Capital journal. (Salem, Or.) 1893-1895, 1895-06-03
Disseeting Carlisle.

lvered at Covington, Ky.
1t really seems as if a man Of his
prominence and uudoubted ability
would advance only the souudest
arguments available In support of his
position on the money question. 1t
does not seem as If our secretary of the
treasury would deliberately try to
bambo, zie the people with INSISTS
ments, dlstOrtion Of facts, and pr0po-
sitions that are manifestly absurd when
examined. Let us critically examine
some of his arguments:
He says that in 1873, "siIver, except
the half-dollars, quarters and dimes
had been out of use for more
than 20 years before the commence.
ment of the war, and even these sub.
si iiary coins had not been in use for IL
Years prior t. 1873" Now, if that is
not q statement intended to deceive,
I'll eat my hat for he knows that out
of over $l43, 100000 silver coined pre-.
vious to '73, only $S,00O,OOO had been
coined into dollars. His sighting Tex
cept' embraces all the rest. His III
years prior to '73" commences in '62,
when all coin, both gold and silver,
went out of circulation until the re-
sumption specie payments.
He defends our present system
because "In the United States Is
pounds of silver coined into dollars will
now purchase as much as l pound of
gold coins" He might, with equal
propriety, say that l6 pounds of green
backs will now purchase good deal
more than will pound of gold COINS
or that $5 national bank note will |
now purchase as much as a S. gold |
piece, and all exactly for the same
reason, bee ause the government |
pledges itself to redeem them in gold. |
He might also say that silver dollar
the size of 10 cent piece would answer
fully as well as the one we have, If
backed in the same way, and that un-
der our present system there is no sense
in putting so much silver into dollar.
He says: "How long do you suppose
the $685., ,OO0,0O0 of gold in this country
would remain here and be used as
money under free coinage policy
The banking and other great financial
institutions which own and hold in
their vaults the greater part of this
gold, would at once sell 1t at large
premium for silver-$2 for $l-or they
would exchange 1t for silver bullion In
the market at the ratio of about 81
pounds Of silver to pound of gold, have
the 32 pounds coined into dollars at
the expense of the people, and with
this cheap money pay the demands
OF their depositors and creditors
the immediate effect OF the adoption
of free coinage policy at the ratio Of l6
t) would be TO contract the currency
10 the amount Of about S625, 900, 900 by
the withdrawal OF that amount Of gold
from circulation and from use, as the
basis OF notes aud other forms Of credit.
= All the mints Of tho United
States, II devoted entirely TO the coin.
age of silver dollars, could produce only
about S40,O00,0OO per annum, and,
therefore, with free ceinage, II would
require more than 10 years 10 pat silver
dollars IN the place of the gold we now
have" Now here are three Of his beet
arguments aud they may look plausi.
bic az long ss you eau keep them Far
enough apart bat compare them : by
no use Of common sense eau you make
any two Of them agree with each
other. The more you think about
lhem the more glaTlng this fact be-
comes aRd the more irritating becomes
Lbe sense tnat our secretary OF the
treasury takes us for lot ~ inisTnal
Iovls, Take the fret statement The
bankers would "st once" exchange
Ig25 O00, 900 " gold for silver lat thr
rais ~ 2 10 y ~ pay their depositors
with, Rnd la Anothsr plao0 hs Rlyss 0uf
,lysr coin Al ts6 0O,00D bat they
s0uld boy silver bullion aud have u
,olped ~ lhs rate u ti0,0lOOO0 psf
1uag Probably aoiiie ~ ihelf nfsalioia
y ould bs wiling 90 Wall 10 yrsfs =
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