The times. [volume] (Richmond, Va.) 1890-1903, 1893-01-18
MIR. CARLISLE As SECRETARY OF
THE TREASURY.

Since II seems to be settled that Mr..
Carlisle Is to be Mr.. Cleveland's Seen
tary OF the Treasury 1t becomes a matter
OF the highest interest TO know what his
views are on the financial questions Of
the day. The latest expressions OF his
Views touching silver are found in a
letter from him to the Louisville Courier
Journal. published on August ., 1892.
and recently reprinted in that paper. In
this letter he says:
THE gold and silver coins nj be
OF equal intrinsic value. as demanded
by this resolution. unless the metal con-
tanned in each OF them is Of equal value
while still I'm the form OF bullion. Coin
age adds nothing whatever to the intrin-
sic value of the metal, but only ascer-
tains officially It's weight and fineness.
puts it in a convenient form for circula-
ton and authenticate it by the stamp Of
Government. The United States has coin
ed over $500, 900, 900 In silver since the pas
sage Of the act OF 1878. but this has not
added one cent to the intrinsic value OF
he metal contained in them; nor has the
purchase and coinage Of this enormous
mass Of silver during a period Of four
teen years caused any increase in the
price Of silver bullion. On the contrary,
the price Of silver bullion in all the mar
kets Of the world, in those countries
where there is free coinage as well as
in those where the mints are closed to
silver. is much lower now than IT was In
1873, when this Government began TO pur-
chase it at the rate OF $24.000,00O worth
per annum
Neither gold nor silver coins. except
the subsidiary coins, will ever again enter
into very general use as currency in any
great commercial country. The principal
office Of these coins Is to form a basis
for the issue OF notes or certificates
which constitute the most convenient
form Of circulation among the people.
Any measure which would have a ten
dency to broaden this basis OF circula-
ton by increasing the amount of metallic
money with which the paper can be re-
deemed would. in my opinion, be bene-
fetal not only 10 this country. but to
the world generally; but this cannot be
done by the fabrication OF two coins OF
the same denomination, but not of equal
intrinsic value, because both Of the coins
cannot constitute at the same time the
money of redemption. SiXty-eight cents
worth of silver and one dollars worth Of
gold cannot both be standards of value
at the same time and place. and this
has been fully demonstrated by our WI
experience during the last fourteen years;
for, although the silver dollar has been
all hat time a full legal tende under
the statutes Of the United States. every
bodysadmits hat we are still on a gold
basis, and. therefore, the value OF all
the paper in circulation is measured not
by silver. but by gold"
The votes which Mr.. Carlisle has given
silver was the question, have not
all been entirely satisfactory, but all of
the foregoing is sound and, If his ad-
ministration Of the Treasury Department
is upon the lines laid down here. the
will lave nothing to complain of.
Now let him recommend the repeal of
the act taxing the issues Of State banks
and we shall rejoice to see the breaking
Of the day.