Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1896-09-18
GOLD AND SILVER.
Secretary Carlisle Writes a Letter
Concerning the Metals.
HOW THE PARITY is MAINTAINED.

Government Makes No Discrimination
Between Them-Public Faith Pledged
to Preserve the Value OF the
Money 1t Coins.
Washington, Sept. 1e.-Secretary Car
Asle, from his summer retreat In Bar
Harbor, Me-, has addressed to one OF
his Kentucky correspondents the fol-
lowing letter:
tMr, James P. Helm, Louisville, Ky.-My
Dear Sir: Your letter asking how the Sill
yer dollars, which contain quantity OF
bullion commercially worth only about 6S
cents each, are maintained at a parity
with gold, Notwithstanding the fact that
the government does not directly reaeeh
them, or the certificates issued upon them.
in gold, is received, and, as great many
inquiries upon the same subject are ad-
dressed to me daily from different parts
Of the country, which 1t Is impracticable
to answer In detail, will take advantage
Of your favor to answer them all at once:
All the standard silver dollars Issued
from the nints since the passage OF the
act Of 1875 now amounting to more than
s48S. 900 900, have been coined on PUBLIC ac-
count from bullion purchased py the gov.
eminent, and are legal tender IN payment
Of all debts. public ana private, "at .hore
regard to the amount, except when otner.
wise expressly stipulated In the contract
between the parties. They belong to the
government when coined and they are paid
out by the government at party VITA
gold for property and services OF all Kings,
and received from the people at party
with rold In the payment OF all public dues
and demands.
No Discrimination,
.erha government has made no discrim-
;nation between the coins Of the two metals
gold having been paid on Its coin opiga'
lions when gold was DEMANDED anu snyee
having been paid when silver was oe-
manded. Under this polcy me e., eo nni,e,,
Of the treasury department that tne
amount coined has not become so great as
~ drva the more valuable coin, gold, OUT
Of use. and thus destroy the BASIS OF our
monetary system; and 80 long as .ne ivy
metals are Of unequal commercial va!ue'
at the RADIO established by law, this uml-
tation upon the coinage V, m my op!naoa.
ehsointeiy essential to tho maintenance
If their parity in effecting exchanges. ~
constitutes the principal safeguard IoF !ne
probation which the experisnce OF al cou .3.
tr,as has shown would otherwise result
from the attempt to use two legal tenoer
coins of the same denomination, put OF
UNEQUAL value. II the Limitation We're re-
moved. confidence IN the ability OF the sov.
ohaneeable value Of the coins would be
| destroyed and the parity WSMo pe toss
ionp before the amount of silver coinage
had become really excessive.
Eject Of Free Coinage
with free and unlimited coinage o. 81,
| yar m account Of private individuals ana
cornorations the government Wouio pc
under no moral obligation 70 !ai.A ,.a NE
| M ritv. and moreover, 1t would pc unao!e
70 do so. because the volume OF over
s,o,,,ed silver forced into the circulation by
y iagal tender provision would soon expel
gold from the country or put sHch Q pre-
MUM upon 1t that 1t Wouli pc lmposslole
| ficient amount to provide for the redemp-
| tion of silver on presentation. In order to
| maintain the parity under SUCH conditions
/ the government would be compelled from
| the beginning to exchange gold TOT suVer
| dollars and their paper representatives
whenever demanded. Just as 1t now ex-
changes gold for its own notes when de-
| manded: and, as the coinage OF silver dol
lars would be unlimited, ara. therefore,
1 constantly increasing, point Woula soon
| be reached where 1t would be Impossible TO
| Continue the process Of redemption.
Public Faith LIS Pledged.
sThe implied obligation Of the govern
|
which It coins from its own bullion and
| FIR is Own use, and which forces Its citt-
| sAns. 10 receive tn exchange Gcr their prop
TfY ;4na Service. had heeh sApplementG
81 fwp htatutofS dSscleranof1s which SUD
GaffialiS pledge the pubfsc faith to the
maintenance Of that policy. The act Of
July IA, 1890, after providing that the sec
rotary of the treasury should, under such
regulations as he might prescribe. redeem
the treasury notes issued In the purchase
To- 11d IN oil q q
discretion, debates that It is the estab-
| lished policy Of the United States to main
tain the two metals on parity with each
other upon the present legal ratio, or such
ratio as may be provided by law" and
the act of November !, 1893, again declares
1t to be the policy of the United States to
continue the use Of both gold and silver as
| standard money and to coin both gold and
silver into money OF equal intrinsic and ex-
changeable value, such quality to be Sc
cured through international agreement, or
by such safeguards of legislation as will
insure the maintenance of the parity OF
value of the coins of the two metals and the
equal power Of every dollar at all times in
the markets in the payment of debts
with knowledge Of these assurances. the
people have received these coins and have
relied confidently upon the good faith OF
their government, and the confidence thus
inspired has been most Important factor
in the maintenance Of the parity. The pub
tic mas DeeH SdIlSlleu lIdI, 81 long rs INC
present monetary system Is preserved the
government will do whatever its moral OBJ
legations and expressed declarations re-
quire it to do, and very largely as conse-
quence of this confidence in the good faith
of the executive authorities the silver coins
have not deprecated in value. 1t is not
doubted that whatever can be lawfully
done to maintain equality in the exchange
able value of the two metals will be done
whenever 1t becomes necessary, and, al
though silver dollars and silver certificates
have not, up to the present time, been re-
ceived in exchange for gold, yet If the time
shall ever come when the parity cannot be
otherwise maintained such exchange Will
be made 1t is the duty Of the secretary
Of the treasury and of all other public
officials to execute In good faith the policy
declared by congress, and whenever he
ehall be satisfied that the silver dollar car
not be kept equal in purchasing power with
the gold dollar, except by receiving 1t in
exchange for the gold dollar when such
exchange is demanded, It will be his duty
) to adopt that course. But If our present
i. policy Is adhered to and the coinage is kept
within reasonable limits, the means here.
tofore employed for the maintenance a,
the parity will doubtless be found sufa.
Client IN the future. and our silver dollars
and silver certificates will continue to cir.
culate at par with gold, thus enabling the
people to use both metals, instead Of one
only, as would be the case If the parity
We're destroyed by free coinage.
]. G. CARLISLE"
Carlisle to Take the Stump.
Louisville, KY, Sept. 16.-George M
Davie, chairman of the national demo
cratic state central committea baS ra