Pine Bluff daily graphic., 1896-08-28

would bear t,le expense of coininq the sil- yer and the community would suffer loss by its use.
 Titc Dollars Compared.
 We have coined since lS78 more than sAel, l,6Ot.0a0 of silver. which are rnaintainpd by the government tt parity with gold and are full legal tender for tke payment of all debts. public and arivate How are the silver dollars now in use different from those which would be in use under free coinage. They are to be of the same weight and fineness: they are to bear the same stamp Of the government. Why would they not be Of the same values I answer The silver dollars now in use were coined on account of the government and not for private account or gain. and the government has solemnly agreed to keep them as good as the best dollar we have The government bought the silver bullion at its market Valne and coined it into sil- yer dollars. Having exclusive control of the mintage. if only coins what it can hold at parity with gold. The difference be tween the value of the bullion and the face of the silver eioliar goes to the government tor the benefit If the people. The govern ment bought the silver bullion contained in the silver dollar Tt less thaa it's coinage yalne. They paid it to it's creditors and put It Tn circulation among the people at It's face value of 100 cents or a full dollar 1t required the people to accept it as a le- gal tender and is thus morally bound to maintain 1t at parity with the gold dol lar which IS now the recognized standard with us and the most enlightened nations of the world. The government having is- sued and circulated the silver dollar, it must in he''nr protect the holder from loss. This obliga af1 it has so far saeredly kept. Not only is there moral obligation, but there s a legal obligation expressed in public statute. to maintain the parity.
 They Could Not Be Kept at Par.
 These dollars. in the particulars have named. are net the same as the dollars that woH'a he issned under free coinage. They would be the same in form, but diff. ferent value. The government would haveno part in the transactions except to coin the silver bullion into dollars. It would share in no part of the profits. It would take upon itself no obligation It would not put the dollars into circulation. It couid only get them as any citizen would get them by giving something for them. It would de iger them to those who depos- tied the silFo~ and it's connection with the transaction there would end Such are the silver dollars which would be issued under free coinage or silver at a ratio of ls to 1. Who would then maintain the parityf What would keep them at par with golds There would be no obligation resting upon the government to do it, and if there were, it would be powerless to do it. The sim pie truth s, we would be driven to a silver basis-silver monometalism. These dol lars. therefore. would stand upon their real value If the free and unlimited coinage Of silver at the ratio Of Is ounces of silver to ounce of gold would. as some of it's advocates assert, make 5 cents in silver worth 1eB cents and the silver dol- lar equal to the gold dollar then we would have no cheaper money than now, and it would be no easier to get But that such would be the result is against reason and is contradicted by experience in all times and in all lands.
 It means the dehasement of our currency to the amount of the difference between the commercial and coin value of the silver dollar which k ever changing and the ef- feet would be to reduce property values, entail untold financial loss and destroy confidence impair the obligations of exist ing contracts. further impoyerish the Ia borers and producers of the country. create n panic of unparalleled severity and infict upon trade and commerce a deadly blow Against any such policy am nnalterably