New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-09-05
THE TRUTH ABOUT "DEMONETIZATION."

Secretary Carlisle has stated soma wholesome
truths regarding the silver question IN letter
10 Mr.. Gooch a prominent Democrat OF Texas,
and one in particular which will make most CT
his political friends very wroth. ii has been
mart of their fanaticism TO believe that the dis
continuance of silver coinage in 1913 was thing
dome bv stealth UNANIMOUSLY and cOrrupily. Mt
the instication of agents of foreign bankers But
Mr. Carlisle writes, August 30 hat the bill
whom introduced by Mr. Kelley contained no
.nrov,sions whatever for the coinage CT any
kind Of silver dollars" was amended in the
1Iouso 70 nrovide for n 3Sigrin dollar, but the
Senate struck out this and substituted The pro-
vision for a trade dollar only, ana 'hch ahus:
II e quite possible that some OF the members OF
the House and Senate did not Know INA, 'ne ACT
OF 1873 omitted the old standard silver dollar from
tho coinage hut II Is scarcely possible that ma
iority of them did not understand its provisions IN
This respect The truth Is. that NOBODY careh very
much about the silver dollar at the tlrne, as II nan
not been In circulation in this country Tor at least
,h,r,v-ave wears 1t constituted no part OF our cur
rency and the bullion contained In IL was en worth
more than the bullion contained in gold dollar
Ninetenths of the rant and fustian with
which Western and Southern Democrats nave
deluged the country for twenty years would sud
denly cease If Democratic voters were aple 20
absorb the few indispuiablc facts which Mr.
Carlisle has stated. The trouble Is that they
will find II easier to believe that he has become a
gold bug" by associatins with the RothSchiids'
Belmont and Morgan. and hence Is Incapable OF
telling the truth Mr.. Carlisle himself. III years
Conc by, apparently believed and presumably
rcneated in all honesty the charge which he now
rcfutes His Democratic associates in the Tor
nation Of partv opinion have for nearly quar-
for Of n century been teaching voters that silver
was snrrppttiously and corruptly deprived OF
FREQ access to The mint and 1t is infinitely ef sler
70 teach a man a falschood by twenty years re-
iteration in campaign speeches. 'iah u "'''e''n
him by one sober letter.
II seems to some men remarkable that Presi-
dent Grant, or some other person. who was IN
nosltlon TO watch legislation at that time, Is
rcported TO have said that he did moi know the
provisions Of the act Of 1878 regarding silver
But Mr. Carlisle hits the nail squarely on inc
head in stating that nobody cared about H.
There were many other things about which men
felt strongly and watched closely. BUT silver
was not only disused; its production in This coun
trv had been so small-in twenty years prior 10
1870 only SS6.O00OO0 against Sl02ooooooo
cod-that no living being, 1t is probable, ever
imagined that its supply would become so great
rs materially to affect its price. The wonders
Of the Comstock lode had barely begun to dawn
on the world but nobody expected Ii to last. or
even to develop temporarily as it did. while the
mines which have made Colorado and Montana
and Utah the greatest silver-producng States
were then unknown. Neither American miners
nor American statesmen, still less foreign bank
ers then knew anything Of the discoveries which
have made silver cheap
The fact that silver had for generation been
so much dearer than gold that it was exported
because more valuable to sell as bullion than 10
coin. was enough by itself to explain the dscon-
tinuance of coinage and the absolute indiffer-
ence of everybody to that dscontinuance. II
has been all the time one Of the stransest hal
fluctuations Of the silver fanatics that they could
not see this obvious fact. and went about hunt
ing for some dishonorabe explanation Of the
action OF Congress 1t was little matter Of
concern or thought at that time that the very
men who had charge Of the bill. and who ex-
planned its provisions as to matters then mpor-
tant with great ability, showed by their remarks
that they did not know exactly what it provided
about silver coinage, for nobody cared. Similar
steps without serious consideration are made in
tariff and other acts every year, just as mere
printers blunder. which nobody noticed, followed
by Secretarys ignorance Of the nature OF tin
plate prevented for thirty years It's manufacture
in this country. When Democratic voters get
intelligence enough, however, TO be convinced
by Mr. Carlislcs statement Of the truth, they will
cease to be Democratic voters.