The record-union., 1896-05-18
He Was Opposed to Free Coinage nj
1878. as He is Now.
He Shows Why He Spoke at That
Time and What Ground He Took
Upon the Question, and That AL
though His Opinions Have UNDER
gone Change on Some PROPOSE
tiOns, They Are the Same in Re-
SpeCt to Free Coinage as They
Were Then.


letter from Secretary of the Treasury
Carlisle to Hon. John H. Johns of Pres
tonsburg, KY. 1t is in part as fellows:
Treasury Department, office of the
Secretary, Washington, May 16, 1896
Hon. John H. Johns, Prestonsburg,
Ky.-My dear sir: Your favor of April
24th, in which you say that in the dis
cussion of the currency question with
your free silver friends you find that
their strongest arguments seem to be
that had made a speech in favor of the
free coinage of silver ON one occasion,
was duly received, but my official duties
and other important matters have SO
occupied my time that no opportunity
could be found to answer you until now.
THE report that 1 made a speech in
favor of free coinage was spread for
the first time about three years ago,
and has been kept constantly in circula-
tion by the advocates Of free coinage
ever since, Notwithstanding the we'll
known fact that the only speech that 1
ever made on the subject and which was
reported in the official record of the pro-
ceedings of the House of Representa-
tives shows that was opposed to that
policy.
"Pehaps IT will not be improper in
answering your letter to state briefly
what my position upon the question of
free coinage then was, as shown by the
speech of February 21, 1878 which is
the one from which garbled extracts are
being made by the advocates of that
policy; and in doing this 1 distinctly
d1sclaim any purpose to vindicate my
self against the charges of inconSist-
ency, because in my opinion such a
charge, whether true or false, is of no
consequence whatever in the discussion
OF this or any other question. The fact
that man is wrong at one time in life
constitutes no reason why he should be
wrong always, and even If it were true
that l had advocated the free coinage
of silver eighteen years ago I would
have been political coward if 1 had
refused ON that account to follow my
honest convictions and opposed pol
icy, when satisfied that it would be in
jNtous to the country. 1 am more anx-
ious to be right than to be consistent,
and If the gentlemen who quote garbled
extracts from an old speech made when
the conditions were entirely different
me by fair argument that any of my
political opinions upon that subject, or
any other subject are erroneous, l will
not hesitate to abandon them. The
speech made in the House of Repre-
sentatives on the 21st day of February
1878, is the only one to which the advo-
Gates of free coinage ever refer, and
that was made in opposition to free
coinage and in favor of striking out
free coinage provision from a bill and
inserting in place Of it section requir-
ing the Secretary of the Treasury to
purchase not less than $1,000, 900 worth
nor more than $4 900, 600 worth Of silver
bullion each month, and coin 1t into
standard silver dollars on account of the
United States Government, and giving
the Government the benefit of gain or
seigniorage, instead of giving it to the
owners of bullion, as would be the case
under a system of free coinage.
AT that time the silver dollar would
have been dropped entirely from the
coinage by the Act Of February II,
1873, and such as had been coined pre-
vious to that date were legal tender
only to the extent of So. By the Act of
1874 the difference between the value
Of a silver dollar and the value of gold
dollar at the ratio of Is to 1 was only
about seven or eight cents, and 1, to-
gether with many other gentlemen who
were opposed to free coinage, then be-
lieved that this small difference be-
tween the value of the two dollars
would be removed If the United States
should resume the coinage and use of
silver as full legal tender.
"On the 9TH of November, 1877, a
motion was made in the House of Rep
resentatives to suspend the rules and
it passed a bill which, among other
provisions contained the following
clause: And any owner of silver bull
ion may deposit the same at any United
States coming mint or assay office to be
coined into such dollars, for his bene-
fit, upon the same terms and conditions
as gold bullion deposited for free coin
age under existing laws
Finally, after a long discussion in
the Senate, the bill was amended by
striking out the free coinage provision
and inserting in it's place the follow
ing: And the Secretary of the Treas
ury is authorized and directed to pur-
chase from time to time silver bullion
at the market price thereof not less
than 100000 worth per month, nor
more than $4,000,000 worth per month
and cause the same to be coined month
ly as fast as so purchased, and sum
sufficient to carry out the foregoing
provision of this Act is hereby appropri-
ated out of any money in the treasury
not otherwise appropriated. And any
gain or seigniorage arising from this
coinage shall be accounted for and paid
into the treasury as provided under
existing laws relative to the subsidiary
coinage
THE bill, with this amendment, was
sent back to the House for the concur
renee of that body and on the 21st day
Of February, 1875 while it was under
consideration I made the speech which
has been so often referred to during
the last three years by the advocates
OF free coinage and few sentences from
which they have frequently published
I'm this speech / said, among other
things, the overloaded taxpayers of
oil TO