, 1876-04-27
SILVER AND GOLD.
Rnecoh Of senator JONES' Oh
Neya1n.
r,,. r.os,.,4,- -e a Double Standard Of
Values.
Dangers Of Maintaining Gold as the Only
Standard.
Both Metals Necessary for the Resumption
Of Specie Payments.

fore tha sonsso bopK the IT'LL 10 ainoud tho
law respecting tho lcgsl.tender Of HllTes
cain. Tho speech wna only abont ha't
finished when the time expired. The speaker
argued for double standard of vnncs; urged
that silver should be accorded the snmo rank In
which gold has boon maintained; potntoa out
tho dangers Of dcsnonotizing silver IA legal
tender for tho payment Of debts, and assorted
the tmross,bllity Of restoring specie payments
With gold alonc. Thcto positions wcro sup-
ported by vast array Of facts aud figures, gath
cred from all countrlcs and all s!mcs. English
history and that na!lon's experience with gold.
which Ia particularly British product, WAS
treated At length, and thn dangers r!lo enconn-
tered through single standard Of valuo wore
pointed ont, msntiou being mado OF tho straits
into Hhich tho milton was driven be-
fors tho discovery Of gold In California.
Tho act Of Fob. u, 1875 practically soolahing SILVER
as money xaa Yrave wrGna nron ~ people @ o1 n sne
gho m S5s s9es nj q ss dt n
the interest Of the whole Pngan and barbarian world
! wrong upon industry, upon the natural tendency Of
wealth towsrA squ:nz.tion aud upon tho liberties OF
Tho senator proceedcd % argue In favor Of tho
esso no such amenansa.s hsd besn 1asdo 70 bs pend
Ing bill haso been offered by the Senator from N.Y..
sou13, this spoaEef Lad lhlehdca 20 oher hnple
the United States. and 70 base tho sJaten Of money
npon tho money 9f sae wo'd, op9n pa1. rhafa ci
not t b 81 aaone @ BY indreeslon fho undone ust 10
as open and e1plcit ~ the doing Indirect aud I'M
Tt to- asaa n: I'd }aa na ef II oa
tho various substsncea which hare bcen used for IT.
Ind thp chssscteziatis9 Th'sa have induced tas =,
money war. both natural md voluntary sets not das
regulation oseopt of Kind spociaed. Third:
K ,s9a aS ron Of til. tho .rt fss'ps psras s''s i
show na mutations down. 10. The. present
inns md Tho political industrial, md socs! pheno1n-
s.ts neary oas-haf Of sil.or; ths. any dluinntion
Of the mines or erb1.ry lcas'asion. i fraaRht Will
ths grcRsst dieastezs which cnn beiali society add
n hs sn1 sTs Y 9aa IN
speelc, combined With demone'ization Of s!sE. are
liely asenrtsa q b. sntosee to en1 y s ais,!e.s
eres orc vii vi hsrs 70 10 shanaonedt snd that ons u
the demonstration q silver: We ahatl havs
sirsr 'Gl .nsen ~ sslstsi lh from i7ss 10 ise. fsh
heTow the vhluo Of gold and slver from tho earliest
time: 70 tho present .ad show bow constant that res:
America md tho opening of tho East India aud ChnA
tradcs, slncs which tnc and up y la7a i soarcsly
Of ths lona-continucd constaney ol relation thsn
examined, mud In ther nature Il found entire
eonssn Il 10 st ae vi The pep, .aa
h found "a u tho vsrious edicts Or, cnactmsnts
intsrfored With tho freedom Of money. PEnmuont
among these were the demonstration Of silver iu
poxsIs IN 1sss, Tho Demonet!,st!on sc Of the Uuted
statcs In 1875 and the pending measures Of The Ger
man ooye1nnaent. Thess yarioas measures ase ad-
with trade. Seventh Tho mprsctcah!i!tY Of &bollsh
Ing tho double standard Is groasy strengthened by
separately 1inco tho beginning of tho present century
From ths rctereneo Il appearg that tho auppl.sa q
eoa e % sssa 1T SesD
diminishing since 1882 nnd that 1t 10 1t tho present
ame insutncient to meet tho demands Of tbs world
wear and Ioee Of coin. On tho other hand the
annual supplies Of silver, havo slvay. been
Moreover gold la aho"n to be essentially British
product, wlnla eilver y essentially American.
