Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-05-21
THE RICHMOND D1spArcH-TUEsDAY. MAY q, 1885

, chase what a real dollar will purchase
now. and prices Of commodities ex-
prersed In dollars would appear 10 nav
been increased tsnfold, when IN ias.
nothing would have happened excep. .ne
debasement OF the dollar. An ac tual W
crease IN prices resulting from an increase
IN the volume of sound money In circu-
lation Is quite different thing from \
nominal increase OF prices resulting from
The use OF A deprecated currency, ana
no argument upon the subject OF pr'See
can he sound that does not recognize
the distinction between them. The propo-
sitlon OF our free-coinage friends Is 10
double prices nominally. but 81 tne saine
time TO have them paid IN money III
trlnsically worth only one nait as i'ue s
as n was before the prices were doupieo,
and confess my lnapility 10 See "o"
this would help anybodr. -,
You have been detained too long AZ
ready, but In view OF the determina'loh
exhibited In some quarters 10 eriucise
~ nersonaI record on this question
rather than answer any arguments,
think my old friends here at my home
have a right 20 expect at least prlei
reference to that subject. III Is proper
In the first place. to say that my OPPOSE
ton TO free coinage Is net dictated Ny
anv preiudlce against the use OF silver as
a. Is silver nor by any preference Tor
the use OF gold as the standard merely
because II is gold. for, II the conditions
now existing we're reversed, II SILVER
was our standard of value and gold was
deureciated I'm value, as silver now IS
7 would be as much opposed to change
from silver to gold as i am now 10
change from gold 10 silver. The preser-
walton OF the existing monetary unit ano
measure of value upon which the con-
tracts of the people have been made ana
the wages OF labor have been adjusted is
the vital thing involved In this contro-
versy. for II the standard is preserved
everybody is willing to use. and VIII use
every available form Of currency that can
be kept equal TO 1t in value.
CARLISLE'S RECORD ON THE COIN
AGE QUESTION
As long as there appeared TO be reason
able ground for the hope that silver could
be raised TO a parity of value with goid
at the ratio Of 16 to | by the separate &C
ton Of the United States, l was Wiling
10 make the experiment but | was never
willing TO make IL by legislation pro-
vidlng for the free and unlimited coinage
OF silver at that or any other ratio The
only speech / ever made in Congress on
this subject was delivered in the House OF
Representatives more than seventeen
years ago. at a time when the value OF
the bullion contained in a silver dollar
was only about cents less than the value
OF the bullion contained in a gold dollar,
and /. together with many other opponents
Of free coinage. believing that restora-
ton Of silver to our mlnts would bring II
to a parity with gold, supported a mea-
sure providing for the limited coinage OF
silver dollars on government account, not
on account OF private individuals and cor
poyatiOns, as is now proposed. Fifteen
years experience, however. demonstrated
that those OF us who believed in 1873 that
a larger use Of silver by the United States
would enhance its price or value were mis-
taken. Instead of increasing tina price OF
silver it continued to fall with greater
rapidity than before, Notwithstanding all
the efforts made by our government 10
uphold II. until now the bullion contained
In a silver dollar is worth only about half
as much as the bullion contained in a gold
dollar. The conditions have entirely
changed since 1873. and | do not under
stand that even our free-cOinage friends
In Kentucky or elsewhere now contend
that any legislation by this country alone
could place silver on a parity with gold
at the ratio of Is to l. on the contrary,
they insist that the free and unlimited
coinage Of silver at that ratio would give
the people cheap money, and agree with
1t would not be cheap money II IL were
equal in value TO gold.
The speech made by me on the occasion
referred to has been garbled and twisted
and perverted in and out OF Congress du-
ring the past two years with malicious
ingenuity which has scarcely ever been
equalled in the discussion of a public
question, and yet no one has ever ven
tured TO make the direct assertion that Il
n 81 uf mol. q.
free coinage Of silver 1t was In fact,
made in opposition to free coinage and in
support OF the Senate substitute for q
free-coinage bill, as can be seen by one
who will take the trouble to read it.
Certain sentences. in which / denounced
in strong language the attempt to "de-
strSy' silver as money metal. have
been separated from their context and
quoted again and again In Congress. on
the stump, and in newspapers by men
who never read the speech and who APP
pear wholly incapable Of understanding
the difference between the total disuse OF
mat metal as money and its free and I'M
limited coinage at the public expense for
the benefit of private individuals and cor
porations.
have a copy OF the speech here. but
VIII not detain you by reading extracts
from 1T TO show what my position was
because any gentleman who desires to do
SO can find 1t in fun in the Appendix 10
the Congressional Record for the second
session Of the Forty-fifth Congress. Some
or the opinions then expressed have been
modified, and some of them have been
changed altogether by subsequent events
and by more thorough Investigation OF
the subjects 10 which they related; bur on
the question Of free coinage my convic-
tons nave never been shaken for a mo-
ment.
/ thank you most sincerely for the ma.
thence with which you have listened IN
my remarks, and will detain you no
LONGER -" ~