The times. [volume] (Richmond, Va.) 1890-1903, 1893-11-22


the exact mode OF payment, but the epirit
/ ana obvious purpose Of the whole body of
! existing legislation upon the subject. and
| ny the deliberate judgment Of the Amer
lean people and the declared purpose OF
those who have been intrusted with the
execution Of the laws. The disposition
and ability Of the Government 10 maintain
its own credit at the highest possible
standard. and 10 preserve the integrity Of
all the forms OF currency I'm circulation
among the people. cannot be reasonably
doubted. and ought not to be subjects Of
serious controversy hereafter.
Ihls does not imply that silver rs 90
have no place m our monetary system.
What Is 20 be the ultimate fate Of that
metal ic Cnc OF the problems which time
and events alone can solve. but for many
years. Notwithstanding an our legislation
In its support the fluctuations IN its value
have been so rapid and so great as TO
demonstrate the fact that It cannot be
safely Cc'ned without limitations into
money OF final redemption at the existing
ratio or at any other ratio that might be
established. It is not possible. under exist
Ing circumstances, for any one govern
ment 70 establish and maintain a stable
relation between the two metals. and for
this reason alone. II there were no Others.
we are bound 10 place some reasonable
limitations upon the coinage and use Of
silver. How much OF n can be safely
coined. ard upon what conditions il can
be safely used, are questions upon which
there will be wide difference OF opinion.
but after all that can be said on both
sldes, they viii be finally determined bv
circumstances which cannot now be fore
seen, and by the natural increase OF our
population and the natural growth OF our
industries and trade
Some + CURES.
It is enough TO say nj present that we
have already on hand a stock Of silver.
coined and uncoined. sufficient 90 meet
all the probable requirements OF the cOun-
try for many years 10 come The nints
Of the United States have coined ng832.55
standard silver dollars. and we now have
lfJtY,lW fine ounces Of silver bullion.
which. at the ratio OF 10 90 T. would make
ISl9li&l, OF $60l, in the aggregate.
Besides this, We have 5,b.577. .002 .n subsid-
iary silver coin. which is legal tender DO
the amount or ten dollars and is by law
redeemable in fun legal-ten9 T. money on
presentation. Our total stoci of gold coin
and gold bullion is Si9l619f9.
The hve Countries constituting the Latin |
Monetary Union, with "A combined poDu- |
latiOn Of more than 0Ow.NO exclusive !
of their colonial possessions. nave g35uu |
100 in gold, SIS. 900 900 OF FUN lcell-tendcr /
silver, and N5.WuWD O. subsidiary silver /
coins; and yet they found it necessary /
several years ago 60 discontinue the coin- |
age Of lega lender silver and enter into |
an arrangement by which each country /
agreed to redeem in gold AN it's own leeaI- |
tender silver coins when presented by any |
other member OF the Union. Thus gold |
has been made tO support limited uuau- l
tity Of silver coin at par in France. Bel !
GUM, Italy. Greece. and Switzerland as 10 |
has been required 90 do in the United |
States since 1875 and as IL must continue
TO do hereafter, here and everywhere, un-
less "A great change small occur in the
relative values of the two metals.
Being the greatest siiver-ur0ducing |
country in the world. and having on !
hand a large amount OF silver coin and |
bullion, the United States cannot be- other
wise than deeply interested in
every measure designed TO enchance
its value and increase its use
as money upon safe and sound
basis. but we cannot alone maintain its
unlimited coinage as full legal tender in
opposition 90 the policies of the other
country Is TO De congratulated upon the
fact that we have at last placed OUR !
selves ia "a position which enables Us 10
preserve our own monetary system intact. !
and exercise "a potent influence Doe amy |
movement that may be hereafter made
Tor the permanent adjustment of this
very important and difficult question.
It is "a great mistake tO suppose that !
he supporters of our recent legislation |
lpOn this subject were animated by any |
ceiling of hostility TO the continued use
.IIr
bic extent consistent with the stability |
he public faith The wisesl and safest
riends of that metal are those who have
iad the sagacity 10 fOresec the lnevita-
,le effect of its continuous accumulation
% the form of bullion in the vaults of
he Treasury. and the courage to- remove
rom the statute book am experimental
3w which from the time of its enact
lent was q constant menace 10 the well
are of the whole country.
In conclusion. MIR. President, permit me |
o thank you and the Chamber of Com
lerce of the State of New ork for .f-
0rdng me this opportunity 10 meet So
many of the leading business men of
his great business city. Although your
rganizauon has been I'm existence more
ham one hundred and twenty-five years !
ma has passed through many trials and .
icissitudes, 10 is but simple justice TO | d
n.y. that its counsel has always been d
Use and conservative, aud its action {
ltriotic and beneficial. All that is need T.
now 10 insure the early Inauguration ! q
{ an era of great prosperity is such ace D.,
ON upon the part Of this and similar
rganzatiOns throughout the country as a
lli inspire confidence and revive the D.
brit of enterprise among the people d
ow that our credit has been greatly {
and our currency mad G
lore stable and secure. an opportunit. b
afforded those who control our com-
ercial and Industrial interests to re- a
lme operations under more favorable {
1nditions than have existed for many T.
ears. and / am sure you viii cheerfully D
)-operate in any effort they may make "
that direction. NJ
Secretary Carlisle was followed hv VIII ! g
im Walter Phelps. who gave his 'm- e
'essiou about some changes iu our men | q
ld manners seen after four years ab- j
nee"
st. Clair McIlway editor OF the Brook s
n Eagle spoke briefly TO the toast.
Municipal Government, the Question Of s.
q Hour"
Rev Dr. Patton. president Of Princeton
1iversity. responded 90 the sentiment
enlightened Public Opinion IS the Indis- q
nsible Safeguard Of Government by
e People" u
rhe Hon. Joseph Cultivate spoke for =
e. House OF Representatives. and then -.
ters OF regret were read from preei- w