The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1896-05-23

speaks or fis Famous 1873 speech--ftis
Present Position.

journal prints the following letter iIoin
Secretary OF the Treasury John @. Car
Isle 10 Hon. John IL. Johns. of Pres
tonsburg. Ky. Mr.. Johns had written
the secretary. saying that in discus
sion OF the currency question with hts
free silver friends he finds that their
strongest arguments seemed TO be that
Mr.. Carlisle had made speech in favor
OF the free coinage OF silver on one oc-
casion. The secretary in his reply says;
1.-THE report that made n speech In favor
OF free-colnage OF silver was made for the
first time about three years ago. and has
/ been kept constantly In circulation Dy the
advocates OF free coinage ever since. not
withstanding the weli-known fact that the
only speech ever made upon the subJect,
and which Is printed I'm the official records
OF the proceedings OF the house OF repre-
sentatives, shows clearly that was OBJ
posed 10 that policy. Perhaps IL VIII not be
improper. In answering your letter, 20 state
briefly what my position upon the qucs-
ton or free coinage then was as shown
by the speech OF February Il, 1878. which
Is the one from which garbled extracts are
being made by the advocates OF that policy
and, IN doing this, distinctly disclaim any
purpose 10 vindicate myself against the
charge OF Inconsistency. because. In my
opinion, such a charge. whether true or
false Is OF no consequence whatever IN the
discussion OF this or any other question.
1.-THE fact that a man Is wrong at one
time IN life constitutes no reason why he
should be wrong always, and even IL IL
wcro true that had advocated the free
coinage OF silver is years ago would have
boon a political coward II had refused
on that account to follow my honest con-
victions and oppose such policy when
satisfied that II would be injurious 10 the
country. 1 am more anxious 10 be right
than TO be consistent. and II the gentlemen
who quote garbled extracts from an old
speech, made when the conditions were en-
tireiy different from what they are now,
can convince me by fair argument that any
OF my present opinions upon that or any
other subject are erroneous. Will not hes
itatc to abandon them.
THE speech made In the house OF repre-
scntatives on the 2lst day of February.
| 1875, Is the only one to which the advocates
| OF tree coinage ever refer and that was
made In opposition to free coinage and In
| favor OF striking out free coinage pro-
| vision from a bill, and inserting In place
| OF IL a section requiring the secretary OF
| the treasury 10 purchase not less than 81
| 900 worth nor more than $4,000, 600 worth
| of silver bullion each month, and coin Il
| irto standard silver dollars on account OF
| tho United States government and giving
| the government the benefit OF the gain or
| soiRniorage. instead OF giving Il TO the
| owners OF bullion, as would be the case un-
| der system OF free coinage. AT that time
| the silver dollar had been dropped entirely
| from tho coinage, by the act OF FEBRUARY
| 70, 1873 and such as has been coined pre-
vious to that date were legal tender only
/ to the extent of five dollars. by the act OF
4 1874, the difference between the value OF a
silver dollar and the value OF a gold dollar.
! at the ratio OF sixteen 10 one. was only
about seven or eight cents. and i. together
with many other gentlemen who were op-
| posed TO free coinage, then believed that
this small difference between the value OF
| the two dollars would be removed II the
/ United States should resume the coinage
Dnd use OF silver as full legal tender.
"On the 9Th day OF November. 1877. mo-
/ ton was made I'm the house OF representa-
tives TO suspend the rules and II passed
| a bill which. among other provisions con-
tanned the following clauses:
| And any owner OF silver bullion may
| deposit the same at any United States
coinage mint or assay office, TO be coined
into such dollars. for his benefit, upon the
| same terms and conditions as gold bullion
is deposited for coinage under existing
laws
FINALLY, after long discussion in the
| senate. the bill was amended by striking
out the free coinage provision and insert
ing I'm its place the following:
land the secretary OF the treasury IS
authorized and directed to purchase from
time 10 time silver bullion at the market
| price thereof, not less than 81 600. 900 worth
| por month. nor more than $4,000 coo worth
per month, and cause the same TO be coined
| monthly as fast ~ so purchased: and n
sum sufficient 10 carry out the foregoing
| provision OF this act Is hereby appropriated
| out OF any money la the treasury not other
wise appropriated. And any gain or
| seignoragc arising from this coinage shall
be accounted for and paid into the treasury
as provided under existing laws relative
| 10 the subsidiary coinage
"The bill with this amendment was sent
back TO the house for the concurrence OF
| that body. and on the 2ist day OF February.
| 1875 while Il was under consideration,
| made the speech which has been so often
| referred 20 during the last three years by
| the advocates OF free coinage, and n few
sentences from which they have frequently
published. In this speech said among
| other things, that the overloaded taxpay-
| ers OF this country, already staggering and
sinking under tho burdens imposed upon
them by unwise legislation. would have
been subjected by that provision to a new
| cxaction of several millions OF dollars an
nuaily TO pay for coming the bullion OF
| capitalists at home and abroad. ] cannot
| become the advocate OF such "A system.
either as to gold or silver. and although
my vote was given for the bill as II passed
| the house under n suspension OF the rules,
with this feature In II. did not approve
Of Il. and then hoped that IL would be
| amended In the senate
MY position upon this subject Is briefly
this. I am opposed TO the free coinage OF
|
limited coinage Of both metals upon terms
OF exact equality. No discrimination should
be made In favor OF one metal and against
the other; nor should any discrimination
be made In favor OF the holders OF either
gold or.silver bullion and against the great
body or the people who own other kinds
or property. A great government should
! treat all It's citizens alike, and whenever IL
| attempts TO do otherwise II VIII engendeF
| a spirit or discomfort which sooner or lat0r
must disturb the harmony II not the peace
OF society. Il is scarcely necessary TO say
that a gross discrimination would be made
between the twp metals II tho owners os
silver bullion were permitted TO have 81
or 90 cents worth OF silver coined and
stamped AS a dollar, when the owners OF
gold bullion were required TO present 100
cents worth OF gold In order to have their
metal coined and stamped as a dollar. The
two metals are coined upon terms OF exact
equality only when dollars worth OF sill
yer "a contained In the silver dollar and a
dollars worth OF gold Is contained I'm the
gold dollar. and when no more IN charged
for the coinage OF one than for the coinage
OF the other. In the speech referred TO i
showed that the ratio established by the
coinage act OF 1922 overvRlued silver and
drove gold out OF circulation"