Milford chronicle., 1896-10-09
hfsv SILVER DOLLARS ARE As GOOD
as GOLD ONES.

How is IL tha6 can nuy as much now WIN
a silver dollar as ! can with gold dollarl
Why won't silver dollars be just as good un-
der free coinage as they are now2
These are samples Of the inquiries
that men are asking all over the coun-
try. and these and similar queries have
poured in upon Secretary Carlisle in
such quantities that he has deemed it
advisable to answer them by means Of
an open letter, which contains a clear,
frank and convincing explanation of
this matter.
Summed up in a single word, it may
be said that FAITH is at the basis of the
governments ability to maintain each
Of the silver dollars on a par with gold.
The people have faith that each silver
dollar issued by the government will
+, purchase exactly as much as a gold dol
lar viii. Remove that faith, destroy
that Confidence, upset that belief, and
the government, strong and powerful as
it is will find itself unable to maintain
the parity between the silver and the
gold dollar, with the inevitable result
that the silver dollar will sink to its
commercial value Of about 90 cents,
while, on the principle that a poor dollar
drives ont a good one, the gold dollar
will disappear entirely from circulation.
The people of this country have freely
received silver dollars because the faith,
the honor and the integrity of the ma
tion are pledged to keep the silver dollar
on an equality with the gold dollar
For this reason the silver dollar In
spite of its commercial shrinkage, has
been readily accepted at its face value
by the people. But if any doubt arises
IN tho public mind as to the govern
ment's ability to keep its pledge, there
is at once a sudden v ithdrawal of gold
from circulation either by foreign cred.
itors or by domestic hoarders Such
condition was created in 1898 and was
responsible for the panic of that year,
which was further due to the additional
fact that the government was issuing
too many silver dollars under the Bland
law, and too many paper dollars in pay.
ment for silver bars under the Sherman
law. Congress was obliged, therefore,
to stop the issue of this money. But al
ready nearly 5000, 900, 900 in silver dol
lars and silvernotes had been created, and
the government naturally found consid- c
cradle trouble in keeping this mass of '
silver together with S346, 600. 600 in t
greenbacks, on parity with gold. AS :
a result it was obliged at times to pur- b
chase gold to keep up the equality by the t
issue of bonds t'
Now, If the government has had so :,
much difficulty in keeping its silver and b
gold dollars exchangeable, with a com Ii
limited issue of silver dollars la
md notes, how can it possibly hope to =
maintain this parity when our minis are
open to all the silver of all the world,
when the citizen of any nation ON the -,
globe can come to our minis and have
10 cents worth of silver metal coined
nro silver dollar? The government he
would no longer be able to redeem its IA
Obligations in gold, because point 81 81
you'd soon be reached where it would ii,
e impossible to exchange gold for silver W,
ollars and their paper representatives, tn
he parity between the gold and silver E El
ollars would soon be removed, the wi
quality in the exohangeable value of the en-
bins would be destroyed, and the coun- ric
y would descend to silver basis, with Nyl'
le result that a silver dollar would be t t,,i
orth its commercial value and nothing of
ore. VIII
This commercial value now amounts 4 ISI
about 90 cents, and, reckoning on that W.,
isis, the enactment of a law for the cot
&c and unlimited coinage of silver at ton
g ratio of 10 to would be a violation =
the explicit obligations of the nation, He
lich by an act of congress has de- anC
lred it to be "the established policy dut
the United States to maintain the wa
o metals on parity with each other. - Ton Ton
would be confession that the people ran
d lost faith in the ability and integ- at
y Of the government to redeem its eru
lmises. It would be "a violation of ianS
, implied and expressed pledges on bus
} faith of which the people have ac- he /
tied hundreds Of millions Of these sill a y
: dollars in payment for goods and raw
vices at their full gold value. It To ]
iuld be a wholesale reputation ON the ply,
TT Of the government against its own ny y
liens, and the dollars, being full legal stea
lder, would compel all debtors to re- time
iiate half their obligations, cut down Iyss
lsions, wages, salaries, savings bank i ior
'osits and insurance policies one-half, I'll
whelm the whole country in disas- 9TH
!" you
These are, in brief, some of the rea- othe nc.
s why the silver dollar today passes at ~ a. a
ial and current with its gold COM form
lion, and why the silver dollar will eustc
to its own intrinsic value if our was
its are opened to the free and unlim- he he's, =
coinage Of silver steak
~ gone