Pine Bluff daily graphic., 1896-07-01
WOULD INJURE ALL.
Chairman Fairbanks Says Free Coinage
 Would Mean Ruin.

Chairman Fairbanks Says Free Coinage
 Would Mean Ruin.
 Before the Republican party at St. Louis adopted its clear cut sound money plank Temporary Chairman Charles w. Fairbanks said in his opening speech;
 The Republican party has not been unfriendly to the proper use of silver. It has always favored and fayors today the use of silver as part of our eircu- lating medium But it favors that use under such provisions and safeguards as shall not imperil our present national standard. The policy of the Republican party is to retain both gold and silver as q part of our circulating medium, while the policy of free coinage of silver leads to certain silver monometallism. It is an immutable law that two moneys of unequal value will not circulate to- gether and that the poorer always drives out the better
 Those who profess to believe that this government. Independent of other great commercial powers, can open its hints to the free and independent coinage of
 
 commercial ratio i'll all the great mar kets is 30 to 1, and at the same time not drive every dollar of gold out of circu lation, but deceive themselves.
 Great and splendid and powerful as our government is. it cannot accomplish the impossible. It cannot create value. It has not the alchemist's subtle art of transmitting unlimited silver into gold, nor can it, by omnipotent fiat, make 30 cents worth 100 cents. As we'll under take by resolution of congress to sus- pend the law of gravitation as attempt to compel al unlimited number of 50 cent dollars to circulate with 100 cent dollars at q parity with each other. An attempt to compel unlimited dollars of such unequal value to circulate at parity is bad i'll morals and is vicious ill policy.
 Upon opening our hints to the inde- pendent free coinage of silver foreign credits would be withdrawn and domes- tic credits would be greatly curtailed. 1 More than this there would be certain 1 and sudden contraction Of cur currency by the expulsion of $620, GOO, 900 of gold and our paper and silver currency would 1 instantly and greatly depreciate ill pur- chasing power. But one result would follow this--enterprise would be further embarrassed. business demoralization l would bo increased and still further and serious injury would be inflicted upon l the 1aborers, the farmers, the merchants l and all those whose welfare depends upon 3 wholesome commerce.
 A change from the present standard to the low silver standard would cut down the reeompense of labor; reduce the value of the savings in savings banks and building and loan associations; sal aries and incomes would shrink; pen sions would be cut in two; the pencil ciaries of life insurance would suffer in short, the injury would be so uniyer- sal and far reaching that radical change can be contemplated only with the gravest apprehension.
 A sound currency defrauds no one, Il is good alike ill the hands of the em- ployee and the employer, the laborei and the capitalist Upon faith ill its worth, it's stability, we go forward planning for the future The capitalist erects his factories, acquires his ma. terials. employs his artisans, mechanics and laborers. He is confident that his margin will not be swept away by fiuc- tuations in the currency. The laborel knows that the money earned by his toil is as honest as his labor, and that it is of unprecedented purchasing power.