Pine Bluff daily graphic., 1895-12-12

silver alone as their standard of value
 All history warns us against rash ex- periments which threaten violent i changes in our monetary standard and the degradation of our currency. The past is full of lessons teaching not only the economic dangers, but the national i immortality that follows in the train of such experiments. 1 will not believe that the American people can be per suaded after sober deliberation to Jeop- ardize their nations prestige and proud standing by encouraging financial nos truIns, nor that they will yield to the false allurements of cheap money, when : they realize that it must result in the weakening of that financial integrity and rectitude which thus far in our history have been so devotedly cherished as one of the traits of true Amerieanism. Our country's indebtedness, whether owing by the government or existing be- tween individuals, has been contracted with reference to our present standard. To decree by act of congress that these debts shall be payable in less valuable dollars than those within the contem- plation and intention of the parties when contracted would operate to trans fer, by the fiat of law, and without com pensation, an amount of property and volume of rights and interests almost incalculable.
 Those who advocate a blind and head long plunge to free coinage in the name of bimetallism and protesting the be- lief contrary to all experience, that we could thus establish double standard and concurrent circulation of both metals in our coinage, are certainly reckoning from a cloudy standpoint. Our present standard of value is the standard of the civilized world and per mits the only bimetallism now possible, or at least that is within the independ- ent reach of any single nation, however powerful that nation may be.
 There is q vast difference between a standard of value and a currency for monetary use. The standard must neces- sarily be fixed and certain. The currency may be in divers forms and of various kinds. No silver standard country has gold currency ill circulation, but an en- frightened and wise system of finance se- cures the benefits of both gold and silver as currency and circulating medium by keeping the standard stable and all other currency at par with it. Such system and such q standard also give free scope for the use and expansion of safe and conservative credit, so indis pensable to broad and growing commer- cial transactions and so well substituted for the actual use of money. If fixed and stable standard is maintained such as the magnitude and safety of our com mereial transactions and business re- quire, the use of money itself is con- veniently minimized. Every dollar of fixed and stable value has through the agency of confident credit an astonishing capacity of multiplying itself in finan- cial work. Every unstable and huctuat- ing dollar fails as a basis of credit, and it's use begets gambling speculation and undermines the foundations of honest enterprise.
 I have ventured to express myself on this subject with earnestness and plain ness of speech becanse cannot rid my self of the belief that there turks in the proposition for tho free coinage of sil- yer, so strongly approved and so enthu- siastically advocated by multitude of my countrymen, 8 serious menace to our prosperity and an insidious temptation of our people to wander from the ale glance they owe to public and private integrity. It is because I donot distrusi the good faith and sincerity of those who press this scheme that have i'm. perfectly but with zeal submitted my thoughts upon this mementous subject. I cannot refrain from begging them tC re-examine their views and beliefs II the light of patriotic reason and familiar experience, and to weigh again ani again the consequences of such legisla tion as their efforts have invited. Ever the continued agitation of the subject adds greatly to the difficulties of dan gerous financial situation already forced upon us.