Richmond planet. [volume] (Richmond, Va.) 1883-1938, 1896-09-26
Why SILVER DOLLARS ARE AS GOOD
As GOLD ONES

AS GOLD ONES.
How Is it that silver dollar, which possesses
snly about 81 cents worth OF commercial val
ne. be maintained at parity with the
gold doslsrf
How is il that 1 can buy as much now with
a silver dollar as can with n gold dollarf
Why won't silver dollars be just as good I'M
der free coinage as they are now3
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 par with gold.
The people have faith that each silver
dollar issued by the government will
purchase exactly as much as gold dol
lar will. 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 50 cents,
while, on the principle that a poor dollar
drives ont 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
ton 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 the public mind as TO the govern
ment's ability TO keep its pledge, there
is at once a sudden withdrawal 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. 600. 900 in silver dol
lars and silver notes had been created, and
the government naturally found oonsid-
cradle trouble ia keeping this mass OF
silver, together with $S40. 600. 900 in
greenbacks, ON a parity with gold. AS
result it was obliged at times to pur-
chase gold TO keep up the equality by the
issue Of bonds.
, Now, if the government has had SC
much difficulty in keeping its silver anc
t gold dollars exchangeable, with a com
paratively limited issue of silver dollars
D and notes. how can it possibly hope t
a maintain this parity when our minis ar.
S open to all the silver Of all the world
when the citizen of any nation on tn,
I globe can come TO our minis and hav,
D 90 cents worth of silver metal coineC
= into a silver dollar? The government
p would no longer be able 70 redeem it
\ obligations in gold, because a poin
would soon be reached where it woulC
be impossible to exchange gold for silve
dollars and their paper representatives
+ the parity between the gold and silve
o dollars would soon be removed, tn
equality in the exchangeable value of tn
coins would be destroyed, and the coun
try would descend TO silver basis, wit
the result that silver dollar would b
worth its commercial value and nothing
more.
This commercial value now amount
TO about 53 cents. and, reckoning ON tina
, basis, the enactment OF law for tn
free and unlimited coinage Of silver q
the ratio of 10 to would be violatio
of the explicit obligations of the nation
which by an act of congress has dc
clared it to be 1.-THE established polio
of the United States to maintain til
y two metalson parity with each other.
1t would be a confession that the peopl
h had lost faith in the ability and intee
l. rity Of the government to redeem il
4, promises. 1t would be "a violation {
T. the implied and expressed pledges o
the faith of which the people have az
cepted hundreds of millions of these 81,
yer dollars in payment for goods an
services at their full gold value.
would be wholesale population on til
part of the government against its ow
II citizens, and the dollars. being full legs
Ie tender, would compel all debtors to t,
pudiate half their obligations, cut dow
= pensions, wages, salaries, savings ban
r. deposits and insurance policies one-hali
and whelm the whole country in disa
:. ter"
- These are, in brief, some Of the re;
a sons why the silver dollar today passt
r. equal and current with its gold con
re panion, and why the silver dollar wi
4. sink to its own intrinsic value if OF
, minis are opened to the free and unlin
:. tied coinage of silver
in "
A tricky dollar never yet made ar
lie nation prosperous nor added anythiu
~ to the real wealth of its people. "a