Evening journal., 1890-05-13
SENATOR JONES SPEAKS.
The Nevada Statesman Sup
ports His Silver Bill.
HE WANTS FREE SILVER COINAGE
This Present Decline in Prices Is Caused.
He Says, by shrinLage In the Volume
Of Money in circulation-Ths Worlds
Money system wwong.

the senate proceedings was a long speech
by Mr.. Jones, of Nevada, in support Of his
silver bill. Senator Jones spoke for threa
hours and claimed the closest attention
OF senators on both sides Of the chember.
He made strong argument in favor OF
the free coinage Of silver and bi-metalism.
Mr.. Hoar, from the Judiciary COMMITTEES.
reported back the house amendment to the
senate antitrust bill with an amendment
Messrs. Vest and Coke stGeed that as mem
hers Of the committee III did not concur
in the report, and Mr.. HSar explained the
effect Of the action recommended The
matter went over. Senate bin appropriate
ing 500, 600 for public building at Ogden,
| Utah, was reported and placed ON the cal
endar.
MIR. Jones Takes the Floor.
| Mr. Jones New then took the floor, ana
| spoke in support Of the bin reported from
the finance committee authorizing the issue
OF treasury notes on deposits Of silver. At
the outset he spoke of the general unrest
prevailing throughout the, country The
prices of all commodities he said, had
fallen, and continued 70 fall Such phe-
nomenon never failed TO excite attention.
Whom fall in prices was found operating
on the products Of oil industries, when it
was found not to be confined TO any one
cline, country or race, but to be diffused
over the civilized world-found not to be a
characteristic Of any one year, but to go on
for a series Of years, it became manifesk
that it could not arise from local, tempo
rary or subordinate causes, but that it muss
have its genesis and development in some
II principle Of universal application.
The Legal OutIawry af silver.
What was IT, he asked, that produced
general decline of prices IN any countrys
II was shrinkage in the volume of money
relatively to the population and business
The world had never had proper system
OF money. Prosperity and speculation had
been stimulated ut times by great yields
from mines, and when those mines were
worked out then came revulsion and ad
versity. He wanted 70 speak OF the natural
ratio between gold and silver existing for
$500 or 5000 years-a ratio Of t5i4 to -
and said that il was only since the legisla-
tive prescription Of silver in Germany and
the United States and its Punishment from
the mints of Europe that any material
change IN that ratio took place. and that
the present divergence in the relative value
of the two metals was directly due to the
legal uuthhwry Of silver, and not TO any
) natural causes. 1t had always been the
. object Of the creditor class to enhance this
! value Of money BY reducing its volume so
that when the gold mines of California and
Australia were producing the largest yield
; II was proposed to demonetize gold The
3 motive Of demonstration in the case of
gold as well as silver was to aggrandize
! the creditor class of the world and TO con-
: fiscate, so far as practicable, the rewards Of
the hardy toilers.
Decentralization in the Past.
The decentralization Of silver by Germany
after her war with France, he said, inhict-
ed greater evils on her people than beg
! armies had inflicted on France. and when
A this evil began TO have its effect vertabls
s hegira OF the German population began to
!. take place The decentralization of silver
! by the United States in 1875 he regarded AS
/ one Of those historical blunders that were
!, worse than crimes IL was the child of ig-
norance and avarice, and it had proved the
4 prolific parent OF enforced idleness, pow
! erty and misery. No better remedy could
4 be applied than the absolute reversal OF
I that legislation, and putting back tha
4 monetary system Of the country to what 1t
was before 1875.
silver Versus Gold.
If the monometallists would compare
) gold and silver with commodities in gem
II EIAl hntN WOulu sec HOM lUt ulttAiS udU
II maintained their relations, not 70 each
d other, but TO all other things; they would
l. Gnd that instead OF fall having taken
place In the value Of silver the change that
IS had really taken place was rise ia the
S value of both gold and silver the rise be-
l. ing relatively slight in silver and being
y ruinously great in gold. Discussing tha
g bill pending before the senate Mr.. Jones
declared himself at all times and in alE
places firm and unwavering advocate OF
the free and unlimited coinage OF silver.
i In view, however, of the great diversity Of
b opinion on the subject and the possibility
e that by reason Of such diversity the. session
It of congress might terminate without
i affording the country any relief from ths
4 baleful and benumbing effects Of the de-
J. mOnetization Of silver, he had joined with
b other members Of the committee in report
a ing the bill.
support Prices with silver Dollars.
Returning to his argument Mr. Jones
said that in order that prices might be
kept from falling the number Of dollars
\ out should not be reduced in number, for
6 the purchasing power of each dollar de
Il pended on the whole number out The
b larger the number out the greater the
Z value of each. 10 avoid too violent changes
: in the purchasing power Of money, caused
s by too great abundance or scarcity OF it,
l. society for 5000 years had used the two
d metals, gold and silver; so that the mutual
e oscillations Of yield from the mines might
serve TO correct one another. Should one
az those be discarded and deprived of the
power Of legal tender, all the money work
q Of society would be thrown on the other,
IF whose value would therefore be greatly
n Increased.
s. He Defends the silver Miners.
Mr.. Jones dwelt with emphasis on the
81 fact that the creditors did not care which
metal was demonetized, provided money
was made scarce and dear
Germany and Austria demonetized gold
n in 1857 but failed to secure the cooperation
n England. Germany, in 1870, elated with
a her victory over France, and expecting TO
$ further cripple it, reversed her policy and
n Joined England in discarding silver and
re adopted the gold standard. Mr. Jones
warmly defended the silver miners from
the charge of selfishness in desiring the re-
monetization of silver The silver miners
g he said, were as enduring, as eager, as vig-
It orous, as adventurous as She Argonauts Of
Y old They had never asked any favors OF
q the government and they asked none now.
In the House.
II 49,. . -