Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-08-10
CARLISLE ON SILVER.
He Defines His Position on the Free
Coinage Question.
A DOLLAR OF THE WHITE METAL
Must Be Iqual In Actual Value to the
One Made ofsG0ld.
THE OUTLINES OF HIS PRESENT POLICY


THE OUTLINES OF HIS PRESENT POLICY
WASHINGTON, D. G., Aug. e.-senatol
Carlisle has addressed letter to John A.
Lyme, Of Henderson, KYs, in answer to his
question whether the Senator had hereto
fore been in favor. Of the free coinage of sill
yer, and whether his views on the subject
had undergone any change.
Senator Carlisle says: 'The answer to
your question depends largely upon what
you mean by the free coinage Of silver II
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 silver bullion when presented by
the owner 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 I
am not now and never have been in favor
of it. I stand now where my lamented
predecessor, Mr.. Beck, and 1 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
~, 000. 900 nor more than y, 900, 600 worth of
silver bullion.
"When the bill passed the House of Rep
resentatives it provided for the free and un-
limited coinage Of the silver dollar, but
after it went to the Senate MI. Beck offered
an amendment which provided that the Sec
retary of the Treasury should purchase at
the market price each month not less than
$3,000,000 worth of silver bullion, or as
much more as could be coined at the miut,
the seniorage to be paid in the Treasury,
and whenever the bullion could not be pur-
chased at less than par with legal tender
notes any owner of silver bullion might de-
posit it for coinage on the same terms as
gold was deposited"
Recollections OF His Former Views
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 (Mr.
Becky desired that the people Of the United
States should receive the benefit of the
difference, if any, between the actual and
the coined value of the bullion. At the
time, says Senator Carlisle, silver was only
8 or 10 per cent below gold, while 1t is now
about 45 per cent below, and if it was not
right and just to the people then to donate q
seniorage of or 10 per cent to the ''combi-
be right and just now to donate over four or
five times that much.
Mr.. Carlisle then quotes from his speech
in the House in '78 when the original Bland
bill had been amended by the Senate. Part
of the quotation reads: ''My position on
this subject is briefly this: alQ opposed to
free coinage of either gold or silver, but in
favor of unlimited coinage of both metals
npon terms of exact equality. No discrim-
ination should be made in favor of one as
against the other; nor should any discrim-
ination be made in favor of the holders of
either gold or silver bullion and against the
great body of people who own other kinds
of property. A great government should
treat all its citizens alike, and whenever it
attempts to do otherwise it will engender a
spirit of discomfort which sooner or later
must disturb the harmony if not the peace
of society.
Both Metals Should Be Alike.
Senator Carlisle says: ''This paragraph
shows precisely what my position then was
and always has been upon this subject. I
believe that gold and silver bullion should
United States-that is, dollars worth of
gold should be coined into gold dollar and
a dollars worth of silver should be coined
into a silver dollar, and If no charge is
made for the coming Of one, then no charge
should be made for the coinage of the other.
In my opinion the declaration made upon
this subject by the Democratic party at its
recent national convention is perfectly
sound in principle and enunciates the only
true public policy"
The Senator quotes the silver plank and
then goes on to argue that its demands can
not be met unless the metal in gold and sill
yer 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
silver since 1883, it has not increased the
value of the bullion but on the contrary
that value had decreased.
The Senator asserts that neither gold nor
silver coin, excepting subsidiary coins, will
ever again enter very generally into use in
any great commercial country, but they will
serve only as basis for the issue of the cur
,ency. Any measure that would broaden
his basis would benefit the world generally,
out this cannot be done by the fabrication
If two coins of the same denomination but |
If uns equal intrinsic value. This has been |
by our experience during the |
asst IA years with silver as legal tender, |
md we are still on a gold basis
The Way to Make Silver Real Money.
The Senator says there are only two |
Ways in which the basis of circulation can
,e broadened by the use of silver as part of |
he real money. First, by the coinage of |
he silver dollar containing dollars worth |
# silver; secondly, by an international |
Igreement on the ratio. He admits that it |
gould be unfair tor the United States act
ng alone, to make the present value of |
liver bullion the basis of adjustment, be-
ause the partial demonstration of silver
~ limiting this coinage has undoubtedly
lad considerable influence in depreciating |
is price and appreciating the price of gold.
Free coinage of silver would bring the
,alues nearer, and true ratio for coinage
vould be found at some point between 16 to
and the present relative prices of silver
nd gold bullion.
The Senator says it may be possible for
me nation to fix a stable ratio and If so an
conference is the only tribunal
hat can extricate US from the present situa-
ion. In conclusion the Senator says he
rill support any measure that will fully
silver and insure equality of the
ollars coined from the two metals, and he
incerely hopes that the approaching con-
erence will be able to reach such an agree
lent as will meet the approval of all gov
rnments participating in it