Pine Bluff daily graphic., 1895-12-04

ISthr day Of Jufy, 16g0 the eWttiiira als Of gold from the treasury upon the notes given in payment on such purchases did not begin until october, 1891. Immediately following that date the withdrawals upon both these notes and United States notes increased very largely and have con tlnued to such extent that since the passage of that law there has been more than thirteen times as much gold taken ont of the treasury upon United States notes and treasury notes issued for silver purchases was thus wtthdra,sn during the eleven and one-half xears immediately prior thereto and after the ist day January, l519 when specie payments were resumed
 It Is neither unfair nor unjust to eharge large share Of our present financial perpleElties and dangers to the operation of the laws of ISIS and ls9j compelling the purchase of silver by the Rov. ernment which nor only furnished new treasury obligation upon which it's gold could be withdrawn but So increased the fear ,Q& an overwhelming Hood of siY9r and forced .. scent to silver pay ments that even the repeal of these laws did not entirely cure the evils of their .Istence While have endeaYOrcd to make d plain statement Of the dlsordered condition of our currency and the pres- ent dangers menaeing our prosperity and to sug-
 have constantly borne in mind the fact tl,ni of my country men, whose sincerity l do not doubt Insist that to the ills threatening us may be found in the single and simple remedy of the free coinage of silver. They contend that our hints shall at once be thrown open the free and unlImited and independent coinage of bofb gold and silver. and In full view of the fact that the ratio between the metals which they, suggest calls for loo cents worth of gold in the gold do7inr at ina present standard and only fifty cents worth Of sil- in the siiE Ter dollar Were there infinitely stronger reasons than cnn be ndduced for honing that such action would secure for us u bimetalltc currency moving on lines of parity, an experiment so novel and hazardous as that proposed might well stngger those who believe that stability is an imperative condition Uf sound money. No gov ernment, no human contrivance or act Of 1egisla- ton has been able hold the two inetaIs to- gether in free coinage at raso appreciably differ ent from that which is established in the markets of the world.
 Those who believe that our independent free coinage of silver at artificial ratio of gold of I5 to would restore the parity between the metals and consequently oppose an unsupported and im- probable theory to the general belief and practice of other nations and to the teaching and wishes the statesmen and economists of the world. both in the past and present, and what Is far more R hau fs ftf al riences Twice in our earlier history our law-ma1e- CTS In attempting to establish btmetullic cu-- accidentally varied from the actual relative value of the two metals not than three per cent and cost of transportation than now exists, the coins whose intrinsic worth undervalued in circulation and went to other countries where their value better recognized. Acts of natural causes derived even a slight equaltly Twice in recent history have signally failed to raise by legislation the value uf silver.
 Under an act of congress passed in l8.s the gov ernment required for more than twelve years to expend annually at least S24 0J0UO0 in the pur chase of silver bullion for coinage. The act of July II, 1890 in still bOder enort increased the amount of silver the goys .nnenI was compelled 10 purchase and forced it nn.ully to become the buyer Of 54 uOOG00 ounces, or practically the entire product of our mines. Under both laws silver rap idly and steadily declined in value. The prophecy snd the expressed hope and expectation of those In the congress who fed in the passage of the last mentioned act that 1t would re- establish main tain the former parity betS cen the two metals gre
 
 experiences, which accord with the experiences of other nations there is certainly ground for the belief that an act of congress could bridge an equality or 0O per cent between gold and silver al our present ratio, nor is there the least possi biity that our country which has less than one- seventh of the silver money in the world could. by its action alone raise moi only our own, but all silver to it's lost ratio with gold Our attempt to accomplish this by the free coinage Of silver at q ratio differing widely from actual relative values would be the signal for the complete departure of gold from our eireuationi the immediate and large contraction of our circulating medium and u shrinkage in the real value. and monetary etti- elency or all other forms or currency as they settled the level of silver nIonometallism Every one who receives fixed salary and every worker for wages would ind the dollar in his hand ruth lessly scaled down to the point of bitter disap- pointment, if not to pinchIng priyation. The change in our standard to silver monometalism would also bring on collapse of the entire system of credit which when based on standard winch Is recognized ana adopted py the world Of bust- ness, is many times more useful th-tn the entIe volume of currency and is safely ca- pable of almost indefinite expansion to meet the growth of trade and enterprise, In selfnvited struggle th.odsh ,rAnsss and uil- com ciousness that had pa ted company wln all and wers de perateiy palposey striving ID m. the of modern commerce anl competition w.th silver iheir standard of "a u- Al. history warns ms against ash experiments which threaten changes in monetary standard and the tt tgteaatioa Of our only the Jnomic dangers but the national immoral I ity that follows m the tram 9I sueh e1peilmshts snaded after sober debeTation 10 1eopardize their 1 l nnanciai nostrums. that they viii yield the false aliurementa of cheap money when they realize that it must result weakening of that financial integrity and rectitude which thus far in history has been doVotedy eherishel one of the traits true Ameficanisnl-
 Our country indebtedness, whether owing by the government existing between individuals has been contracted with to present standard To decree by Congress that these debts shall be pay able valuable dollars than those within temptation and intention or the parties when con tracted operate to transfer by the fiat of law and without compensation, amount oI property and a volume of rights and interests almost lneaic cuabie Those who advocate q blind and headiong plunge to l free coinage the of bnetsliisin and profess ing the beiief contrary to All ezferience- that we could thus eata double standard and concurrent circulation metals coinage are certainly 1 ck0ning from standppins- Dnr presen standafi If value is the sfanaafd of the civilized world permits only bInlet &iiisu possible. 1 east, independent reach of any s1nRie naIiol pow ertul that nation be