The morning times., 1896-09-16

1
| blowing letter:
| Mr. James L. Helm, Louisville, KY:
| Deaf Sir: Your letter asking how the
silver uuiiars wnicn contain IA tLanil,y
| OF bullion. commercially worth only about
| o3 ceiitS eacn are naiIt ilincu al ii amy
! with gold, not understanding the fact tLat
] the government uoes not airectly Ie0een
| them, or the certiflcates ISSUED LIun them.
| III gold, is received, ana, as eieat many
| inquiries upon the SAME SUBJECT are au-
| dressed to me uaily from different parts
tn the ocuiit ry. winch IL Is ln-Jaa ctl,atle
| to answer in detail, l will take advantage
Of your favor 10 answer them all At once.
| All the standard silver dollars issued
! from the nIii.ts since the passage OF he act
Of 1873, now amounting tu more than
/ SiOS,UUU 900, have been colneu Oh pubic
account from bullion pnfchased- by the
| government, aud are legal tender III pay
! meut of all debts, public aud private.
! without regard To the amount, except when
otherwise stipulated III the contract be-
/ tween the PARTIES.
PASS AS GOLD.
They belong 10 the government when
| coined, and They are paid out by the govern
ment at a parity with gold Ior property and
| services OF all kinds, and received IRON the
people ;tl a parity with gold IN the pa yIHeGt
| OF all pubic dues and demands. The gov
ernment has made no discrimination wnit-
ever Between the coiTs OF the two metals.
gold having been PAID on lis coin obligations
| when GOLD was demanded, aud silver hav-
ing been paid when silver was demanded
inter tnis poIlCN the coinage has Lcrs
! so limited by law and the policy of tie
Treasury department, that TIE amount
| coined has not become SO great as To drive
| the more valuable coin, gold out of use,
| and thus destroy the bass OF our monet airy
| system: and as long as the two metals are
! of unequal commercial value, at tie ratio
established by law, tins limitation upon
| the coinace IS, in my opinion, sihsnlutel V
| essential to the maintenance OF their
parity IN effectins exchanges.
SAFEGUARD OF THE CURRENCY.
1t constitutes the principal safeguard
| for the protection of our currency against
the deprec alton which the experience OF II
countries has shown would otherwise result
from the attempt to use two legal tender
COINS OF the same denomination but or
unequal value.
little Limitation were removed, confidence
III the ability OF the government to preserve
equality in the exciianceahle value of the
CONS would be destroyed and tie parity
would be lost long before the amount OF
silver COMA ee lad EecLfr.e really excessive.
With free and unlimited coinage Of silver
on account or private individuals and cor
porarlutS the government would be under
no moral obligation 10 maintain the parity,
and, moreover, 1t would be unable TO 90
so, because the volume or over -valu ed silver
forced into tie circulation by a legal tender
provision woulu soon cxpcl gold from the
country or put such premium upon il that
II would lie Impossible TO procure and hold
in the Treasury u sufficient amount o pro-
videfor tie redemption of silver ON presenta-
ton.
In order to maintain the pnrity under
such coDdItion> the government would be
compelled from the beginning to exchange
gold Tor silver dollars. ana their paper
representatives, whenever demanded lust
as IL now exchanges gold for its own notes
when demanded, and as the coinage OF
silver dollars would be unlimited and
therefore constantly incrca sing, q point
would soon he reached where it would be
Impossible TO continue The process of
redemption.
DUTY OF THE GOVERNMENT.
The implied obligation OF the govern
ment to preserve the value of the money,
which il coins from it, own bulIion and far
Its own Use and Which il forces Its citizens
To receive in exchange Tor their pIoperty
ana services, had been supplemented by
two statutory declarations, which sub
stantially pleuge the public faith to the
maintenance of that policy.
The act OF July IA, 1eSu, after provid-
ing that the Secretary OF the Treasury
should, under such regulators as he might
prescribe. redeem the treasury notes issued
in the purchase Of silver bullion, in gold
or silver con at his discretion, declares
that IL Is the established policy OF the
United states To maintain the two metals
ON "A parity with each osher upon the pres
ent legal ratio, or such ratio as may be
provided by law. and the act Of Novem-
ber /, 1893, again declares 1t to be The
policy OF the United States to continue
the use Of bot!i gold and silver as standard
money and TO coin both gold aud silver
liuo Ilu icy tl eQudI HtrlilslC ana eX-
changeable value, such quality to be
secured through international agreement
or bu such safeguards OF legisla tion as
Will insure the maintenance OF the parity
of value OF the coins OF the wo metals and
the equal power OF every dollar at all
times In the markets in the payment OF
debts
TRUSTED BY THE PEOPLE.
With knowledge of these assurances. the
people have received these coins and ha We
their government: and the confidence
thus inspired has been most potent
factor III the maintenance OF the parity
The public has been satisfied, that, so
long as our present monetary system is
preserved, the government will do what
ever its moral obligations and express
declarations require it TO do, and very
largely as a consequence of this conf
dence in the good faith of the executive
authorities. the sill yer coins have not
deprecated in value.
IL is not Goubted that whatever can be
lawfully done TO maintain equality in the
eNchangcahle value Of the two metals will
lie dom whenever il becomes necessary,
and, although silver dollars and silver
certificates nave not, UP TO the present
time, been received for gold, yet, if the
time shall ever come when the parity can
nd I've otherwise maintained. such ex-
changes 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 de- /
Cldreu 10y congress, ana whenever he shall
he satisfied that the silver Golla.r cannot
be salts fled that the silver dollar cannot
the gold dollar except 10y receiving it in
exchange for the gold Cellar, when such
exchange is demanded, ii will te his duty |
to adopt that course
But II our present policy is adhered to, and
the coinage is kept within reasonable |
limits, the means heretofore employed for |
the maintenance of tie parity will Doubtless |
be found sufficient in the future, and our |
silver dollars and silver certificates will |
continue 10 circulate at par with gold, |
thus enabling the people to use both metals !
instead or only one, as would he the case |
If the parity were destroyed bv free. coinage |
= ..4 j. G. CARLISLE