Evening star., 1896-09-19
Opposing Statements of Secretary
Carlisle and Mr.. Bryan.
ON ONE POINT THEY seem TO AGREE
The Executive Can Put the Country
on a Silver Basis.
STUDYING THE QUESTION

parity between silver and gold, standard
silver dollars would be redeemed in gold,
Mr.. Bryan, in 4. speech in North Carolina,
should declare that if he is elected the
present money standard shall not be re-
tanned one day longer than l can help it,"
is subject of wondering study among
financial authorities.
The general belief is that it is within the
discretionary power Of the President to
put the country on silver basis by ex-
ecLtive action. This conclusion, in view Of
the possibility that a majority of both
branches Of Congress may not be secured
by the silver party, gives a new phase to
the campaign.
In his daily letter from New York to the
Philadelphia Press Holland" reflects the
view taken by financial leaders upon this
point at issue. He says.
Mr.. Carlisle's letter is regarded as not
OILY an important contribution to the cam
paign in the way of information but the
most opportune, being published. as 1t was,
upon the day that Bryan declared II to be
lis purpose to bring the government to
silver basis if he were elected President.
THE subject which M. Carlisle treats in
this letter has been one which has caused
great deal of embarrassment to some of
those who nave taken the stump in behalf
of the gold standard, and to almost all OF
those who argue for that standard more
made that the Treasury Department does
redeem silver dollars in gold when such re-
demption is asked. And more than one
speaker has been confused by the PROOF
that his statement is incorrect.
Then the silver men declare that. If the
silver dollar is not redeemed in gold and
stands apart as a separate standard metal,
and is yet worth its full face value in its
purchasing power, why will not the same
quality remain with il, II the coinage pe
free and upon private account!
lit is safe to say that this question has
proved a greater stumbling block to many
of those who have been speaking in public
and private against free coinage than any
other of the trick questions or vague ana
abstract assertions which the Tree silver
men are fond of using.
This is not surprising, when it is known
| that even in well-nformed financial circles
| 1t has been often found Impossible TO get a
| clear statement of the reason why the Sill
| yer dollars now In clrcula lion are as good
| as gold dollars in their purchasing power,
! although the government does not redeem
| them III gold, and why this same quality
will not be found i'll silver dollars coined on
| private account.
Mr. Carlisle has been asked by some OF
our own fnanciers to answer this question,
| and his letter to. Mr.. Helm of Louisville
| says that he has received many inquiries OF
| this kind. While the Secretarys exposition
| of the reasons why silver and gold have
been maintained thus far on a parity, and
| why, under an admins ira ton favorable to
4 IL
tinued, is lucid and authoritati tive, II, Of
! course, does not differ from statements
which have been made by well-tnformed
persons and by editorial comment, such as
| has several times been printed in the
| Press
But the important and new declara tion
1 which is contained In the letter, and which
| instantly attracted the eye Of every finan-
| cier here, was the assertion that, while il
| has hitherto been found possible to main
tain the parity by limiting the coinage, and
by receiving without discrimination gold or
| silver and also 10y paying without discrirni-
| nation gold or silver in accordance with de-
| mands. yet, if the emergency should ever
| arise when 1t was found necessary that
| such course could rot alone maintain the
| parity, then the Treasury Department will
| exchange gold for silver in case the de-
| mand he made.
| This statement, while II suggests the
! radical difference between the supporters
| of the existing standard and of the polio,
of maintaining the parity of gold and sill.
| YER. and Bryan and his free silver party
is also REGARDED as of great importance a
this time, since X amounts to an assuranc.
to the wcrld that, until the end of thi.
administration, no matter what happens
the parity will be maintained. and gold will
b" exchanged for silver If that is deemed
necessary.
| This answers q question which has beer
! very often asked of financiers here, anc
, which European capitalists have. perhaps
more perSistently asked than any Ameri
| can has done. Nc satisfactory answer ha,
been given TO ii before this time. All tha
! could be said was that the Treasury De
partment did not exchange gold for silver
| although there was nothing to show tha
| it had ever been asked to do it.
Whether it would, IL demanded, 2nak
such exchange was something about whicl
financiers differed. Some were of the opin
ion that it would be obliged to, if the de
mand made in good faith and no
simply for the purpose of embarrassing
the Treasury Department. 1t had discre
| | to foir xr-itI ,nrhi ipt, ;s
redeem treasury notes and greenbackS, al
though 1t had never exercised 1t, alway
| assuming that when these notes were pre-
sented for redemption gold was wanted
Some of our fnanciers say that, whe
i Mr.. Carlisle was In this city a year ag
he was asked If he would exchange on de
mand gold or silver. and he declined to re
ply, perhaps because he felt that he shoul
not be asked what he would do unless tn
l emergency had arisen which compelled hir
| to make decision.
1T is not probable that any such emel
| gency now exists. Until after election
| at all events the Treasury Department
| safe, and Mr.. Carlisle would probably d.
cline to exchange gold for silver in cas-
the demand were made upon him. sine
| he would feel certain that such deman
| was made not in good faith, but for tn
purpose of embarrassment. Therefore
, is evident that he has been thus frank
| declaring that, while the Treasury d.
$ | partment has not made this exchange, "
J, | if the necessity should arise it would M
| hesitate to do SO, SO that the parity migf
0 | be maintained, because he desires tn,
f those who are advocating the sound none
| doctrine may be freed from all embarras
v | ment.
: They may hereafter say to any silv'
e advocate who asks them il the silver dc
lar can b, redeemed in gold, 1t is not r
t deemed now because 1t is not necessar
s but 1t will be received in exchange for go
n whenever the Treasury Department fin
: is necessary to do that in order to mai
t tain the parity
t THE feeling here is that this announc
o ment will when 1t is heard in Europ
= | tend to increase the confidence which
& | the past three or four weeks has been slo'
l. ly but surely growing there. 1t will al
n have a moral effect Of much importan
s during this campaign.
= "It should be said that the annouuc
S ment does cause some surprise, since Z
| common opinion here has been that I
Treasury Department would not unde
take to receive silver for gold in any ever
although the ablest Of our financiers ha
always said that an emergency might ari
- when it would be necessary for the Trea
r ury to do this If 1t proposed to use all
s. powers and resources in maintaining t
,f parity"