New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-09-16
MR.. CARLISLE EXPLAINS.
HOW 53-CENT SILVER DOLLARS ARE KEPT
AT A PARITY WITH GOLD.
IT Is BECAUSE THEY ARE BACKED BY THE MORAL
OBLIGATION OF THE GOVERNMENT. WHICH
WOULD NOT BE THE CASE UNDER
FREE COINAGE

WOULD NOT BE THE CASE UNDER
FREE COINAGE.
Washington Sept. l5.-secretary Carlisle. from
his retreat in Bar Harbor. Me. has addressed TO
one OF his Kentucky correspondents the following
letter which is made public to-day:
Mr. James p Helm Louisville s ny how the silver
dollars which contain quantity OF Duilon con-
merciay worth only about % cents each are ina ~.
fact that the Government does not directly re-
deem them the certificates issued upon mem III
gold is received. and as n great many INQUIRIES
upon the same subject addressed TO me daily
from different parts'of the country when IL Is I'M
ptase Of Your favor to answer them all at once
Sil the standard silver dollars issued from the
amounting to more than si3Soo0N have been
coined public account from bullion pur re ass
ment OF all debts. public and private without re-
gard TO the amount, except when o,nerw Nn ,h
pressly stipulated in the contract between b Sne
parties They belong TO the Goyernment wren
coined and ay are pa or %or and services Of
all kinds and received from the people al parry
wit: gold in the payment OF all pubic dueS anu W.
Tie Government has made no discrimination
whatever between the coins OF the tWo moraS' sUn
gold was demanded. and silver having been pald
coinage has been so limited by law and the policy
Of the Treasury Department that the amount la
coined has not become so great as 10 drtNe the
more valuable coin, gold out Of USE and thus de-
stroy the basis of our monetary system; anu 20
value at the ratio established by law this linlta-
ton upon the coinage is. in my opinion apsolu'ey
essential to the maintenance OF their party, IN
effecting exchanges. 1t constitutes the prncipai
safeguard for the protection OF our CURRENCY
against the depreciation which the experience o!
ali countries has shown would otherwise result
from the attempt TO use the legal-tender CONS OF
the Limitation removed, confidence IN the
ability of the Government 10 preserve equany III
the exchangeable value of the CONS would ne ue-
s;royed and the parity would be lost long before
the cunt OF silver coinage had become really eA-
With free and unlimited coinage Of silver on ac-
count OF private individuals ana coIporauonis we
Government would be under no moral oDngatlon TO
maintain the parity. and moreover IL woui1 Ds
unable to do So because the volume OF
provision would soon eXpe gold from me Coun',S
or put such premium 9Ioh a II ,n tbe rr"asrv
sufficient amount to provide for the redemputoh od
PARITY under such conditions the Government would
be compelled from the beginning 10 exchange gold
whenever demanded, just as it now exchanges gold
for its own notes when demanded and as me com
age OF silver dollars would be unlimited ana mere
fore constantly nGreasng POM Woq io continue
reached whers w0Tid be 'p0SS'''e u
The implied obligation of the Government to pre-
serve the value of the money which COINS lIoi IA
its own bullion and for Its own use. and which 1t
forces it's citizens TO receive In exchange LOT her
two statutory declarations which substantially
pledge the public faith TO the maintenanGe OF MA
the Secretary of the Treasury should, under such
regulations as he might prescribe fdee en mf in
gold or silver coin at his discretion. declares that
IL Is "he established policy of the United States 10
maintain the two metals parity with each
other upon the present legal rauo on sucH , arno
as NAV be provided by law. and the act OF NoEeih-
her 1893 again declares il to be the policy OF the
United States to continue the use OF DO.n Eo, ~
silver standard money and TO coin poth s3lu anu
silver into money of equal intrinsic ana eNchithEc-
able value such equality to be secured through III
ternational ssneGInf t Ui ,bs naintenance of the
parity OF value of the coins Of the two metals ana
the equal power of every dollar AT all times IN the
markets and in the payment OF uept tho neople
have received these coins and have relied conf
IDENTIFY upon the good faith OF their CIoNerhhltnt.
potent factor in the maintenance OF tle pa ~ ~
The pubic has been satisfied that. so lOfs as Oui
present monetary system is preserved, me gov
eminent will do whatever its moral obhgauons
and EXPRESS declarations require II 20 do. and very
largely in consequence of this confidence in inc
good faith of the executive authorizes Ihe shnet
doubted that whatever can he laW1uiN uVVic 70 70
maintain equality in the eXchangeable Nalue OF
the two metals will be done whenever II becomes
necessary and although silver dollars ana siINer
certificate have not up to the present time heem
received IN exchange for gold, yet if the time sha
ever come when the parity cannot be otherwlse
maintained such exchanges VIII be maze
II is the duty Of the Secretary of the treasury
and OF all other public officials TO execute IN sood
faith the policy declared by Congress, ana WhHh-
ever he shall be satisfied that the silver doar
cannot be kept equal in purchasing power, WIN
the gold dollar. except by receiving II In exchange
for the gold dollar when such exchange Is ue-
But II our present policy Is adhered 70 ana ne
coinage is kept within reasonable limits. lhe
heretofore employed Tor the a.,
of the parity will doubtless be found sullclent III
the future and our silver dollars and silver GER
tihcates will continue 10 circulate AZ par WIN
gold thus enabling the people to use both metals as
parity were deS"oSeo O' '''' j. G. CARLISLE