Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-09-16
CARLISLE on THE SILVER DOLLAR.
How IL Is Maintained mt Par With
Gold.


Of bullion commercially worth only about
50 cents each. are maintained at a parity
with god. notwithstanding the fact that
the government does not directly redeem
them. or the certificates issued upon
them. I'm gold. is received. and as
great many inquiries upon the same sub
jcct are addressed TO me daily from diff
ferent parts Of the country, which, ii is
impracticable to answer in detail. / will
take advantage Of your favor to answer
them all at once.
IAN the standard silver dollars issued
from the mints since the passage of the
act OF 1878. now amounting 10 more than
Si33. 10000 have been coined on public
account from bullion purchased by the
government. and are legal tender in pay
ment OF all debts. public. and private.
without regard TO the amount. eX-
cept when otherwise expressly stipulated
in the contract between the parties. They
belong TO the government when coined,
and they are paid out by the govern
ment at a parity with gold for property
and services of all kinds. and received
from the people at a parity with gold in
the payment of all public dues and de-
mands. The government has made no
discrimination whatever between the
coins OF the two metals. gold having been
paid on its coin obligations when gold
was demanded. and silver having been
paid when silver was demanded.
"Under this policy the coinage has been
so limited by law and the policy of the
Treasury Department that the amount
coined has not become so great as TO
drive the more valuable coin. gold. out
of use. and thus destroy the basis Of our
monetary system; and, so long as the
two metals are Of unequal commercial
value. at the ratio established by law.
this limitation upon the coinage Is, in
my opinion. absolutely essential to the
maintenance of their parity in effecting
exchanges. II constitutes the principal
safeguard for the protection of our cur
rency against the depreciation which the
experience of all countries has shown
would otherwise result from the attempt
10 use two legal-tender coins of the same
denomination, but of unequal value. If
the limitation were removed, confidence
i'm the ability Of the government to pre-
serve equality in the exchangeable value
Of the coins would be destroyed. and the
parity would be lost long before the
amount of silver coined had become real
ly excessive. With free and unlimited
coinage of silver on account of private
individuals and corporations the govern
tion to maintain the parity; and. more
over. IL would be unable TO do So because
the volume of overvalued silver forced
into the circulation by legal-tender pro-
vision would soon expel gold from
the country. or put such a premium
upon IL that IL would be impossible to
procure and hold in the Treasury a suf-
ficient amount to provide for the redemp-
tion Of silver on presentation. In order
to maintain the parity under such con-
ditions the government would be COM
PEELED from the beginning to exchange
gold for silver dollars. and their paper
representatives, whenever demanded;
just as il now exchanges gold for its own
notes. when demanded: and, as the coin
age of silver dollars would be unlimited
and therefore constantly increasing. a
point would soon be reached where II
would be impossible TO continue the pro-
cess of redemption.
STATUTORY DECLARATIONS.
"The implied obligations of the gov
ernment to preserve the value of the
money which II coins from its own bui
lion, and for its own use. and which II
forces it's citizens to receive in exchange
for. their property and services has been
by two statutory declara-
tions. which substantially pledge the pub
lie faith to the maintenance of that pol
icy. The act of July II, 1880, after provid-
ing that the Secretary of the Treasury
should. under such regulation as he might
prescribe. redeem the Treasury notes is
sued in the purchase of silver bullion IN
gold or silver coin at his discretion. de-
clares that il is the established policy
of the United States 10 maintain 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 oi
November l, 1898. again declares IT TO be
the policy of the United States TO coz
tinue the use of both gold and silver as
standard money, and to coin both gold
and silver into money of equal intrinsic
and exchangeable value, such quality 70
be secured through international agree
ment 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 ana the
payment of debts
'With knowledge OF these assurances,
the people have received these coins, ana
have relied confidently upon the goou
faith of their government. and the conn-
dence thus inspired has been most po-
tent factor in the maintenance OF the
parity The public has been satisfied that
so long as our present monetary system
Is preserved the government VIII 90
whatever it's moral obligations and ex-
press declarations REQUIRE 1t to do, ana
very largely. as consequence OF this
confidence in the good faith of the Execu-
tive authorities. the silver coins have not
deprecated I'm value.
''It is not doubted that whatever can
be lawfully done 10 maintain equality In
the exchangeable value of the two metais
will be done whenever ii becomes neces-
sary, and. although silver dollars ana
silver certificates have not. up to the
presen; time, been received In exchange
Tor gold: yet, II the time shall ever come
when the parity canrot be otherwise
such exchanges will be made.
II is the duty OF the Secretary OF the
Treasury and OF all other public officials
TO execute In good faith the policy de-
clared by Congress. sand whenever he
shall be satisfied that the silver dollar
cannot be kept equal In purchasing power
with the gold dollar, except by re-
ceiving II In exchange for the gold dol |
lar when such exchange Is demanded
il will be his duty to adopt that course. |
But II our present policy Is adhered TO. |
and the coinage Is kept within reason |
able limits. the means heretofore en- |
ployed for the maintenance OF the parity |
will doubtless be found sufficient In the |
future. and our silver dollars and silver |
certificates will continue to circulate at |
par with gold. thus enabling the people |
20 use both metals. instead Of one only. |
IS would be the case II the parity were |
destroyed by free coinage.
ssionedl "J q CARII8IE.~