Pine Bluff daily graphic., 1896-07-01

act of Feb. 21, 1858 Why did it omit from coinage the old standard silver dollar? Because that had been the intent of the act of 1853. In 1853 the dollar was entirely out of circulation, and no attempt was made to bring it back into circulation. Why did it make the gold dollar the unit of value? Because 1t had really been the metallic unit since 1884. And this was the ayowed intention of the act of 1853.
 The truth was that in 1872 the silver dollar was worth for bullion 3L cents more than the gold dollar and that sil- yer dollars had not been in circulation for many years. As Congressman Hoop CT said on April 9, 1872, when discuss ing the silver dollar: Ut does not circu- late now ill commercial transactions with any country, and the convenience of these manufacturers in this respect can better be met by supplying small stamped bars of the same standard, avoiding the useless expense of coining the dollar for that purpose. /"
 And MT. Kelley, who is reported as uafiuH 6b1o dlIo1 M ai1 O1lap AlC AlOb know that the bill omitted the standard silver dollar, said on this same day i: 'sIt is impossible to retain the double standard The values of gold and silver continually fiuctuate. You cannot de- termine this year what will be the rela- tive values of gold and silver next year. They were l5 to l short time ago. They are I6 to 1 now.
 Hence all experience has shown that you must have one standard coin which shall be legal tender for all others, and then you may promote your domes- tic convenience by having a subsidiary coinage of silver, which shall circulate i'll all parts of your country as legal ten der for a limited amount and be re- deemable at its face value by your gov ernment. s
 In another place ill the same speech MT. Kelley said "Eyery coin that is not gold is subsidiary.
 Even MT. Stewart, then as now a sen ator from Nevada, said on Feb. 20, 1874:
 By this process we shall come to specie basis, and when the laboring man receives a dollar it will have the purchasing power of dollar and he will not be called upon to do what is 1 impossible for him or the producing classes to do, figure upon the exchanges, figure upon the fluctuations, figure upon the gambling i'll New York. But he will know what his money is worth. Gold is the universal standard of the world Every body knows what dollal ill gold is worth.
 The remarks of MT. Kelley i'll the house i'll 1872, and those of Senator Stewart i'll 1874 show that at that tin ?, before the tremendous output of silver turned mems heads, there was pract1- ca1ly undivided opinion on the subject. The bill had been before congress three years, it had been repeatedly discussed, there was nothing new or startling II it, and hence there was no call for any extended notice of its passage.
 But the facts are seen to be that the bill was passed openly and honestly. Ii embodies the principles of sound mint age, and it undoubtedly saved us from going to silver basis on the resumption of specie payments. And, therefore, the men who framed it and those who passed it deserve and will receive the gratefu thanks of ourselves and our posterity.
 After becoming acquainted with tho 1 facts how ridiculous seems the following statement from Coin s Financial School "In the language of Senator Daniel o1 Virginia, it (the act of 1873) seems tt have gone through congress like tht l silent tread of a cat. '' Yet this is bu a sample of the false statements made by most of the leading silverites. Tho 1 following summary of procedure indi cates how Hike the silent tread of [ cat" the act of 1878 stole through con gress;