were of precisely the same value and could
be kept SO at all times there would be. IN fact.
but standard. unit for the measurement OF
values. Whatever that actual standard may De as
established by the laws of trade and fnance.
whether 1t be many grains OF fine gold or so
many grains Of fine silver u Is me duty OIL 'ne
Government to conform to u IN the payment Oh
its obligations and in all It's dealings with the peo-
1t does not follow from anything have said
that nothing shall circulate rOa or De or
against gold nor that the prices or commodities
ought TO be- viii be- xea upon tn the Sr,S nyPSShehss h
1t does follow that no part OF our ,,.Sy currency;
i be silver ,p and
Any Gans9 n seg Wnsh or epeae
ressohsble cr papppehension Of such depreciation
would unsettle values paralyze business; arrest
utimateIy bring almost universal bankruptcy and
ruin upon the country II must be rsW9emSergd ,,9 ,s
legislative department establish the policy of the
Government upon this and az other subjects ana
ity md means to carry 1t out When the authority
and means are granted. the executive department
executed but beyond md this i has no power to act
and, consequently, no duty 10 pcriofih'
THE QUESTION SETTLED
Gentlemen the question whether the Obligations
of the United States will be paid in coin current
in all the markets in the world has already been
settled. and IT has, in my opinion. been settled
for all time to come. 1t has been settled. not by
any specific act OF Congress prescribing the exact
mode OF payment, but by the spirit and obvious
purpose OF the whole body OF existing legislation
upon the subject. and by the deliberate judgment OF
the American people and the declared purpose OF
those who have been ntrusted with the execution
Of the laws. The DISPOSITION and ability OF the
Government to maintain its own credit at the high
% est % possible h foIns or nTe 20 In
the people cannot be reasonably doubted. and ought
This does not imply that silver Is to have no
place in our monetary system. What is TO be the
Which time and events alone can solve; but for
m the az II, e Value have BEEN m
rapid and great as 10 demonstrate me fact
that canno be sasy cSnsd N tins sxsns ras
or at any other ratio that might ne estaolished:
any one Government to establish and maintain
stable relation between the two metals, ana Tor
this reason alone II there were no others.
bound 10 place some reasonable limitations upon
the coinage and use Of silver How much Of !!
can he safely used are questions upon which there
Will be wide differences OF opinion. but after all
that be said on both sides they Will be finally
determined by circumstances which cannot
be foreseeD and by the natural Increase OF our
population and the natural growth OF our Industries
and trade
THE STOCK OF SILVER.
II Is enough 10 say at present that we have al
ready on hand a stock OF silver. coined and un-
coined. sufficient TO meet all the probable require
ments of the country for many years to come. The
mlnts OF the United States have coined rs 1880
dcila and We IN
ounces Of silver bullion. which. at IN" ratio OF 10
to l. would make !lslsl4sn. or !g9.H,2si in the
aggregate. Besides this We have Eb,sIiOH In sub
sidlary silver coin which Ia lcgal-tendcr to the
amount, OF $40 and IS by law redecmable in fu
lega.-tender money on presentation Our total stock
OF gold coin and gold bullion is N5s.iGi.Ss
The i've countries constituting the Latin None
tary Union. with combined population OF more
than @0cO.Ooo exclusive OF their colonial posses
sions, have ss,5ooo."eo IN gold Tz'eo,vo OF fun
silver csns. and yet they found IT necessary several
years ago TO dscsntlnuc the coinage Of legal-tender
silver. and enter into arrangement by which
each country agreed 70 redeem In gold all It's own
leSai-tsnder silver CONS when preeenied 1y any
mad to super, hnisa ananiy OF ,Ac silver com coin
nsr m as has ssa% 5sa el to dc IN TRS a
United States since ls7.; and as II must continue TO
change shall occur in the relative values OF the
Being the greatest silver producing county In the
world. and having on hand "a large amount OF
silver coin and bullion. the United states cannot
be otherwise than deeply interested In every meas
designed TO enhance ~ value and Increase its
AZ money UPON safe and sound bas.s. but
fun legal tender in opposition TO the policies Of the
other great nations Of The earth; and The country
Is TO be Congratulated upon the fact that we have
AZ last placed ourselves In position which ensbies
ds to preserye our own monettry system n,ss,
that may be hereafter made for the permanent
adjustment OF this very important and difficult
question.
TIE FRIENDS OF SILVER.
I. is great mistake TO suppose that the supporters
Of recent legislation upon this subject were
animated by any feeling OF hostility to the con
tinued OF silver money 10 the largest posi-
bio extent consistent with the stability Of our
he ana and sns ends % Of m sa t metal are
those who have had the sagacty to forese- the
in the form OF bullion in the vaults OF the Treas
SSry and the courage to ss from from h ,he yisa,
its enactment was constant menace TO the welfare
" In co conclasion Sir President, permit, ne 70 thank
you and the Chamber OF Commerce OF the State Of
50 many Of the leading business men Of this great
business city. Although your organisation has been
ave years. and las passed through many trial. and
viclsstudes. It Is but simple justice to say that its
It's action patriotic and beneficial Al that Is
OF prosperity IL such action upon the part
Of this and similar ,organI1Saons thr9ushout p.
Of % sos people that
credit has been greatly strengthened and our cur
is afofded those who control our commercial and
Industrial interests to resume operations under
more favorable conditions than have existed for
many years and am sure you Will cheerfully
cooperate In any effort they may make in that d.
rection.
MR.. MKELWAY'S TELLING ADDRESS
President Smith then introduced ST. Clair Nc
Kelway TO respond to the toast municipal gov
crnment, the question Of the hour. Upon It's
character depends the safety OF families and
the security OF our property" Mr.. McKeiway's
address not quite aulacious an attack
upon methods Of municipal government as that
contained In the striking speech Of Joseph II
Choste at the dinner Of the Friendly Sons Of ST.