The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-11-22
THE ULTIMATE FA7E
Or Thu WHITE METAL.
Secretary Carlisle Discusses It at
a Banquet.
TINE ALONE CAN TELL.
He Does Not Understand What Double
Standard Is.
"Gold Is the Only International Money"
1t Does Not Matter What the Ad.
vocates of Other Systems
Insist On.
TIME ALONE CAN TELL.

New York, Nov. 21.-The twelfth
annual banquet Of the chamber Of
commerce took place tonight Three
hundred prominent business men were
present. Charles S Smith, president
of the chamber, presided, and at the
table Hon. John G. Carlisle, secretary
of the treasury, occupied the post of
honor. Among the others present
were Hon. William Walter Phelps.
Hon. WhiteIaw Reid. Hon. Carl
Schurz, Hon. ST. Clair McKelway.
Hon. Murat Halstead, Hon James H.
Eckels. George NJ. Pullman. of Chi
cago, Hon. William G. Hornblower
and Florence o. Driscoll.
In opening the speech-making. the
president took especial pains to COM
mend the character of the New York
banks and their attitude toward the
country during the recent financial
crisis.
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 the obligations of the
rent in any market of the world, and
that the question shall be settled for
all time and beyond all controversy"
Carlisle said, in part: while it would
be unfair to attribute the unequal dis
tribution of our trade with the outside
world to the character of their
fiscal legislation, 1 think 1t may be
safely asserted that this country could
not long maintain it's present position
IS h. nj
important commercial nations which
now control the trade of the world I'M
less we preserve monetary system
substantially, at least, in accord with
the monetary systems of other princi-
pal nations. We cannot possibly
change the situation, and. consequent-
ly the only practical question is
whether it is better to establish by
law an inferior kind OF money for use
at home exclusively. and another kind
for use abroad, or have all our money
good enough for use in every market
where our people trade. Gold is the
only international money. It is use
less for advocates of the different sys-
tenn to insist that this ought not to be
so; it is so, and we cannot change tha
fact have never been able to under
stand what is meant by double
standard of value, I have never found
any one who could tell. To my mind
lit seems as absurd to contend that
there should be two different
standards as it would be to
insist upon having two yardsticks
of different lengths or two gallons OF
different dimensions. If two standards
are not equal in value, it is evident
one of them must be a. false measure;
and if they are equal in value 1t is
evident, no matter what the law might
declare, there will be in fact but one
standard. If for instance, the silver
question is whether the obligations Of
the United States be paid in coin cur
rent in all the markets of the world.
| it has already been settled in my opin-
| ion, for all time to come, that this does
| not imply silver is to have a. place
\ in our monetary system What is to
| be the ultimate fate of that metal, is
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 the
fact that it cannot be safely coined
without limitations, into money of final
redemption at the existing ratio, or
any other ratio that might be estab-
lished''
Among the other speakers were Hon.
VIM McKelway on Municipal Gov
eminent" Hon. William Walter
Phelps made a felfcitous "Reminiscences
| SDeech