Los Angeles herald., 1890-05-14
Associated Press Dispatches. |

today, among the petitions presented
and referred was one by Quay, from
business men of Philadelphia, remon-
strating against an increase of the duty
on dress goods made wholly or partly
from wool.
The committee on pensions reported
back the house substitute for the senate
dependent pension bill, and moved that
it be non-concurred in. Agreed to.
The senate then resumed considera-
ton of the silver bill. Jones, of Ne
vada, continued the speech he began
yesterday.
Jones concluded his speech at a quar-
ter past three, having spoken five and
quarter hours. He had the same close
attention from both parties that he had
yesterday Attendance on the demo-
cratic side at the time was larger than
on the republican.
Senator Jones opposed the idea of re-
deeming treasury notes in bullion on
the ground that when they were SO re-
deemed the monetary circulation would
be contracted, and putting bullion on
the market would not make up to the
country for the loss of money from cir
culation. He expressed entire conf
dence in the honesty of purpose and
conscientiousness of motive of the
present secretary of the treasury, but
said as none of the secretaries for twelve
years past had coined dollar of silver
more than they were compelled by law
to do, future secretaries might con-
scientiously deem it their duty to keep
in circulation the least possible amount
of the proposed treasury notes, and thus
the United States treasury might in
effect become mere purchasing agent
for the East India Company, or for
syndicates of English merchants want
ing bullion cheap in order to make their
payments to India. Gold, by reason of
its greater value, Notwithstanding all leg
islation in its favor, could never become
the common money medium of the
world. Silver is a money metal best
suited to the mass of the people, and to
the variety and character of the trans
actions constituting the interchanges of
daily life. Were there any conceivable
necessity for the demonetization ofeither
metal, why demonetize that which
promised the greater and more steady
yield? 1t was absolutely vital to the
welfare of society that both silver and
gold should be in full and unlimited use
as money, and equally invested with the
power of legal tender.
In conclusion, he said: l predict Mr..
President, that the restoration of silver
to it's birthright will mark an ep-
och in the history of this re-
public; it will place in crcu-
lation an amount OF money commen-
surate with our increasing population
it will give assurance to our ianguishing
industries that the volume of our circu-
lating medium is not to continue shrink
ing, and that the tendency of prices
shall no longer be downward 1t will
increase the wages of labor and prices of
the products of labor; it will reduce the
price of bonds and other forms of money
securities; it will tighten, but not in
equitably, the burden of mortgages; it
will increase largely, though not un-
justly, the debt-paying and taX-paying
power of the people; it will loosen the
grasp of the creditor from the neck of
the debtor. By the reconciliation of
silver, money will cease to be an object
of commerce, and will again become it's
beneficent instrument; activity will re-
place stagnation movement twill supplant
inertia; courage will Danish fear; conf
dence will dispel doubt; hope will super
sede despair. The lifting up of silver to
it's rightful place by the side of gold will
set in motion all the latent energies of
the people. 1t will Danish involuntary
idleness by putting every willing man to
work; it will revive business and reani-
mate the heart and hope of the masses.
Capital no longer fearing fall in prices,
will return into productive avenues. The
boards of money lying idle in the bank
vaults will come out to bless and enrich
alike their owners and the community at
large; while millions of dollars now in
vested at low interest in gilt-edged Sc
curities, will seek more profitable invest
ment in the busy field of industry,
where they will be utilized in the pay
ment Of wages and the consequent
dissemination of comfort and happiness
among the people. And this it will ac-
complish, not for the United States
alone, but for civilization; for, it is not
too much to say, Mr.. President, that
upon the decision of this question de-
pend consequences more momentous
than upon that of any other question of
public policy within the memory of this
generation. In a broader sense than
any other question attracting the gen.
eral attention of mankind, it is a ques-
ton of civilization. 1t embodies the
hopes and aspirations of our race. The
act of congress which shall happily
solve it will constitute decree of eman-
cipation as veritable as any that ever
freed a serf from thralldom, but more
universal in it's application; it will pro-
claim the freedom of the white race the
world over; it will lift the bowed head
of labor; it will hush the threnody of
toll; it will inaugurate true renais-
sance-a renaissance ofprosperity, with
out which, industry, learning, science,
literature, are apples of Sodom."
In answer to questions, Jones said if
there was free coinage of silver, he be-
lieved in three days the silver not used
for coinage, would be worth $1.29 an
ounce, and that there it would remain.
Jones today had the same close atten
ton from the senators of both parties
that he had yesterday, and at the close
of his speech was warmly applauded.
Jones, of Arkansas, next addressed
the senate. in criticism of the bill. He
said the bill, as it stood, should never
become law, but should be amended
by making it provide at least for the un-
limited coinage of silver whenever the
price reached point at which the gov
ernment ceased to be purchaser. This
was an absolute necessity, unless the