The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1895-06-05
Mr.. Q. P BUsHs REPLY TO THE
NEWS ON THB SILVER
QUESTION.
THINKS MR.. CARLISLE RIGHT.

LOUISVILLE, KY, June |, lS95-To the
EDiToR 90 TuE BEFcKENRiDGE NEws-
SIRs - In our editorial, in the last issue
Of your paper, you refer to the fact that
Paid your voucher in silver dollars,
while Secretary Carlisle paid the credi-
tors Of the Government in the gold coin
which they demanded, and seem to infer
that this makes me a man OF greater
courage and ability than Mr.. Carlisle.
At the risk of destroying your flattering
opinion of me, | will show why Mr.. Car
isle could not pay the Governments
creditors in silver, as | did you.
1t is known to all men Except the
editor of the Greensboro Messenger that
silver, in the form of dollars, is full
legal tender for all debts, where no
specific contract to the contrary exists,
and, in pa, ing You in silver, l merely
exercised the option which the law al
lows any citizen, and hence you could
make no legal obj ction TO my action
With Mr.. Carlisle it was vastly differ
ent. He holds high public position, in
which he is pledged to maintain the faith
and credit OF the. Government, and, in
the absence of any law whatever, it was
his duty to pay ali obligations in such
money as the holder demanded.
1t is now admitted by all that the panic
from which we are just emerging was
caused by widespread belief, at home
and abroad, that the Government OF the
United States would not be able to main
tain all its forms of currency at par, and,
il the mere fear OF this result could do so
much damage, no one can estimate the
disaster Which would have overwhelmed
the nation, had Mr.. Carlisle announced
the inability of the Government to re-
deem its promises to keep every kind Of
currency as good as gold.
believe that, in the absence of any
statue, Mr. Carlisle would have main
tanned the public credit, but, in order to
mitigate your harsh opinion OF him
will Inform you that he was controlled
by law, and had no option in the matter
The Sherman Act of 1890 specifically de-
clares that it is the established policy OF
the United States to maintain the two
metals on a parity with each other"
this portion OF the Sherman law has
never been repealed, and no is as biHd-
ing en- the Sssretsry II the Tpss,ny a.
any other laws OF Congress.
There is only one way that the Govern
ment can maintain the parity OF the two
metals, and that is by regarding them, in
all its transactions, as having equal value,
and this can only be done by paying
either coin at the option Of the creditor
a refusal to pay gold on demand would
send the yellow metal to premium, OF
silver to discount, and thus violate the
very letter of the law.
| have not written this note, Mr.
Editor, because ] think that Secretary
Carlisle and President Cleveland need
any defense for their management of the
nations financial affairs during the re.
cent panic. The result is their ample
vindication, and, when the country re.
gains the normal prosperity to which i,
is fast approaching, many good citizens
and, especially many good Democrats
who so flercely criticise them. will APP
preciate their sterling honesty and APP
plaud their di interested patriotism. i
am sure you will be one of the first to dc
this. G. p. BUSH.