The herald., 1895-05-03
Nearly Four Hundred Detroit
Business Men at Table
THE DISTINGUISHED GUESTS
Comptroller Of Currency Talks About
Money
ehauncey NJ Depew Also Responds to q
Toast Opening Of Detroit's New Cham-
Der of Commerce Rooms


quet given at the Hotel Cadillac, tonight,
in celebrating the completion and dedica-
! tion of the new Detroit chamber of COM
merce. The guests were welcomed by
Rufus W. Gillett, president of the Detroit
chamber Of commerce, ex-senator Thomas
W. Palmer presiding happily as toast
master.
The first toast was eloquently responded
to by W. G. Mayberry of Detroit. His
subject was No North, no South, no
East. no West, but the Commercial
Supremacy of Great Nation.
Commerce of the Inland Seas was re-
sponded to by Harvey d. Boulder. chief
counsel of the Lake Carriers association.
Chauncey M. Depew was then intro
duced and spoke on The Union of States
the bond of commerce is their mutual
independence and enduring prosperity.
/ III opening, Mr.. Depew said that while
business men might differ politically, the
various chambers of commerce considered
only the questions affecting commerce
upon the recognized principles of COM
mercial prosperity, the immutable laws of
trade. saying:
Thus it was that the commerce of the
United States is the ever strengthening
bond OF union of the commonwealths
which constitute the republic
He referred to the necessity for the as
sociation of interests and capital, and
said:
There is no more beneficens form of
association than these boards of trade and
chambers of commerce which are now es-
tablished all over the country.
There will be a central chamber of
commerce in Washington in which each
OF these bodies will have representation.
when business man becomes a
member of congress the effort to spread
| himself over this great country seems to
| so thin his gray matter as to make him
incapable of bringing to the business of
the nation the same common sense which
made him successful at home. The most
| remarkable illustration of this is the con-
gress that has just adjourned. Instead of
relief we had babel CT propositions
which only added to the general confus-
| ion, and made the day of adjournment of
congress a day of national thanksgiving.
The national chamber of commerce would
be kindergarten Of economical and
financial questions for the instruction of
members of congress. a.
| The speaker went into details on the
! freight rates of the world. showing that
IN this country the rate per ton was only
one-third that of Europe. Continuing,
he said: The international commerce
| OF the United States makes our country
! the most remarkable market ever known
| Our internal commerce is so vast that the
| sum of the tariff of Rome when she COM
nanded the world. of Genoa when she
was queen of the Mediterranean, of
| Venice when she commanded the seas,
are but as rivulets to the Father of
| Waters
| I'VE will always avoid com plications
in European and As;atic politics, but no
! foreign power can exercise hostile au-
| thority i'll Hawaii or Central America or
in Mexico or any of the sister republics of
the Western Hemisphere w thout meeting
with protest and resistance
| How are we to preserve our prosper
;ty? With confidence. business of in
caiculable magnitude can get along with
very little currency; without confidence
! there is not enough money in the world
to conduct the business of the United
| States. We have been at the bottom and
we are on the road to prosperity. We
| should have revenue system so we'll de-
fined that 1T could not be disturbed ex-
cept in minor details for a generation.
While not discussing the tariff or free
trade, we should have a revenue system
which will meet the requirements of the
| government and support it without
direct taxation.
The United States is debtor, ma.
tional, municipal, railway and indi-
vidual, to the extent of about fourteen
| billions OF dollars. OF this one-third is
held abroad. A well defined policy to
pay our debts at seventy-five cents or at
fifty cents OF. the dollar. would lead To
two thousand or three thousand millions
of dollars of our securities coming home
for us to take. The presentation OF
them in our markets would endanger the
stability of every bank, derange every
exchange and paralyze evrey industry in
the United States. There can be but one
standard of value, and that is a metal
which will bring the same price whether
| it is in bar or has the stamp of the gov.
ernment on it. A dollar must be worth
a hundred cents anywhere in the United
States and hundred cents anywhere in
the world.
The effect upon commerce OF pooling
by transportation lines, was responded tc
by George K. Blanchard. comm mssione,
OF the Central Traffic association.
o. d. Ashley, president of the Wabash
railroad, responded effectively to, Com.
merce and Transportation, one and in
separable.
James II. Eckels. comptroller of the
currency, responded to the toast, Cur
rency. as follows:
Com ptroller Eckels responded to the
toast Currency. He said:
IL is impossible within the brief limits
OF conventional after dinner address
TO do more than touch upon the senti
ment which has just been announced
and to which l am asked to respond
shall. therefore. content myself with
giving expression 10 such general view
as seem to me to be pertinent to q single
phase OF the currency question as il
today engages public thought and com
mands the people attention. / am sur,
all will agree that it is the most import
ant problem with which the executive
and Legislative branches of the govern,
ment have now to deal and as such de
| maDuS that there he hrouoht To hoo IN