Pine Bluff daily graphic., 1895-05-29

 delegate from each of the states represented were designated to prepare the pronouncfamento: John M' fullerton, Kentucky; D. II. Rich afdson, Georgia; S. c. Cox. Florida: George M. Trenholm, South Carolina: George E. Leighton, Missouri: Josiah Patterson, Tennessee; Richard H. Clarke, Alabama; U M. Rose. Arkan-r sas; Leroy Percy, Mississippi; J. c. Morris Louisiana; Rufus Hardy, Texas; Daniel Miller, Maryland; W k. Mayo, Virginia.
 There was no response when the states of West Virginia and North Car. olina were called.
 Just as the committee had been com pleted, the tall form of Secretary Car, ltsle emerged from the stage. Tn an instant delegates and spectators, women and children, were on their. feet, and mighty shout went up. It was succeeded by yell yet dear to southern hearts, and then again with Volley of cheers, with waving of hats and canes and other aecompaniments. The ovation continued for several mo-. ments, and was renewed when the sec-t retary of the treasury was formally presented.
 Silence having been with difficulty. restored, MT. Carlisle began his speech, the delivery of which occupied pre- cisely one and half hours. He spoke with unwonted energy and made few references to his notes. He was lis tened to with profound attention, the audience being apparently anxious to grasp and follow the trend of his argu- ment and the mass of figures with which 1t was supported, and there were few interruptions of approval until toward the close. Then when with quivering forefnger he declared that the hard-earned savings of the poor ought not to be sacrificed to the avarice of wealthy mine owners or the ambition of aspiring politicians, his hearers fairly went wild and when, in his peroration, he urged that there could be no prosperity for one section at the expense of the other, but that all must stand or fall together, it looked for moment as though the en- thusiastic audience would storm the platform.
 Synopsis of Secretary CarIisIe's Speech,
 The proposition to revotutionize our mone- tary system and destroy the credit of the gov ernment and the people at home and abroad unsettie all exchangable values, and obstrucb the trade of our people among themselves end with the peoples of other countries ehaIlenges the intelligence, patriotism and commercial honor of every man. No matter what may be the real purposes and motives Qi those who make the proposition to legalize the free and unlimited coinage of silver at the ratio of l6 to 1. these are the consequences involved in their scheme. In no other part of the country will the consequences of such a policy prove more injurious to the material interests of the peo- pie than in the south.
 ACTUAL STOCK OF BULLION.
 .'Although we have the gold standard in this country, our actual stock of gold bullion and coin amounts to only about one-third of our actual currency We have about S625, 100000 gold. S387 ,s79 in full legal tender silver, $3i6.681 000 in old United States notest Sl49,5844Tl in treasury notes ts- sued on purchase Of silver bullion S209, ,7ia $50 ln national notes, and S76 1e9,569 in subsidiary silver coin, making in all Si 804, ,707, ,763 exclu. sive of the minor coins and every dollar Of this vast volume of currency is kept equal in value to the standard established by law. so that every man who receives. a silver dollar or paper dollar In exchange for his products, or in satisfaction of . debt, gets just as good Q dollar as tho man who receives. gold. This is the monetary system and this is the financial condition which the advocates of free coinage at the rBtio of t6 to now propose to revolu- ttonize at once by a change in the standard of value so that the whole mass of circulation left for the use of the people would be reduced to about one-haH the purchasing power it now has.
 CAN WE GO IT ALoNEY
 The proposition now pending before the people Is; It Is proposed that the United States, without the corporation or assistance of any other government, shall provide by law that all silver bullion or foreign Esilver coins that may be presented at the mrnts by individuals or corporations foreign or domestic, shall be coined, at the public expense Into silver dollars, at tho ratio of I6 to with gold-that is that l6 pounds of silver shall be considered equal in value to one pound of gold, and the weights of the coins shalI be adjusted accordingly that the coins so made at the public expense shall be delivered to the owners of the bullion, or for eign silver coins as the case may be, and all the people of the United States be compelled by law to receive them as dollars of full value In the payment of debts due them from their own fellow-citizens and from the citizens or subjects of other countries. My own opinion is that after we had passed certain limit the more silver dollars we coined the less they would be worth, because the imitation itself would still further diminish their purchasing power
 THE RATIO
 "I3y the act of 1792, which was our first coin age law, the legal ratio between gold and sil- yer was fixed at 15 to l, when in fact the true commercial ratio was or soon became about | 1b% to l. and the result of this very small overvaluation of silver in the coinage was that gold went out of | circulation and we had practical silver mono metallism until after the passage of the act of | 1884 For the purpose of restoring gold to the circulation, congress, in 1894, changed the ratio from I5 to i to l6 to 1, and as this was an over valuation of gold in the coinage, silver left the country, and from that time on until 1878 we had practically gold monometallism, when- ever we had any metallic basis at all for our currency.
 ONE COIN MUST GO.
 'The important fact, conclusively established by the history of financial legislation and Its effects upon the circulation of the coins of the metals is that whenever one of them is over valued relatively to the other in the coinage laws, with free coinage or coinage upon equal terms, and both are made legal tender, the