The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-01-09
FROM OUR REGULAR coRResPoN DENT.

WASHINGTON, Jan. 8, 1878.
JoNEs-THE NEEDS OF OUR BUSINESS IN
TEREsTs-To THE CREDITOR: IF NOT SILVER,
THEN GREENBACKs.
In view Of the general interest felt regarding the
Silver bin and the discussions upon it in all
quarters tho views OF Senator John p Jones' of Ne.
vada, who s recognized as its foremost strong
est champion, were yesterday sought. He readily
consented to interview, and answered as follows
10 the questions put by your correspondents
CoRRxsPoSDENT-Senator, It Is said that you have
nsised that the passage OF the Silver bill going
~ make any great difference, ana that II Is dan
gcrous at all General Butler is reported to huvo said
the same thing
Senator JoxEs-ln response to that havo to say
that industry, business and prices have boon do
pressed by tue pressure OF an expanding population
against shrinking volume Of money that be
long time II ever before the remonetizaton Of silver
further than the decline. II would DO great
point gained IL It could DO made TO u break
water against tho tidal wave OF bankruptcy that
sweeping over the country. There 10 not enough Of
silver IN sight 10 cause any apprcciable advance
n prices. There may. however, be enough
real estate actually salabe the prices at which il is
now nominay raled. In other words, the patient Is
exhausted that for present stim on
can keep him alive. Tho recovery OF u full tone Of
health and vlgor must como later II the bill to
store to silver lis rightui monetary functions, Of
bill, l mean, which passed by the House OF Re-
presentauvcs IN the summer OF 1876 had become a
law 1t would have prevented the great depreciation
OF properly which has taken place since then would
have relieved the tightness OF loanable funds aud
would have materially decreased the number OF
now occurring. The real estate OF the
country by far the most important basis credit
IL has been years Is now constantly de.
precatng In price. II the reconciliation OF silver
would do no moro thun check that decline and again
render II safe basis Of security for savings bank
4 "A m nil Inn nrhIa
now 10 that has no real market value. Tho aiIer
encc between the buying and selling price OF reel
estate Is very grcatsO much so as 10 discourage all
investments Lot be bought as cneapIy as
possible Ond the purchaser DO Obliged u short time
- realize On by sale IL Is doubtful on the average.
u ne can raise nifty per cont OF the price
be paid Tor IL within month after.
ward. silver Is not produced in sufficient quantity,
and nowhere cxists In sufficient quantity,
rent consumption III the arts and tho supply needed
Tor ASIA 10 be threwn markets In sums
large enough to threaten injury to our finance In
dustry 0r commerce. During tbs year 1877 India,
Japan and Cnna received IRON San Franciscv, south
hmpton, Narcotics anu Venice In the course OF trade
probable event OF the of silver by tho
Latin Union, which Ia any case would come 10
which 10 s ABSORB n. the "'I magnitude OF that
stock ought not " be sufficient 10 alarm u.s. The
Hood Of real money when could WITHIN any reasons
abe time como ~ us from thesc sources would DO
healing and not destructive one. Tho money alb
sorbing capacity OF young, growing and undeveioped
country ike THIS Is overlooked or undcrest mated
What the money absorbing capacity OF the world Is
wc saw during the numerous additions nadc to both
metallic and paper currencles between 1919 and 1860
Tue rise IN prices during THIS period was scarcely OBJ
servabe except IN It's effect in increasing the volume
OF security aud profits OF business Industry aud
commcrce were everywhere stimulated ana the
creditor, income ahd capitalist classes were, all
things considered, Immensely benefited
OBSERVATION-DISCLOSURES may 1 ask why do you
support the silver b so vigorously and labor Tor 1t
70 positively " s as IT were, shot air?
Senator JONEs-Becauso | am performing u piain
DUTY ~ the people OF the United States, and. sop.
lrutU ana from rollo which think
Reconsideration Of silver Will bring the industrial
classes aud 10 the distress which almost
sally prevails lrcgard II as ono OF the duties OF my po
Siton TO help in the solution OF political problem oil
grave significance. Tho masses oil the people have
looked patiently on whio the monetary unit has
been Increasing IN value from year to year
and upon corresponding decrease Ia The
price Of their properly and labor Whilo the
burden OF their obligations, remaining nominally tho
same has been CREAMY increased their means OF pay
mcnt have boon constantly diminishing. rncy saw
specie payments suspended when all paper Issues
were sovabio IN both either OF the metais They
now the attempt made To resume under the rleor.
Gus conditions OF using but metal Tor That pur.
pose. They thoroughly understand their legal and
equitable rights In the premises and VIII no longer
tolerate system which makes money cheaper when
they borrow aud dedrer on pay day. They nave no
wish 10 AVOID or evado single ioa OF their respOn.
sibtics, but they demand that IN doing 50 they shall
be equipped WITH all their rights; and throughout
threequartcrs OF this country the people wh prsc-
tcai unanimty demand that the Mint shall be
opened 10 the coinage oil that metal OF which
they have been deprived ana IN which all debts
public aud private are legally and equitably payable.
IL would be wise craftsmanship not TO ignore OF
y ompliance with this demand, and IL would lie an
egregious bundcr for creditors to cav aL refuse
10 accede TO IL For obvious the creditor has
mucn moro ut stake in a slrct observance OF written
contracts tbau my OF tho other classes the
nifty. Under these CONSIDERATIONS shall vote Tor the
measure as high political duty, believing that In
dong SO shall preserve the peace, good order and
security OF society.
CoRRxsroSDExr--whati Is going 10 be the strength
OF tho silver bill In the SENATOR
senator JoSEs-lis strength In the Senate will he
great enough 10 demonstrate that Senators wofully