The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-11-20

and corporations, in a time of profound
peace. In principle, the two measures are
precisely alike.
"The free coinage Of legal tender silver
would be far more unjust than the issue
of legal tender United States notes. How
ever, it is not my purpose now to discuss
the question of free coinage. l think the
abandonment or suspension of the ag-
gressive movement against this financial
heresy would be most unwise at this time,
especially in view of the fact that a con-
certed effort is evidently now being made
in the South and West to regain the
ground lost during the last six months.
If the friends of sound measure of value
are vigilant this effort cannot possibly sue
ceed. But the legal tender notes will re-
main to complicate the currency system
until Congress agrees to their retirement
and the substitution of others in their
places. This legislation is imperatively
demanded, and it concerns the welfare Of
all the people,"
Referring to the producer and consumer
tie Secretary said:
Neither the cotton of the South nor the
wheat of the West would be worth very
much If there were no railroads to carry 1t
or no merchants or bankers to supply the
means for its transfer from one to another.
The merchant and banker cannot prosper
when the farmer and mechanic are unem-
ployed, nor can the farmer or mechanic
prosper when the operations of the mer-
chant and banker are prohibited or inn
properly obstructed. No nation can
reasonably hope to control the trade OF
any considerable part of the world or even
to realize the full benefits of its own trade
unless its exchanges are based upon a
standard of value recognized as sound and
permanent exchange in all centers of COM
merce.
"The pound sterling has made London
not only the principal market, but the
clearinghouse of the whole world. No
matter what character of currency other
nations may use, no matter what standard
of value they may adopt, all their inter-
national balances are subjected at last to
the test Of the pound sterling. With an
inferior currency we could never success
fully contest her supremacy and the belief
that we can punish her or enrich ourselves
by destroying the value of our own money
is one of the most remarkable delusions
of the age. We are great enough and
strong enough to maintain our CONNER
cial and financial independence in op-
position to any country in the world, but
in order to do SO we must be allowed to use
as effective instrumentalities as are en-
ployed by our rivals"
The speaker closed with hope that the
political platforms of both the great parties
would henceforth be clear and unequivo-
cal.
United States are in favor of the main
tenance of the present standard of value
and opposed to the free and unlimited
coinage of legal tender silver. they ought
to have an opportunity to say so in form
which will preclude all controversy as to
whether they have said so or not. On the
other hand. if majority of our people
are in favor of abandoning the present
standard of value and establishing silver
monometallism by the free and unlimited
coinage of that metal into full legal tender
money, they should have an opportunity
to say so. When this issue is directly pre-
sented we need not fear of the result"
The other toasts responded to were:
"Our Domestic Commerce" by Hon. julius
o. Burrows; National Development and
Opportunity" by Hon. Charles Emory
Smith; ''The City of New ork," by Mayor
Strong, and Ethics in Politics." by Rev.
DR.. NJ. w. Stryker.
Among the letters read was the follow
ing:
EXECUTIVE MANSION,
WASHINGTON, D. c., Nov. 10. (
My Dear Orr: am sorry that feel obliged
to write it, but you must let me off from the
Chamber of Commerce dinner this year.
There never was time when my admiration
for this important business organization was
SO great, and / am sure that the recent efforts
OF Its members to save the country from the
havoc of financial madness ought to be appre-
ciated by every patriotic citizen.
would enjoy exceedingly renewal of my
association with my friends of the Chamber at
their banquet board, but the trouble is I can
not attend this year and do the things re-
quired of me here in the way of official duty.
Very truly yours, GROVER CLEVELAND.
A letter of regret was also received from
Governor Levi P. Morton, who stated that
official engagements prevented him from
being present.
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