nnn seos H. a hs ct .n% spe
attempting 70 aeEnonetizo aver. tho impractcabilty
Of asmoneti.ina It re1nansn.!,: mad TO discuss tho
monetiza.ion:. Ninth: shov that tbs oGsc. Of 70.
moustiztng silver, rehabiltaug tlo double stand
q r s 1s.es
s0a ss. s,,t tn BE-: e s n z b,ss hn Ito
rsnth shos th.. tot' soa and silver .ossthsr. Il
! nfel IN ku1 Culbltutlulhl NcA1y OF
10 su6vort Ills Institution 10 illegal and void.
Tho elevensh. snd naly, quote .he authority ot Tho
double Standard
NATuRE AND FUNCTIONS OF MONEY.
The SPECIFIC sna only function Of onss t. e ean
for money; Ffst, eseause # .heis lsis!Ii:
h,t Of t99. 9eaFy :. '1niRSs S into sseon spd s1 sS
tdequatenoss and aea1ncas Of supply; third tbs dit.
fn,!on q supply md sonaamptlon ihsoagheu. The
from dccay, Thoro stlll oxtans lesiho specimen
ohfss hfth. tho Two precious metals s1a naturally
complimentary 70 each other; Sixth, ha superior due
md .sse q hs esaou: s:. !. ~ In
upon the owners to reduce them to bars.
voluntarily adopted to equisably mesanEc values pres
ent aud futurr second yaluo Ia the relation between
hence money i i. me.surs Il Tho relations .e;rse
commodities and Services exchanged; fourth, thit
.ns.xEo Is formed noat conveniently and c1n!tab!y o.
10th ths precious metals taken toBsthcr; hfh ltg!s
latton csnuot mako or un.nase money. It ma,
Temporarily s1at aepsoaa tbs value OF ona motHi q,
tsrS. but tt Il s'esls esno rmansy @ ss9 or asstroy
Gold md silver .1o money III yiItus Of their Owl
f. n!ts @aa y s fs .i T
form Tho tngredtens Of lnoncy IN essential that Ia
ssll obstacle shall be p.ood in The way Of tho von
shAl not bo leKaltendtr TO unlimited amount,
squanltatlye rclatou n1e from tulo 10 tl1nu IN nuN
tho pat and psolabs future market ratio Of thest
metals.
These propositions Senator Jones illustrated and
!uatAiucd by valuable collection OF statistics, mud
tloas aud cogent rcasoning 10 show that atter
had CONNECTED tho Countries Of the earth, sub
stances common to AZ eountriss Viz, the prec!ou'
metals, found to e necessary for the purpose
money and lAttr sHl balances 0{ tzads wtra settled
by means Of btlIa Of exchange representing tloso met
xs gud gold and silver tbs only auLst4nca& whcl
tavo ssrs been universally usod fur money.
The Beuaor proceeded With exhaustive history ol
The supply aud consumption Of tho precious metals In
Europe, from this earliest TINT
RELATIVE VALUE or GOLD AND H!LyEn.
lie also traced tho htsory Of the rcst!yo value O
gold and ayer. Katly III The eighteenth century iht
leda relation ot silver 70 gold waa ulh1a 15H 10 ill
being thus underualned, silver coln fled In ca,n
srtcs where II was Inots justly saunl In tHo En.
gland adopted tho ang!s gold standard When after-
ward gold fell 10 that II would only purchase Il
1loohs Of silver thers .,eso % .gst.tloa favorable
~ oi fhs public dsbt, .rbs LouiAollsss Claim
81. hows.ar, ttnir pound of silver in4caa .
lsymens IN gn!ueas, and that shs honus u th
Grown wss involved III paying alret Eaunds, The,
won, Aad shin silver thus becana tho anHlo standard
Nsysnty JuAru later, whiIa aIc1a payments sux