The Forrest City times., 1895-06-21

II am instructed by the committee on
resolutions" said Senator Jones, Ito pre-
| sent the following report and move Its
adoption" The senator then read the
resolutions In a clear strong voice, as fol-
lows:
Silver and gold coin have i'm all ages con-
| stituted the money OF the world, were the
| money of the fathers of the Republic. the
money of history and of the constitution.
| The universal experience OF mankind
has demonstrated that the joint use of
both silver and gold coin as one money
constitutes the most stable standard of
value, and that the full amount of both
metals Is necessary as medium OF exc
| change.
The decentralization of either of these
historic money metals means an apprecia-
| ton in the value OF money, a fall in prices
of commodities, a diminution of the profits
of legitimate business, a continuing in
crease in the burden of debts, a with
drawal Of money from the channels OF
trade and industry where 1t no longer
yields safe and sure return, and idle ac-
emulation I'm the banks and In the great
money centers of the country.
There Is no health or soundness in a
| financial system under which boarded
dollar Is productive of increase to its pos
SCISSOR, while an invested dollar yields
constantly diminishing return, under
which fortunes are made by the acretiOns
OF idle capital or DESTROYED by persis-
tent fall in the prices of commodities and
persistent dwindling in the margin of
profits in almost every branch OF useful
| industry Such a system is premium
upon soth and penalty upon industry,
and such system is that which the criip-
inal legislation of 1878 has imposed upon
this country. "
The bimetalic standard of silver and
gold has behind it the experience Of ages
and has been tested and approved by the
enlightened and deliberate judgment of
mankind. The gold standard is de.
parture from the established policy of the
civilized world, with nothing to commend
1t but twenty-five years of depression and
disaster to the people and extraordinary
| accumulation of wealth in the hands of
the few.
There are some facts bearing upon this
question recognized and admitted by all
candid men, whether advocates of bimetal
lism or of the single gold standard. Among
these is the fact that the very year that
marked the change from the bimetallic to
the single gold standard is the very year
that marked the change from a condition of
rising prices, large profits, general COLI
tehtment and great prosperity to cOndi-
ton Of falling prices, diminishing profits,
insecurity OF Investments, unemployed la
Dor and heavy depression in all branches
of trade and industry. 1t is not matter of
dispute even, among the honest advocates
of the gold standard, that general prosper
ity came to an end with the destruction of
the bimetallic system, and that hard times,
falling prices, idle wOrkmen and wde-
spread depression came i'm with the gold
STANDARD aud prevails today wherever the
| gold standard has been adopted.
Every international monetary conference
that has been called. every demand i'm
this country and in Europe for an interna-
| tional agreement. to re-establish the bime-
taIlic standard, is a confession that the de-
monetization of silver was blunder If
not crime; that its consequences have
been disastrous and that the conditions it
has wrought are full of menace and of
peril.
The logic Of facts established beyond in
| teligent question that the destruction of
silver as primary money by a conspiracy
| of selfish interests is the cause of the wide
spread depression and suffering that be-
gan with the geld standard. There can
be no restoration of prosperity, no perma-
| nent relief from prevailing conditions,
until the great cause has been removed by
a complete restoration of silver to its prop
| er place as money metal, equal with gold
We believe in money Of stable value; but
we believe, least of all, in an approaching
standard. 1t is only through the practi-
cal operation of bimetallism that stable
standard of value can be secured. A
standard constituted OF money constantly
increasing in value is not a sound, sim
gle nor stable standard, but constant.
ly changing standard. The effect of gold
monometallism is to establish one stand
ard for the creditor and another for the
debtor; and there can be no more dishon.
est monetary system than that which gives
short measure to the borrower and longer
measure to the lender. Unper the policy
prevailing prior to 1878 there can be no
violent change in the relative value of the
two metals, for rise in value of one metal
is counteracted by decreased demand
and Il fall in value by an increased demand
Under the operation of this beneticent law
a stable relation was maintained between
| them in spite of the most extreme changes
| in relative productions. From the earliest
| period OF our history up to 1878 the right
of the debtor 10 choose whether he should
pay his debts in silver or gold coin was
always recognized. The subsequent policy
has been to transfer this right to the cred
| itor, thus tending to constantly increase
the value OF the dearer metal and destroy
the parity between them.
| Believing that it is absolutely necessary
| to revise this iniquitous aud ruinous policy.
| we therefore resolve:
That we favor the immediate restoration
of silver to its former place as a full legal
tender standard money equal with gold,