The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1896-10-03
MAINTAINING THE PARITY.
An Important Statement from Secretary
CarIiele.


In letter TO an inquirer who asks
about the maintenance of silver dollars
now in circulation at a parity with gold,
Mr.. Carlisle makes the statement that
| IL II was deemed necessary the secre-
tary OF the treasury would redeem the
silver dollars in gold. No secretary OF
the treasury ever has done so, and we
do not know that any secretary of the
treasury has ever stated before that he
would do so, but the conditions have
not been such heretofore as TO call for
any statement upon the subject.
As is common knowledge, silver dol
lars are not redeemable in gold, yet
while the bullion value I'm a silver dollar
Is only about 50 cents, still the silver
dollar circulates on a parity with the
| gold dollar. One reason assigned for
| this is that the silver dollars are re-
ceived by the government in payments
| TO itself, which Is form Of redemption.
The other reason given Is that the gov
| eminent has pledged itself TO maintain
the silver dollars which IL has issued at
parity with gold, which, of course,
might mean that the government
would redeem the dollars in gold under
| certain contingencies. 1t is on this
pledge that Secretary Carlisle bases the
| statement that he would redeem silver
dollars in gold If that policy should be
necessary in order TO maintain the pari-
| ty After reciting that these silver dol
lars had been received by the people on
the faith OF this pledge made by the gov
eminent, he says:
ut is not doubted that whatever can be
lawfully done 20 maintain equality in the
exchangeablo value OF the two metals will
| be done whenever II becomes necessary,
| and. although silver dollars and silver GER
tincates have not, up 10 the present time,
been received In exchange for gold, yet, II
the time shall ever come when the parity
cannot be otherwise maintained, such ex-
| changes viii be made IL Ii the duty OF the
| secretary OF the treasury and all other
public officials 10 execute In good faith the
policy declared by congress. and whenever
| he shall be satisfied that the silver dollar
cannot be kept equal In purchasing power
with the gold dollar except by receiving
II IN exchange for the gold dollar, when
| such exchange IL demanded, Il will be his
duty 20 adopt that course"
This statement, coming from the sec
rotary of the treasury. is one OF great
! importance, and must be accepted as
inc stutclntht Oh pollcy OF the treasury
department, at least for this admins
tration. While Mr.. Carlisle declares
that silver dollars should be redeemed
In gold II that policy shall be necessary
In order TO preserve the parity, he eN-
presses the belief that the means Mt
present employed for maintaining the
parity will be found sufficient IL the
present policy is adhered to and the
coinage OF silver kept within reason
able limits.-Chicago Record Qnd.).
ryThe popocratic managers have the
gng ready and IRE only waiting for an
opportunity 10 alp IL into organs
mouth. The Mckinley managers appear
TO he the only ones who are willing r.
let him talk.-Chicago Post.
To Chin Iii Nj PUN, the hew Corean
minister. the American ice cream came
rs discovery and an inspiration. Pun
has II with every meal and sometimes
orders IL between meals" American
girls would take naturally to Chin.