The daily gazette., 1878-01-10
Th Silver Question.
VIEWS OF SENATOR JoNEs-THE
NEEDS OF OUR BUSINESS INTERESTS
ITO THE CREDITOR: If NOT Sill
YER, THEN GREENBACKS.

WASHINGTON, Jan 8, 1873.
In view of the general interest felt
regarding the Silver bill and the earnest
discussion upon it in all quarters the
views of Senator John p. Jones, of Ne
vada, who is recognized as its foremost
il not strongest champion, were yesterday
sought. He readily consented to an in
terview, and answered as follows to the
questions put by your correspondent
CORRESPONDENTS nator, it is said
that you have insisted that the passage
of the Silver bill is not going to make
any great difference, and that it is not
dangerous at all. General Butler is re-
ported to have said the same thing.
Senator JoNEs-In response to that l
have TO say that industry, business and
prices have been so depressed by the
pressure Of an expanding population
against a shrinkage volume of money
that it must be a long time if ever before
the RECOMMENDATION of silver with unre-
stricted coinage could do anything more
or further than arrest the decline. 1t
would be great point gained If 1t could
be made to:serve as breakwater against
the tidal wave of bankruptcy that is now
sweeping over the country. There Is not
enough of silver in sight to cause any
appreciable advance in prices. There
may, however, be enough if the coinage
were left free to render real estate actu-
ally salable at the prices at which 1t Is
now nominally raised. In other words
the patient is now so exhausted that for
the present stimulants only can keep him
alive. The recovery of a full tone of
health and vigor must come later. II the
bill to restore to silver its rightful none
tary functions, of which it was wrong
fully deprived in 1S7S-74, if the bill, l
mean, which was passed by the House of
Representatives in the summer of 1876
had become q law it would have prevent
cd the great depreciation of property
which has taken place since, would have
relieved the tightness of loanable funds
would have materially decreased the
humber of bankruptcies which have been
aud are now occurring. The real estate
of the country is by far the most I'M
portant basis of credit. 1t has been for
some years and is now constantly de-
preciating In price. If the remonetlza-
ton OF silver would do no more than
check the decline and again render it q
safe basis Of security for savings bank In
vestment 1t would be gain all round /.
The trouble is now that 1t had no real
market value. The difference between
the buying and selling part of real estate
Is very great-so much as to discourage
allinvestments. Let real estate be bought
as cheaply as possible, and the purchaser
be obliged in short time to realize on II
by sale, it is doubtful, on the average, il
he can raise fifty per cent. OF the price he
paid for it within a month afterward.-
Silver is not produced in sufficient guam
tity, and nowhere exists in sufficient
quantity, beyond current consumption in
the arts and the supply needed for Asia,
to be thrown on our markets In sums
large enough to threaten injury to our
finance, industry or commerce. During
the year 1877 India, Japan and China re-
ceived from San Francisco, Southamp-
ton, Nj arseilles and Venice in the course
of trade Sl05, ,O0O, 900 of the Latin Union.
Even in the improb bable event of the de-
monslzation of silver by the Latin
Union, which IN any case would come to
US slowly, giving us number Of years in
which to absorb 1t, the magnitude of that
US. The flood of real money which could
within any reasonable time come to us
from these sources would be healing
and not destructive one. The money
absorbing capacity of a young, growing
and updevoloped country like this is
overlooked or underestimated. What
the money absorbing capacity of the
world IL we saw during the numerous ad-
ditions made to both metallic and paper
currencies between 1849 and 1860. The
rise in prices during this period was
scarcely observable except ir It's effect in
increasing the volume of security and
and profits of the business. Industry
and commerce were everywhere stimu-
lated, and, the creditor, income and cap
italist classes were, all things considered,
immensely benefited.
Correspondent-Senat may L ask
why do you support the Silver bill 80
vigorously and labor for 1t so positively
If It Is, as it were, mere shot in the
air?
Senator Jones-Becase am reforming
a plain duty to the people of the United
States, and, separate and apart from the
great relief which l think the remone-
tization of silver will bring to the indus
trial classes and to the distress which
row almost universally prevails, i re-
gard it as one of the duties of my posi-
ton to help in the solution of political
problem Of grave Significance. The
masses of the people have looked patient
ly on while the monetary unit has been
increasing In value from year to year and
i1nan n corraanau.iinu daaraosa in ths