St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-05-13
Senator Jones Urges Remon-
etiZation and Free Coin
age Of White Metal.
Congressman Mills Gives the
Lie Direct to a Buckeye
Colleague.
The Riot Act Read to Ponea
Indians by Secretary
Noble.
Experts Discuss Plans for I'M
proving the Father Of
Waters.

uIOV1HS tliC EdCAlOA VA
Waters.
WASHINGTON, May 12.-The feature
Of to-day's senate proceedings was a
long speech by Mr.. Jones. Of Nevada,
IN support of his silver bill. Senator
Jones spoke tor three hours, and
claimed the closest attention from sena-
tors on both sides of the senate cham
ber. He. made strong argument in
favor OF the free coinage OF silver. in
creased volume of currency, the re-
nlonetiZation of silver and bimetallism.
At the outset he spoke of the general
unrest prevailing throughout the
country. The prices Of all commodities,
he said, had fallen. and continued to
fall. Such phenomenon as constant
and progressive fall in the general
range OF prices had always exercised SO
baneful an influence on the prosperity
of mankind that it never failed to eX-
cite attention. When fall in prices
was ound operating ON the products of
all Industries, when it found not to be
confined to any one cline. country or
race, but to be diffused over the civil
lied WOrld-found not to be character
istic of any one year, but TO go for
series of years, it became manifest that
il eeula not arise from local, temporary
or subordinate causes, but that it must
have its genesis and development in
some principal of universal application.
What was it. he asked, that produced a
general decline of prices in any cOun-
try? 1t was shrinkage in the volume
of money relatively to the population
and business. The world had never
had a
Proper System of Money.
Prosperity and speculation had been
stimulated at times by great yields from
mines: and when these mines were
worked out, then came revulsion and
adversely. He wene on to speak Of the
natural ratio between gold aud silver
existing for 9 800 or 5000 years-a ratio
of 1515 to land said that it was only
since the legislative prescription OF sill
yer in Germany and the United States,
and its banishinent from the mints OF
Europe, that any material change in
that ratio took place; and that the pres
ent divergence in the relative values of
..he two metals was directly due to the
'sega, outlawry of silver. and not to any
natural cause. 1t had always been the
object of the creditors to en-
lianee the value of money by
reducing it's volume, so that when
the gold mines of California and
Australia were producing the largest
Weld, it was proposed to demoDeblze
gold. The motive OF demonetizing
in the case of gold, as we'll as silver,
was to aggrandiZe the creditor class of
the world. and to scOnfiscate, so far as
practicable, the rewards of the hard
toiierS. The dem0netiZation of silver
bv Germany after her war with France,
ne said. inflicted greater evils upon her
people than her armies had inflicted on
France: and when that evil began to
have its effect, yerirable hegira of the
German population began to take place.
The demonstration of silver by the
United States in 1873 he regarded as
one of those historical blunders
that were worse than crimes.
1t was the child Of ignOr-
ance and avarice, and it had proved the
prolific parent Of enforced idleness,
poverty and misery. No better remedy
could be applied than the absolute re-
back tie monetary system of the cOun-
try to what it was before 1873. If the
monopolists would compare gold and
silver with commodities in general they
would see how the metals had main
tanned their relations not to each other.
bnt to all other things. They would
find that instead of fail having taken
place in the value of silver, the change
that had really taken place was rise in
the value Of both gold ami silver, the
rise being relatively slight in silver and
ruinously greatin gold. Discussing the
bill pending before the senate, Mr..
Jones declared himself at all times and
in all places firm and unwaver-
ing advocate Of the free and unlimited
coinage of silver. In view, however, OF
the great diversity of views prevailing
on the subject, and the possibility that
by reason of such diversity the session
of congress may terminate without af
fording to the country any relief from
the baleful and benumbing effects of
decentralization of silver, he had joined
with other members of the committee
in reporting the bill. 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 the purchasing
power of each dollar depended on the
whole number out. And the larger
number out the greater the value of
each. To avoid too violent changes in
the purchasing
Power of Money,
caused by too great abundance or
scarcity of it. society for 5000 years
had used the two metals, gold and sill
yer, so that their mutual oscillations of
WELD from the mines might serve to
correct one another. Should one of
these be discarded and deprived of the
power of legal tender, all the money
work of society would be thrown on
the other, whose value would therefore
greatly increase. Mr.. Jones dwelt with
emphasis OIL the fact the creditors did
not care which metal was demonetized,
provided money were made scarce and
dear. Germany and Austria demonetiZed
gold in 1857, but falling to secure the
cooperation of Eng land, in 1870. elated
with her victory over France, and
expecting to further cripple it. Ger
many reversed her policy and joined
England in discarding silver and adopt
ed the gold standard. Mr.. Jones warmly
defended the SILVER miners from the
charge of sefishuess in desiring the re-
monetiZation of silver. The silver mIn-
ers, he said, were as enduring, as eager.
as vigorous, as adventurous as the Ar
gonauts of old. They had never asked
any favorS of the government and they
asked mono now. Their calling was an
honorable one and needed 10 defense.
At the suggestion of Mr.. Teller Mr..
Jones postponed finishing his remarks
until tomorrow. The senate then went
into secret session, and III a few mo-