Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-09-20
CARLISLE ANSWERED
GOVERNMENTS RELATIONS II
MONEY.
CAPTAIN John Lamb Tells why the
silver Dollars Are at Pnr-Discrimi-
nation Against sIlver--An "Obiect-
Lesson" 60 the Gold Men.

To the Editor OF the Dispatch;
Among the arguments in favor OF The
free coinage Of silver which tho advo-
Gates OF the single gold standard find Il
difficult 10 answer Is the fact that the
present silver dollars circulate freely al
their face value chat IS. are at a parity
with gold. although they contain not
more than 50 cents worth Of bullion Gas
measured by gold, and though the gov
eminent does not directly redeem them,
or the certificates issued upon them, In
gold. These dollars are an "object les
son OF a troublesome sort to the gold
men. and they have at last called on
Secretary Carlisle to help them ont OF
the difficulty; and he has responded In q
letter addressed to Mir. James r. Helm,
Of Louisville. KY published In the Dis
patch Of September lS. 1880. which Is
remarkable contribution to the discus
sion OF the great financial question.
say a remarkable contribution. because
the source from which It comes stamps
It as representing at once the pest
thought OF the gold side OF the question:
Department, II that side SHAH TRIUMPH
IN November.
The obvious answer 70 the question why
these silver dollars are at par with
gold Is that they possess full legal
tender qualities; they are receiVable
at their face value IN payment OF
all debts. public and private, eX-
cept where otherwise expressly stipulated
in the contract between the parties.
They arc, therefore rs good as gold Ior
all the purposes for which money Is
used But this answer does not suit the
gold men. because 1t is ruinouS TO thelr
case.
The letter in which Mr.. Carlisle under
takes 10 answer this question contains
matter OF vital importance TO the people
Of this country. and to which their at
tention should be sharply called, as l
shall presently show.
lie says that these standard silver
dollars have been coined on public &C
count from bullion purchased by the
government. They belong to the
government when coined, and they are
paid out by the government at parity
with gold for property and services OF
all kinds, and received from the people
at a parity with god in payment Of all
public dues and demands" And from
that there Is q moral obligation on the
government TO maintain them at a parity
with gold, while he denies that there
IS any such obligation when silver is
coined free for individuals who may
bring II 10 the mint.
Is not this novel financial doctrine?
Under the Constitution Of the United
States Congress has the duty, and the
sole power. "to coin money and regu-
late the value thereof" Does tie
Secretary mean 10 say that there is
no duty 10 regulate the value OF
money unless the government shall first
purchase the bullion, coin it. and pay it
out for property or services? is it pos
sible that the government can discredit.
by refusing to receive it.at its face value,
any coin on which 10 has set its stamp
in obedience to law which declares
that such coin shall be a legal tender for
all debts and dues, public and lriVatei
and DO so on the ground that the govern
ment did not own the bullion when IL was
coined. and did not pay out The coin
in the first instance? How is it posi-
bic FOR the government 20 owe any higher
duty TO one sort Of money issued by It
under authority Of law than TO another,
unless 70 be I'm consequence Of an eX-
press declaration Of the peoples will as
declared In the public statutes?
In 1873. when Mr.. Carlisle was in the
House Of Representatives. and was ap-
parently much nearer to the great heart
Of the people than he has been Of late
years. he had much clearer concep-
ton OF the relations Of government TO
money lie then said: with an ample
currency an Industrious and frugal peo-
pie Will speedily rebuild their works of
internal Improvement and repair losses
Of property; but no amount of industry
or economy on the part of the people can
create money. when the government
creates or authorizes it the citizen may
acquire II. but he can do nothing more"
Mr.. Carlisle goes on 10 say that with
free coinage the government would not
only be under no moral obligation 10
maintain q parity between the metals.
but that 10 would be unable 10 do so DE
cause the volume Of oyer-vlued silver
forced into circulation by legal tender
provision would soon expel gold from the
country or put such premium upon
it that 10 would be impossible 10 procure
and hold in the Treasury a sufficient
amount 10 provide for the redemption
OF silver on presentation. In order TO
maintain the parity under such conditions
the government would be compelled from
the beginning 10 exchange gold for silver
dollars, and their paper representatives.
whenever demanded"
10 Is difficult TO understand what IS
meant by this statement. 1t IS impossl
ble to believe that the Secretary OF the
Treasury Is really OF opinion that when
we shah have restored silver 90 its place
as money OF final payment and redemp-
ton. and provided for its free and I'M
limited coinage equally with gold, at a
ratio 9xec by law. that Il will be pro-
posed by anybody TO redeem silver dol
lars, or their paper representatives,. I'm
gold. And yet this IS what he seems 10
have said in express language. This
would seem almost incOmprehenslble, ex-
cept Tor the fact that. as / shall now
show he has IN this letter declared his
intention, II occasion arises. to-redeem in
sold the present silver dollars, notwith-
standing the fact that they are made by
law a full legal tender for all debts, pub
lie and private. and are declared In the
statute TO be the standard money Of the
country. His declaration on this subject
IS as follows:
at Is the duty OF the Secretary Of the
Treasury and Of all other public officials
20 execute IN good faith the policy de-
clared 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 Is demanded 1t will be
his duty 10 adopt that course"
This IS the most significant and alarm
ing utterance which has come from the
Treasury Department since Secretary
Foster announced, IN 1891. that the govern
I0ent had surrendered 10 the holders
OF It's obligations the option 10
demand gold or silver I'm their payment
Up TO the time of this letter of Mr.. Car
Isles nobody had supposed that the