What story has Carousel horses in it that come to life and become white of the sea?

The story you're describing is "The Silver Stallion" by Marguerite Henry.

In this book, a carousel horse named Silver, gifted to a young girl named Abby, comes to life at night and escapes to the sea. There, he joins a herd of wild horses, becoming a "white of the sea" - a term used to describe the white horses of the ocean waves.

Let me know if you'd like to know more about the story or any other details!