Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1892-08-10
Senator Carlisle on Silver.

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in answer to his question whether the
Senator had heretofore been in favor of
the free coinage of silver, and whether
his view on the subject had undergone
any change.
Senator Carlisle says: "The answer to
your question depends largely upon
what you mean by free coinage of sill
YER you mean the policy urged by
many under which the government OF
the United States would be compelled
by law to receive 6S cents worth Of sill
Yer bullion when presented by the own
er and coin it at the expense of all the
people of the country and compel the
people by law to receive the coin as the
equivalent of 100 cents, my answer is
that am not now and never have been
in favor off l stand now where my
lamented predecessor, Mr.. Beck, and l
stood together in 1878, when the So
called 'Bland-Allison bill was passed by
Congress, under which the Secretary of
the Treasury was required to purchase
and coin monthly not less than $1,000
600 nor more than 100000 worth of
silver bullion.
"When that bill passed the House Of
Representatives it provided for the free
and unlimited coinage of silver dollars,
but after it went to the Senate Mr.. Beck
offered an amendment which provided
that the Secretary of the Treasury
should purchase at the market price
each month not less than $3,0OO,0OO
worth of silver bullion, OF as much more
as could be coined at the mint, the Sc
niorage to be paid in the treasury. How
ever if the bullion could not be pur-
chased at less than par with legal-ten-
der notes, any owner of silver bullion
might deposit it for coinage on the same
terms as gold was deposited"
Senator Carlisle here quotes at some
length from speeches made by Senator
Beck at the time of the passage of the
'Bland-Allison BILL" to the effect that
he (Nlr. Beck) desired that the people
of the United States should receive the
benefit of the difference, fany, between
the actual and the coined value of the
bullion. At that time, says Senator
Carlisle, silver was only eight or ten
per cent. below gold, while it is now
about 45 per cent. below, and if it was
not right and just to the people then to
donate seniorage of eight or ten per
cent. to the combinations of bullion
ists," it certainly cannot be right and
lust now to donate over four or five
times that much.
Mr.. Carlisle then quotes from his
speech in the House in 1878, when the
original Bland bill had been amended
by the Senate. Part of the quotation
reads "My position upon this subject
is briefly this / am opposed to free
coinage of either gold or silver, but in
favor of unlimited coinage of both met
ais upon terms of exact equality. No
discrimination should be made in favor
of one as against the other, nor should
any discrimination be made in favor of
the holders of either gold or silver bull
lion and against the great body of the
people who own other kinds of proper
| ty. A great government should treat
all its citizens alike, and whenever it
attempts to do otherwise it will engen-
der spirit of discomfort which sooner
or later must disturb the harmony, if
not the peace Of society,""
Senator Carlisle says: "This para
graph shows precisely what my posi-
ton then was and always has been
upon this subject. believe that gold
and silver bullion should be treated ex-
actly alike in the minis of the United
States; that il, that dollars worth of
gold should be coined into gold dol
lar and dollars worth of silver should
be coined into a silver dollar, and if no
charge is made for the coming of the
one then no charge should be made for
the coming of the other. In my opin
ion the declaration made upon this sub
ject by the democratic party at its re-
cent national convention is perfectly
sound in principal and enunciates the
only and true public policy"
The Senator quotes the silver plank
and then goes on to figure that its de-
mands cannot be met unless the metal
in gold and silver coins is of equal value
to the coin while still in bullion form.
For coinage, in his view, adds nothing
to the intrinsic value of the metal. He
says that although the United States
has coined over four hundred million
in silver since 1888, it has not increased
the value of the bullion, but, on the
contrary, that value had decreased.
The Senator asserts that neither gold
or silver coin, excepting subsidiary
coins, will ever again enter very
generally into use in any great COM
mcrcial country, but they will serve
only as basis for the issue of cur
rency. Any measure that would
broaden this basis would benefit the world
generally, but this cannot be done by the fab
rication of two coins of the same denomination
but of unequal intrinsic value. This has been
demonstrated by our experience during the
last fourteen years with silver rs legal tend
or and We are still OH gold basis.
The Senator says there are only two ways
in which the basis of circulation can be broad
encd by the use Of silver as part of the real
money. First, by the coinage of the silver
dollar containing a dollars worth OF silver;
secondly, by an international agreement on
ratio. He admits that it would be unfair for
the United States, acting alone, to make the
present value of silver bullion the basis of ad
iustment, because the partial characterization
of silver by limiting this coinage has undoubt-
edly had considerable influence in deprecat-
ing its price and approaching the price of gold.
Free coinage of silver would bring the values
nearer and true ratio of the coinage would
be found at some point between 16 to 1 and
the present relative prices of silver and gold
bullion. The Senator says it may be imposs-
bic for one nation to fix stable ratio and if
so. an international conference is the only tri-
bunal that can extricate US from the present
situation. In conclusion, the Senator says he
will support any measure that will fully re-
monetize silver and insure equality Of the dol
lars coined from the two metals and he sim