Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1896-03-18
Letter from, secretary Carlisle.

had received unirlendIy ueS'''i0"' ~ wv
Secretary's hand
"lh Dear Sir: Your favor of February
II was duly received aud ought TO have been
answered at once, but the pressure Of Official
business has compelled me to delay re-
spouse until now. You state that in a speech
delivered by the Hon. Charles f. Crisp IN
the House Of Representatives on the l4'hdAy
of February that gentleman said
Gle meaning the Secretary of the Treas
urv) refuses to give silver for gold because
he must hold the silver to pay the silver GER
66cates and sherman notes issued under the
act of 1890, and when sherman note, IS
sued under the act Of 1890 is presented he
redeems it in gold and not in silver. What
mockery is this; what sort Of friendly treat
meot is accorded silver by this law and the
practice that obtains at the treasury OF the
United Statos?" You ask me to Estate fully
how YOU lD have dealt with the silver cur
rency since your lmyl incumbeney OF the
office of the Secretary of the Treasury, and
whether YOU ~ have, in dealing with The
subject. discredted silver?'
"In answer to your question, can only
say that in all the operations of the Treasury
Department during my administration of its
affairs. the legal tender gold and silver coins
Of the United States have been treated pre-
eisely alike. except that greater efforts have
been made to keep silver coin in circulation
than have been made to keep gold coin in
circulation.
The amount paid out by the department
i'm silver coins and silver certificates greatly
exceeds the amount paid out in gold coins
and gold certificates, and in no instance has
the least discrimination been made against
silver or its paper representative. In no In
stance has silver or silver certificates been
refused i'm payment OF a debt or demand due
the government and in no instance has the
government refused to pay silver coins or
silver certificates in discharge of its obliga-
tons when the holders of the obligations
demanded orrequested such payment. When
United States notes or treasury notes ave
presented for redemption, gold is paid, If 1t
is demanded. and if silver is demanded sill
yer is paid. Thus the coins Of the two
metals are treated exactly alike in making
payments By the government, as well as in
the discharge Of debts due to the govern
ment Tt has always been the policy of the
Treasury Department to encourage the use
Of silver to the largest possible extent, and
in order TO accomplish this standard silver
| dollars will beseut by express at the expense
/ Of the government to any one who will de-
post an equivalent amount in silver certli-
Gates OF in treasury notes Of 1850 with the
| United States treasury, or with a national
bank depository, and subsidiary silver coins
will be sent by express at the expense of
| the government to any one who vill deposit
with such officers or banks any kind OF
United states currency or national bank
notes. bu, gold is not sent TO anybody free
Of charge
Tn August, 1898, there was a great aud
unusual demand ia nearly every part Of the
country for currency of small denomiua-
tious. and iu its attempts to supply this de-
mand the Treasury Department paid out, in
| deirayiug the expenses Of the government
aud in exchange for other forms of currency,
an the silver that could be lawfully used for
these purposes, SO that for short period it
was compelled 20 suspend payment in stand
ard silver dollars except in the redemption
OF silver certificates and treasury notes Of
llS90. The las authorizing the issue Of sill
yer certificates upon deposits of silver pro-
viIes that the coin deposited for or repre-
senting the certificates shall be retained in
the treasury for the payment Of the same on
demand Il is therefore, plain that when
ever The amount of silver dollars in the
treasury does not excel the amount Of sill
yer certificates outstanding the Secretary Of
the Treasury cannot, without a violation of
law. pay out such silver except for the re
i smptiou of certificates At such times he
ha. no more right to exchange silver dollars
for gold than be has to pay them out in any
other manner
But there is also another fund 10 the
treasury which is required by law to be held
for different purpose. 1t consists Of the
bullion and the standard silver dollars COIN
cd from the bullion purchased under the act
of July II, 1890 That ACT provides for the
purchase of silver bullion at the market
price and the issue of treasury notes in pay
ment for it, and it also declares that mo
greater or less amount Of such notes shall be
outstanding at any time than the cost of the
silver bullion aud the standard silver dol
lars coined therefrom, then held in the
I treasury purchased by such notes" Under
/ THE provision the secretary is required to
| keep in the treasury at all times an amount
of silver bullion, AZ it's cost price. and in
standard silver dollars coined from the pCr-
chased bullion exactly equal to the amount
of the treasury notes outstanding and he
cannot therefore lawfully use such standard
silver dollars except for the redemption and
cancellation of treasury notes.
"My letter to the United States Senate
upon which Mr. Crisp's statement seems to