The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1878-02-22

RENIONETIZE. Il
A Great Speech by Senator Jones of
Nevada |.
which Makes a Marked Impression.
LeDg Confined Applause from sena-
tors on Both sides.
Facts and Figures that Show up the
F@iiaeies OF thS BGadholder'
Why the Country Must ami VIII Have
Silver demonstration. 49,
An Able and Unanswerable RefntatiOn
OF the CaIumntes Set AAOaf By =
Foreigners and 5y-Wsn st.
- Special Telegram to the Inter-Ocean-
WAsHINGToN, Feb: "A.
Senator Jones' speech on the silver |
bill to-day is regarded as the aablest |
that has been made on that subject, and |
he has been made the recipient of con- |
CALCULATIONS from both the friends and |
opponents of the measure upon the ex-
ceeding terse, direct and lucid pFesen. |
tation of his facts and figures There
was not much rhetoric in the speech,
and it was delivered at the rate of two
hundred words q minute, but he meant
what he said, and his meaning was ,un-
mistakable. The facts were new, many
Of hot 0rly q hi
thing after SO many speeches on the
subject. The figures were freshs and
the illustrations and SMILES were orig
inal and striking. That portion in
which he dealt with the charges that
have been made against lIfm.personal-
ly, was warmly applauded. 1t is de-
! Veloped here that the story, originating
in the New York Tribune, that the sill
yer men had sent a fund of 500, 00e-
here to influence legislation, was in
tended to cover the operations of a gold
lobby who have been operating IN the
interest of foreign Oondholders to pre-
vent the passage of the silver bill. This
fact has become known within the last
| few days to prominent Senators who
make no secret of their belief in itssacr
curacy. -. =. =
THE SPEECH.
Senator Jones said that so far as the
question of honor and equity was con-
cerned it was his deliberate conviction
that the metallic money system loses
! the only recommendation which it has,
| If its value is not remitted to antomat-
| ic Limitation of production without any
| governmental interference whatever.
| He thought it would. be made very
clearly to appear that silver, since 1873,
although discrowned and shorn of its
monetary function, denied mintAge
throughout the entire Western world,
and degraded to the rank of conn
modify, instead of having become less
valuable has nevertheless increased in
its command over labor services aDaall
kinds of property; that both gold and
silver have gained in purchasing pow
er, and tn At silver only seems to Have
fallen in value bee ause. it has not risen
to so great an extent as gold. If these
positions can be established, or if all
the known facts tend to estab fsh them,
then the equitable objectioh to the pay
ment of national bonds in silver dol
lars of 4121s grains completely fails,
and must be abandoned:
ExCHANGABLE- VALUE
is the only kind of .,vaIne with which
economists have to deal. What is it,
and where does it reside ? This ques-
ton has been often asked; and various
ly answered. I will not elaborate the
reasons supporting the definition of il
which shall give. EXchangable VAL
ne resides in the human mind. 1t Is
the mental estimation or appreciation OF
desirable objects orthings, and Is meas
ured by the sacrifice which it is nee
essary to make in order to obtain them.
Hence it follows that the value of the
- | In. xuyhf dob
be measured by the sacrifice which ma
lions and individuals are required to
make in order to obtain it. The ques-
ton Whether money has appreciated or
deprecated between two given periods,
can pc solved only by q comparison OF
the sacrifice ia labor and property nee
essary Tor its acquisition at the two pc
RODS respectively. Under this defiRi-
ton has silver deprecated in value
Within the last five years? Does it
require less sacrifice of labor or proper
ty to acquire silver dollar of 41218
grains, than it did when it was demon
etiZed?
He quoted from different financial
authori les of this country and Europe
to show that
SILVER HAS RECENTLY RISEN RATHER
THAN FALLEN
in its eXchangable value, and that the
purchasing power OF gold over COM
very much greater ratio since 1872 than
1t has over silver bullion. The only
great country which exhibits any de-
gree of prosperity is France, which
maintains a silver circulation of $500.
$1,000, on a valuation of 400; instead
of Alp 12 grains to the dollar, as pro-
posed in the bill under consideration
Even in hatcOuntry there are now I'M
mistakable promonitiOns OF approach
ing stagnation in trade and Industry,
caused, doubtless, by the uhwise sus:
pension for year and a half of the
coinage of silver The invasion of hard
} times can only be,successfully met and
resisted by return 20 its old, policy OF
unrestricted coinage of sitYers
1t has been persisteptiy urged that il
silver has not yet debreciated, - Its tent
denotes are in that direction, and. that
II we remohetiZe, tive ehalI be over
whelmed by, the. discarded refuseSCOek
of other nations, ana that this country
. will be cursed with = 1luetuating, de-
preciated, unreliable and worthless
money. Look" to whatever quarter
,yOu may for = :
THE SOURCE OF THIS T#BEATENEDs..
FLOOD, IT CANNOT BE FOUND.
, France has none to spare. The
$500, 100000 of silver which she has is
all ur2eRtly needed as the basis for
J her paper issues. She can only discard
f it by supplying its place with gold. Il
she enters upon that experiment now.
or in the near future. Ii would post
poRe indefinitely any attempt at gold
resumption in this country. Our Leg
islatiOn must, therefore, be based on
the idea that France must continue
her present money system indefinitely.
: Reliable Information from Germany
shows that the dispoeable stock in that
country does not now exceed $70, 900, :
: 600. This amount might be: emptied
r into three or four of the Western
States without producing q flutter 10
the ffnahcfal atmosphere. England
: has not now, and never keeps any,
! considerable stock of silver on hand,
but is constantly obliged, in order ,te
, meet the demands of her commerce
with India, to telegraph for silver ION
? San Francisco. There are no disposa-
, BILE stocks elsewheEe, either in Europe
: or America, and silver never returns
from the Eastern World.
Whenever the prediction has been