The comet. (Johnson City, Tenn.) 1884-1916, 1893-11-30

/ llldluLhtli " HthuiH IBthliOn UbtWt EN- Inc
two metalsisand Tor this reason alone,
il there werenO others, we are bound
TO place suine reasonable limitations
upon the coinage and use of silver
How much Of it can be safely coined
and upon what conditions ii can be
safely used, are questions upun.which
there will be wide differences Of opin
ion; but after all that can he said on
both sides they will be fnally deter
mined by circumstances which can
not now be foreseen and blythe natu-
raj growth of our industries and trade
III is enough tosay ut present that
we have already tn hand a stock Of
silver, coined and unCeined,, sufficient
to meet all the probable Requirements
of the country for many years TO
come The minis Of the United States
have coined r19, 232,550 standard sill
yer dollars and we now have 140,699,-
!, 700 fine ounces OF silver bullion, which
at the rate of 16 to /, would make $751;
Ola, S4l,or $30l,247 SOL in the aggre-
gate, Besides this, we have $76.977, 002
, in subsidiary silver coin, whichis legal
tender to the amount of $40 and is by
law redeemable in full legal tender
money on presentation. Our total
stock of gold coin and gold bullion is
$685., 160,949. f 4.,
"The five countries constituting the
; Latin Monetary Union, with COM
} bined population Of more than eighty
millions, exclusive Of their colonial
, possessions, have 1915 900, 1000 in gold.
y $725, 100000 OF fullSlegal tender silver
@ and $95,000000 Of subsidiary silver
y coins, and yet they found it necessary
] several years ago to discontinue the
t coinage Of legal tender silver and en-
i. ter into an arrangement bywhich each
a country agreed to redeem in gold all
/ its own legal tender silver coins when
presented by any other member of
the union Thus gold has been made
10 support limited quantity OF silver
r. coin at par in France, Belgium, Italy,
i. Greece and Switzerland, as il has been
u required to do in the United States
Al since 1878, and as it must continue to
n do hereafter, here and elsewhere, un-
e less great change shall occur in the
e relative values of the two metals.
It IN GOOD POSITION AT LAST.
e, Being tue greatest silvt r producing
Gr country in the world and having on
d hand a large amount of silver coin and
70 bullion, the United States can not be
le otherwise than deeply interested in ev
Or cry measure designed to enhance it,
b. value ana increase its use as money
e. upon safe and sound basis, but we
,s can not alone maintain its unlimited
ie coinage as full legal tender in opposi
at ton to the policies Of the other grea
Is nations of the earth and the country
th is to be congratulated upon the fac
that we have at last placed ourselves
in position which enables us to pre-
te serve our own monetary system intac
,y and exercise II potent influence in an,
vt movement that may be hereafter mad,
IL for the permanent adjustment of thi
)n very important and difficult question
ly at IS a great mistake to suppos,
w that the supporters of our recent legis
er lstion upon his subject were animated
it. by any feeling or hostility to the con
ed tinued use Of silver as money to tn
n largest possibe extent consistent witt
or the stability Of our currency and TIL
preservation Of the public faith. Tin
le- wisest and safest friends Of that meta
ar are those who have had the sagacit
cd to foresee the inevitable effect of it
IL continuous accumulation In the forr
k, Of bullion In the vanlts of the Treas
1t ury, and the courage to remove fror
it the statute books an experimental la
is which from the time of its enactmen
OIL was constant menace to the welfar
nd OF the whole country.
he "In conclusion, Mr.. President, pc
Dr. NIT me to thank you and the Chan
en- her of Commerce of the State of Ne
ed, York for affordipg me this opportunit
Isl to meet so many of the leading bus
aw ness men of this great city. Althoug
no your organization has been in ext
no tence more than one hundred an
twenty-five years, and has passe
Ter through many trials and vicissitude
ties it is but simple justice to say that il
he counsel has always oeen wise and COZ
ZEN servative and its action patriotic an
On, beneficial. All that is needed now [
1t insure the early Inauguration of an Ell
fic of great prosperity is such action upo
act the part OF this and similar organic
rit tions throug hout the country as wi
dy inspire confidence and revive the spir
lb- OF enterprise among the people. No
ent that our credit has been great
de- strengthened and our currency mad
I'VE more stable and secure, an opportun
Of ty is afforded those who control OF
ity commercial and industrial interests
wn resume operations under more favor
ard BILE conditions than have existed fl
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