The record-union., 1896-05-18

/ sinking under the burdens imposed
| upon them by unwise legislation. would
| have been subjected by that provision
to new exaction of several millions of
dollars annually to pay for coming the
| bullion of capitalists at home and
abroad. l cannot become the advocate
OF such system either as to gold or
| silver, and although my vote was given
Tor the bill as it passed the House un-
| der suspension of the rules. with
this feature in it, I did not approve of
| 1t and then hoped 1t would be amended
in the Senate.
my position upon this subject is
briefly this: 1 am opposed to the free
coinage of either gold or silver. but /
favor limited coinage upon terms of
exact equality No discrimination
should be made In favor of one metal
and against the other; nor should any
discrimination be made in favor of the
holders of either gold or silver bullion
and against the great body of the peo-
pie who own other kinds of property
"A great Government should treat all
its citizens alike, and when it attempts
to do otherwise it will engender a spirit
or d1Scontent, which sooner or later
must disturb the harmony, if not the
peace OF society.
1T is scarcely necessary to say that a
gross discrimination would be made be-
tween the two metals if the owners of
silver bullion were permitted fifty or
hfty-tWo cents worth of silver coined
and stamped as q dollar, when the own
ers OF gold bullion were required to pre-
sent 100 cents worth of gold in order to
have their metal coined and stamped as
dollar The two metals are coined
upon terms of exact equality only when
dollars worth of silver is contained
in the silver dollar and a dollars worth
of gold is contained in the gold dollar
and when no more is charged for the
coinage of one than for the coinage of
the other.
In the speech referred to I showed
that the ratio established by the coinage
Act OF 1f92 over-valued silver and drove
gold out of circulation"
In conclusion Mr.. Carlisle says:
After careful review of the speech
of 1873 l think it would be a perfectly
fair Interpretation to say: First, that
L was opposed to the free coinage of sill
Yer; second, that l then believed the
restoration of the standard silver dollar
TO the coinage of the United States and
larger use of that metal in this coun-
try would not only arrest it's deprecia-
ton, but would ultimately restore it to a
parity with gold at the ratio of 16 to l:
thlrd, that when parity at this ratio had
been restored l would be in favor of
coming both metals upon terms of exact
equaHty; fourth, that I was opposed to
the total d1suse of silver as a legal ten
der money in this country; fifth. that I
was in favor of an international none
tary conference to consider the adop-
ton or common ratio between gold and
silver for the purpose of establishing
internationally the use of bimetallic
money and securing fxidity of relative
value between these metals.
Upon some of these propositions NV
opinions have undergone a complete
change, and l have made no attenpt TO
suppress or conceal the fact. Ny Off
clal course as Secretary of the Treas
ury and my speeches upon the subject
OF the currency are sufficient, | think. to
snow quite clearly what my present
opinions are and 1t is not necessary
therefore to restate them in this letter.
which is already much too long. Very
truly yours. a.. j. ARLISLE.'