The herald., 1896-03-17
CARLISLE IS A CANDIDATE
THE SOUND MONEY SECRETARY IS THE
PRESIDENTS FIRST CHOICE
Carlisle viii 90 Before the Democratic Con-
vention as the Representative Of the Sound
Money Views Of the President and Of the
Po)ple-Honest Money,
Associated Press special Wire.

Associated Press Special Wire.
WASHINGTON, March 16.-secretary Car
Isle is candidate for the presidential
nomination at Chicago, and public an
nouIcement to that effect will soon be
made by one of the secretary's close
friends. This announcement, however,
will not be made until President Cleveland
has formally stated his purpose not to per-
init his name to be used in the convention
in connection with third term. II 10
learned on excellent authority that the
president has fully decided upon this
course, and 1t is expected that he will make
known his determination within a short
time. Although Secretary Olney's name
has been considered with favor by the
Democratic leaders. it is known that
he does not desire the nomination. 1t is
undoubtedly true that Mr.. Carlisle's candi-
dacy will have the support of Mr.. Cleve-
land and the members of the csb binet. He
will go before the convention al the repre-
sentative of the sound. money views of tine
administration. His friends in conducting
the canvass for Mr.. Carlisle's nomination
will urge that it be laid upon sound money
platform. and if he is successful at Chicago
will then make this issue prominent in
the campaign leading up to the November
elections.
Representative Patterson OF Tennessee
letter in response to ex-Speaker Crisp's
declaration that silver had received un-
friendly treatment at the secretary Is hands.
In a speech delivered in the house of
representatives on the 4th day of Febru-
ary the ex-speaker said:
HE (meaning the secretary of the treas
ury) refuses to give silver for gold because
he must hold the silver to pay the silver
certificates and Sherman notes issued un.
der the act of 1890, and when Sherman
note issued under the act of 1890 is pre-
sented he redeems it in gold and not silver.
What mockery is this? What sort of
friendly treatment is accorded silver by
this law and the practice that obtains at
the treasury of the United States?"
Secretary Carlisle in his reply to letter
written by Mr.. Patterson says:
I'm answer to your question can only
say that in all the operations of the treas
ury department during my administration
OF its affairs, the legal tender gold and sill
yer certificates of the United States have
been treated precisely alike, except that
greater efforts have been made to keep
silver coin in circulation. The amount
paid out by this department in silver coins
and silver certificates greatly exceeds the
amount paid out in gold coins and gold
certificates, and in no instance has the
least discrimination been against silver or
Its paper representative. In no instance has
silver or silver certificates been refused in
payment of debt or demand due the gov
ernment, and in no instance has the gov
ernment refused to pay silver or silver cer-
tificates in discharging it's obligations when
the holders of the obligations demanded
| OF requested such payment. When the
| United States notes Or treasury notes are
presented for redemption. gold is paid if it
is demanded and if silver is demanded
silver is paid. Thus the coin of the two
metals are treated exactly alike in maxi
ing payments by the government as we'll
as in the discharge OF debts due the gov.
ernment Ii has always been the policy of
the treasury department to discourage the
use of silver to the largest possible extern
and in order to accomplish this, standard
silver dollars will be sent by express at
the expense of the government to any one
who will deposit on equivalent amount in
silver certificates or treasury notes in 1890
with the United States treasurer or any
assistant treasurer or with a national bank
depositary, and subsidiary coins will be
sent by express at the expense of the gov
ernment to any one who will deposit with
such officers or banks any kind of United
States currency or national bank notes;
but gold is not sent to anybody free of
charge.
"In August, 1898, there was great and
unusual demand in nearly every part of
the country for currency of small denomi-
nations, and in its attempt to supply this
demand the treasury department paid out,
i'm defraying the expenses of the govern
ment and in exchange for other forms of
currency. all the silver that could be law
fully used for these purposes, SO that, for a
short period, il was compelled to suspend
payment in standard silver dollars except
in the redemption of silver certificates and
treasury notes in 1890. The law authoriz-
ing the use of silver certificates on deposits
of silver provides that the coin deposited
for or representing the certificates shall be
tn tvoo for fha &C
same on demand.'
sit ia therefore plain that whenever the
amount of silver dollars in the treasury
does not exceed the amount of silver GER
tificates the secretary of the treasury can
not, without violation of the law, pay out
such silver except for the redemption of
certificates. At such times he has no more
right to exchange silver dollars for gold
than he has to pay them out in any other
manner.
But there is another fund in the treasury
which is required by law to be held for a
different purpose. !tconsists OF the bullion
and the staneard silver dollars coined from
the bullion purchased under the act of
July Ia, 1890. That act provides for the
purchase of silver bullion at the market
price and the issue of treasury notes in
payment for lit and it also declares that
mo greater nor less amount of such dotes
shall be outstanding at any time than the
cost of the silver bullion and the standard
silver dollars coined therefrom than held
III the treasury purchased by such notes."
"Under this provision the secretary is
required to keep in the treasury at all
times an amount of silver bullion, at IT'S
cost price and in standard silver dollars
coined from the purchased bullion, exactly
equal to the amount of treasury notes out
standing; and he cannot, therefore, law
fully use such standard silver dollars ex-
cept for the redemption and cancellation
of treasury notes.
"My letter to the United States senate,
upon which Mr.. Crisp's statement seems
70 have been based. was written on the
| Sth day of August, S93. and at that time
there was no free silver in the treasury:
that is, there were no standard silver dol
lars in the treasury except such as the law
required to be held for the redemption of
silver certificates and the treasury notes of
1890. and these redemptions were made
at all times during that mcnth and every
other month when these forms of cur
rency were presented. During the month
of August, 1892, treasury notes to the
amount of 81 ,293,267 we're redeemed in
silver and cancelled, and since the first day
of August, 1898, the total amount of such
notes redeemed in silver and cancelled is
$l9.533, 1872.
"Prior to my administration of the af-
fairs of the department none of these
notes had been redeemed or Cancelled.
"Since the beginning of this administra-
ton nearly $llO,O0O,0OO in gold has been
procured in exchange for other forms of
currency. Of this amount $S, ,OS5.9l2 has
been produced in exchange for silver coin
and $1O,329.33U III exchange for silver
certif1cafes The departmont has never