New-York tribune., 1878-02-15

Kelley opposed the iron schedule In committee
Yesterday. Senator Jones has spoken in behalf
of the Bland bill. A bounty bill, chiefly for the
benefit of SOutherners is before Congress.
JONES ON THE BLAND BILL.
AN ABLE SPEECH ON THAT SIDE OF THE QUESTION
ITS LEADING Observation-Disclosures BY
SENATOR'S.
IBY TELEGRAPH TO THE rRrBUNH.I
WASHINGTON Feb. Ex-senator Jones's speech
to-day was the ablest and most effective yet made
in either House in defence of the Bland Silver Bill.
No man in this country has devoted more time to
the study of the Silver question, during the last two
years, than the Senator from Nevada and no one
belonging to either school of political economy is
more familiar with the literature of the subject.
long and close private study of the history
of silver, and of the causes that led to
the present disturbances of the equilibrium be-
tween its value and that of gold, was supplemented
by more than a years service as Chairman and
chief working member Of the United States None
tary Commission, which itself was followed by
many months spent in perfccting the report OF the
Commission and in making such notifications in 1t
as the latest events and statistics suggested That
Senator Jones' after all this study and investigation,
pursued too with an honest desire TO learn all there
was to be learned upon the subject, and to arrive at
correct conclusions is now more earnestly an advo-
cate of the reconciliation of the silver dollar than
ever, and is unable to see the fal!acy OF
tho arguments by which he supports his position,
is only another illustration of the strong hold pre-
conceived ideas have upon men, and of the substan
tial impossibility q turning even thinking people
from an erroneous position by the greatest array of
facts and arguments.
II is probably safe to say that there is not another
IN no hn has Oi aS
and study to this subject as Senator Jones has who
favors, or would favor, the passage OF the Bland
bill. Other students are b-metallists, like Mr.
Horton Earnest Seyd and Mr.. Cernuschi; but no one
Of them believes that the enactment of the Bland
bill can result in anything except disaster and the
destruction of all possibility Of maintaining
double standard of currency.
Mr.. Jones's speech to-day was effective because it
dealt with only few of the questions that have
been raised in the silver debate and seemed to ex-
haust them both in argument and illustration.
The Senator's great familiarity with all the literature
and statistics bearing either directly remotely on
the question, enabled him to quote figures and
alleged facts in manner that was absolutely over
whclmlng.
Tie speech may be divided nnder three Priq- P2a
cipal heads. 1t attempted TO demonstrate, iirst,
flat silver has not really deprecated IN
value but that III" apparent de9recatiqn' WIN us
prioo Is compared with that OF gold, IS
the result Of appreciation in the value of gold,
an apprecatlon which Mr. Jones asserted silver has
shared though to n less degree. In proof Of this
he compared the prices of commodities as expressed
in gold and in our legal-tender currency IN lS|Z,
| 1873 and 1877. and having shown that prices IN
| general had fallen more than 10 per cent during
that period. ana that an ounce OF SILVER would now
| purchase more Of the necessities OF lie than III
would FIVE years ago, ana having further laid down
the proposition that the value of gold and silver is
! measured by the amount OF general commodities
| for which they can be exchanged, he asked the
Senate TO accept his first point as proved.
| On, ,laf fa.an nf ~ -
by great array of figures and Statistics seemed 10
be almost unanswerable, and so it seemed To be re-
qared by majority OF the Senate, II IL was tar TO
judge from their faces and gestures to some SEN
ators who counted as among the advocates OK an
honest gold standard, though they do not seem to he
| a. enthusiastic on the subject as they might be-
| Without attempting 10 critlcse Nr J0ness argu-
ment it is proper TO say III passing, that there Is no
branch of statistical science that Is SO complicated
and ont of superficial study of which men are more
in danger Of drawing wrong conclusions than tnat
which relates prices and that whatever
ences may be drawn from them, no professional
statistican would for moment risk his reputation
| by asserting anything III regard 10 the changing
values of the precious metals by comparing the
| prices of commodities ut two periods within i've
years of each other, especially when one OF those
periods is one of exceptional imitation OF credit and
consequent speculation, and the other one OF almost
uneXampled depression. IL conclusions drawn IN
this way could be depended upon, II would be easy
TO prove by reference TO prices during the last
thirty years that there have been times when the
value Of gold appreciated at the very, time
that everybody knows that it was losing
n part of its value, account of the enormous
yield of the Californian and Australian mines ;,
Mr. Joues's second point that the present dis
tress of the commercial world is due To extent
at least, aud, in his opinion, to very great extent
TO the decentralization OF silver here and in Europe
This has been repeatedly argued before. The weak
pont was that he failed to connect the two events,
except in time. The silver men seem to think that
this is sufficient
MIR. Jones's personal explanation and defence OF
the people of Nevada and his attacks upon the
metropolitan press had very little to do with the
question under consideration, and some portions, II
omitted, would have strengthened his speech. a.
The speech was received with great applause by
Senators on both sides of the Chamber, and Mr..
Jones was immediately congratulated by many OF
his associates Senator Blaine being the first to take
Il ht, tba hand