New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-05-16

SENATOR JONES ON SILVER COINAGE.
The event of the week thus far has been
Senator Jones's speech on the silver question:
A strong, mastery and highly interesting
speech, it evidently impressed many Senator'S
and perhaps may rank among the few speeches.
If these later days which actually influence
votes. Yet it was all the more dangerous IN
error because in much of its reasonings 1t was
correct.
MIR. Jones appeals to Congress to give the
debtor class cheaper money, because wheh 'heir
mortgage and other debts we're created years
ago gold and silver constituted the monetary
SIMPLY of the civilized world, while silver mas
now been virtually demonetized, the supply OF
money has thus been reduced materially, and
the prices of products and property with winch
debts NAV be paid have consequently been
lowered in like proportion. The trouble Win
This reasoning is that it supplies no ground
whatever for asking the coinage OF silver, Dut
only ground for asking the restoration OF silver
~ monetary use, through that means which
may he found most effective. If there is a
method of using silver which would be more
effective than coinage, and which at the same
time would much less endanger the free en-
ployment of gold as money, and the ready ac.
ceptability of notes, then all the arguments OF
the Senator are potent in favor OF that oVher
method, and against the coinage OF silver
1t is at this precise point that the Senator
elaborate address was weakest. True, he talked
loosely of the possibility that silver bullion
taken in by the Government under the pro-
visions of the Republican caucus bill might De
drawn out again as bullion by the holders OF
notes. and shipped to India or any other coui-
trv. so that the United States would become a
huyer of silver for the Government OF lndia'
Rut this is not even speciOus reasoning, anu Is
20 weak as to be unworthy OF the senator
high reputation. There is not the shghteS'
Ground for surprising that the silver bullion
can ne obtained at the Treasury at any time
cbeaper than in the open market where the
Treasury itself must constantly purchase. Du,
unless if can be obtained cheaper, nobody would
90 to the Treasury rather than into the open
market. and if the market pnce shOuid DC
Maid il would make no diff erence whether INC
silver taken for foreign use should De TAKEN
from the markets or from the treasury Mr.
ZONES seems to imagine that it would be PAD
thing for this country to lose by export Vi
silver certain part of its monetary supply
But the silver bullion would not be sent aproau
unless in order to settle Indebtedness for which
gold would have to be sent if silver were
not. and the Senator would find it hard TO
explain to himself or to anybody else why the
loss of certain quantity of silver should be
to the country misfortune, though the loss
of an equivalent value in gold would not.
If Senator Jones wants cheaper money for
the benefit Of debtors meaning thereby money
which will be of less value in all the markets
of the world than the money of commerce, then
he seeks to do an inca'rulable injury to this
country and wrong to all it's labonng pop
ulation. But he doubtless persades himself
fiat silver. if coined without limit, would some
how become equivalent to gold in purchasing
mower. and vet would be ever so much cheap
ar., than il is now How this wonder is to
como to pass he has not explained, nor has
Il