Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1874-04-07
CURRENCY INITIATION.
AemasOr Jones'. Of Nevada. Makes q
Remarkable Sprcch.

currency occupied the attention of the
United Seres Senate last Saturday.
Strange As it may apeesr, the A>soeiat-
I'd Press dispatches had not a word on
the subject. The Sacramento Record
maintains Il special reporter AT Wash
ington, who seems to understand his
business most thoroughly. In that
journal we fiud an elaborate account OF
tle, procceding> of the Senate with ref
orcnce tn the currency of the country.
Senator jones. of Nevada. took part in
tive debate and made one of the most
remarkable speeches of the session.
lie scents to have spoken without pre-
,ious PREPARATION. having been drawn
into running debate. From
the evidence at hand it is quite certain
that he is able to cope with the best OF
them. He encountered Morton i'll his
little tilt; and that he had a long way
the best of the discussion is evidenced
by the fact that Morton proposes tax
ing another day to reply. The speech
of Senator Jones is replete with prac-
teal good sense and sound logic.
When he had finished, some Of the
ablest meisNn the Senate crossed the
chamber ala extended their congratu-
lations. As we know Of notN1 that
would be read with greater interest.
We APPEND the leading points o the
discussions:
The Senate resumed the con>idera-
ton of the bill to provide for the re-
dcinption and release of United States
notes and for free banking.
The question was on the amendment
at Mr.. Gordon. providing for free bank
ing and an apportionment TO eaeE Of
the States of "a circulation according 10
wealth and population based on the
amount now outstanding in the State
of Maine.
MIR. Davis moved TO amend TO make
the circulation of Pennsylvania inst .ad
of that of Maine the law. He sid that
according 10 Il calculation which he
had made. the circulation on MIR. cor
dnn's amendment would be about
SsS0,1@ 900. and according TO his it
would be about $40. 200, GOO. and based
on New York as proposed by the FL
nance Committee, it would be Sl24.-
ON 900.
The amendment of Mr.. Davis was
rejected, as follows: Ayes. p: noes. p.
Mr.. Jones. of Nevada. spoke of the
fact that gold and silver We're the cur
rency of the Pacific States. and asked
why it was that these States with less
relative value in the way of products
We're able to keep in their w ber-
ders enough coin to meet the wants OF
-
Mr.. Morton sai | it was A blunier of
Nevada and California that they did
not accept greenback> rs a circulation.
and this refusal on their part had re-
tarded their prosperity. He asked Mr..
Jones how the Government would
have put down the rebellion if other
States had done as the Pacific States
had, refused to take the paper money
Of the Government,
Mr.. Jones said the Government
would. in that event. have put downthe
rebellion tor so. 1000, 900 less. [Eries of
that's So from Senators, and APP
plause in the gallery He Jones.
would have wrung the last dollar in
the way Of taxation. and conscripted
the last man to put down the rebellion.
and when all this had been done, and
not before then. would have begun the
issue Of an ir~redeemable paper curren-
cy. Instead of this. the Governrnent
began the issuing OF paper money at
first, and everything Immediately
went up. and Government and the
people had to pay in proportion. The
people of Nevada were honest. They
would not plumber their creditors,
even at the invitation of the General
Government. When they agreed To
pay their creditors in money they did
not offer them paper rags. What was
the universal experience of paper
money? What values did it cause to
risc? 1t raised the prices OF stocks.
fancy and Otherwise, but the very last
thing it did raise was the price Of agri-
cultural products. Mr.. Jones further
maintained that the farmers and the
producing and the iaborin- classes
were the only men who were not ben
Gifted by initiation. 1t WAS the banks
and bankers and the gambler, who
profited by IT.
Morton asked if there was not a,
much gambling in Nevada and Cali
fornia as in any other State?
Jones said he had never heard oi
stock gambling there. as carried on in
the Eastern States. The people bought
thing when they thought it was valu-
able. but the gamblers OF the Pacific
Coast never came to Congress and
asked that the currency be inflated t.
give them MORE. Laughter and great
cheers. Jones tcOntinuing) besOught
the Senate 10 pause and not take action,
which would certainly bring disaster
upon the country. He maintained
that there is an abundance OF paper
money to meet all the wants of bust
ness. Paper money was not and could
not be made the standard of value.
Gold was the standard, because ii
meant something. The Government
n Issuing more paper money would
dishonor itself. because it comes be-
tween debtor and creditor. lie did
not think it would be just to determine
the time for specie resumption, but he
thought it might be fixed for July,
1876, when the people would be ready
10 esunl and Government would
have no trouble about il. Referring I O
the complaint from the South of lack
of currency. he said one great trouble
in that section was that too manv peo-
pie wanted to hire others, and too few
wanted to hire themselves. 4 man
wanted to own loo, 900 acres of land.
sit down and hire soIne one To work