St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-11-22
OUR MERCHANT KINGS
New York Chamber Of Com
mePce Members Gather at
DELM0Kic0'S BANQUET BOARD
Secretary Carlisle's Able Ad-
DRESS On Sound Currency.
OUR OWN MONETARY SYSTEM
Must Be in Accord With That
Of Other Nations.
)UR OWN MONETARY SYSTEM
CONTINUED USE OF SILVER.

CONTINUED USE OF SILVER.
New YORK. Nov. 21.-The 125th an
hual banquet Of the chamber of COM
merce took place tonight. Three hun
dred prominent business men were
present. Charles S. Smith, president
of the chamber, presided, and at his
table Hon. John G. Carlisle, secretary
OF the treasury, occupied the post of
honor Others on either side
of the president were Hon.
William Walter Phelps, Hon.
Joseph Cultivate, W. H. Webb, Hon.
Whitelaw Reid, Rev. DR.. Francis L.
Patten, S. S. BaDcock, Hon. Seth Low,
Hon. Carl Schurz, Hon. st. Clair Nc
Kelway. Hon. Murat Halstead, Hou.
James II. Eckels, Hon. David M. Stone,
George NJ. Pullman, of Chicago; Hon.
William G. Hornblower and Florence
O'Driscoll.
EX-United States Minister Phelps was
late in arriving, and Florence O'DriS-
coll, NJ. P, one of the anti-Parnellite
whips, who has visited the worlds fair,
occupied the seat originally assigned to
the mayor, and other prominent men too
numerous to mention. The large dining
room Of DelmonicO's was supplement-
ed by two of the smaller cham
bers to accommodate the overflow.
decorations, the dominant feature of
which were the national flags of the
United States, Great Britain and
France, lent color to the brilliant scene.
In opening the speechmaking, Presi-
dent Smith took especial pains to COM
mend the character of New Z ork banks
and their attitude toward the country
during the recent financial crisis
MIR. Smith said: 'Again, after long
absence, have the pleasure to congrat-
ulate you gentlemen of the chamber of
commerce that you are able to turn
aside from the cares and responsible
ties which environ business man in
New York, and to enjoy that serene
and familiar intercourse with your
friends and guests which always char
acterIZes the annual banquet"
The speaker then talked of the gen.
erous hospitality offered by the cham
Der during the Columbian exposition to
the foreign visitors. Then he paid
tribute to the heroic efforts of the citi-
ZenS of Chicago, who made the worlds
fair an honor to the nation, and
he said its architecture was the
wonder of the world. He admired
the commercial spirit which gave birth
to the philanthropic and noble impulses
of the Marshall Fields, Rockefellers,
PullmanS and their associates, which
was demonstrated by their prIncely gifts
to perpetuate the influence of the fair
and to found institutions of sound
learning.
Hon. John G. Carlisle. secretary of
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"
Secretary Carlisle said:
Mr.. President and Gentlemen: The
subject presented by the sentiment Just
read is so large art involves so many
considerations, not only of public policy
but of public and private honor and
good faith, that l scarcely know how to
respond to it on such an occasion as
this, where brevity of statement will be
more appropriate than elaborate argu-
ment. l am somewhat embarrassed also
by the fact that l am to talk to an as
semblage of gentlemen who, by reason
of their personal experience in CONNER
cial and financial affairs, are at least in
as good position as am to understand
and appreciate the value of sound and
stable currency and to foresee the in
curious effects of departure from cor
rect financial methods.
Money and its representatives con-
stitute the tools with which the mer-
chant and the banker perform their
parts in the numerous and complicated
transactions necessarily occurring in
the growth and development of our
trade at home and abroad. 1t is not
possible to do perfect work with imper-
feet instruments, and if it is attempted
the consequences will not fail upon you
alone, bus must be felt sooner or later
in every part of the land. Confidence
would be destroyed. trade would be in
terrupted, the obligations of contracts
would be violated, and
ALL THE EVILS
which have invariably attended the use
of base fluctuating currency would
atf1ict not the commercial and financial
classes only, but the country at large.
But our commercial interests are not
fn
tend to every quarter of the globe,
and our people buy and sell in
nearly every market Of the civilized
world. A very large part of our
farmers, mechanics. and other labor
ing people find constant and prof
liable employment in the production
and transportation of commodities
for sale and consumption in other coun-
tries, and the prices or many OF our
products are fixed in foreign markets.
Without exception these prices are fixed
in the markets of countries having a
gold standard or measure Of value either
by express provisions of law or by a
public policy which keeps their silver
coins equal in eXchangeable value to
the gold coins at the legally established
ratio. The value of our trade with the
people of other countries during the
last fiscal year was more than 81, ,700,
100000, and more than, S1,1O0 100000
of this was with the people of Europe,
while with the whole of Asia it amount
ed to little over 100000 GOO, and with
al the countries of South America, ex-