New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-05-14
A TRIUMPH FOR MR.. JONES.
HIS EXPOSITION OF THE SILVER QUESTION
Carefully FOLLOWED BY THE SENATE.
srpoxG PRESENTATION OF HIS vIEws-wHAT
THE RECONCILIATION OF SILVER WILL A0'
CoMpLIsH-MR. JONES, OF ARKANSAS,
MAKES A QUEER MISTAKE.
INV TELEGRAPH TO THE TRIBUNE. !

| Wash
| specch on the silver question which was LETT uh
criebod Yesterday by Mr. Jones, of Nevada, was con
| c,udcd IN the senate this afternoon shortly aiter
| o'clock the total length Of time consumed IN us
delivery being a trihe less than SIX hours Mr. Jones
had again TODAY the marked attention OF The senate
the number of his auditors on the floor OF the chamber
hcins at no time less than thirty, extraordinary
tribute TO the attractive character OF speech on 80
abstruse and 80 entirely non political topic The
interest II ANYTHING Increased as the Nevada Senator's
ARGUMENT proceeded, and the last half hour in which
he had the floor triumph tatterng to any
senatorial orator.
| Al the close of the speech there was hearty ap
nIause in the galleries. and on the floor many senate
| hurried forward to congratulate Mr.. Jones, who
| ,oodestlv withdrew quickly as he could to the
shelter OF The cloak room. His speech Will probably
appear i'm full In tonorrow's Issue Of The Congress
| sonaI Record and will doubt have wide circ,i-
Io,ion and produce a corresponding effect upon The
| public There is question that 1t has MADE a
strong impression on the senate, aud there many
who think il one OF tho notable Of the speeches
delivered in any OF the recent Congresses.
Fears had been expressed Mr. Jones said, lest gold
shou,d leave the country by Of restoring to
| silver It's full monetary power. such would not be
the case For every gold dollar that left there would
| he a silver dollar in circulation. III, however. gold
could lie kept only on condition that equality ana
iustce should % destroyed who doubted that 1t
| should goi No argument for dcmonctization could
| be- found In tho fluctuations Of the yield from the
| mines There would DO large yield now OF one
metal and again Of another; but the history Of the
| world offered no example Of extraordinary yield
OF both metals simultaneously, except In The single
| Instance OF the discovery OF the mines OF America
The total amount Of silver and Of gold in the worlds
stock was about equal both possessed In common all
the qualities which arc recognized as necessary IN
money The purpose In using both had always been
| Tram tha ~
the production Of either and the effect Of demonet
zaton Of silver 10 defeat that bcnefcent purpose
He opposed tho idea OF rcdeening Treasury notes
| in bullion. on the ground that when they we're 50
| redeemed the monetary circulation would be con
| tracted and the putting Of bullion the market
would not make mp 10 the country for the loss OF
money from its circulation. He oppressed entire con
Hdcnce in tho honesty OF purpose and conscientious
ness Of motive Of the present Secretary OF the Treas
ury but said that Of the secretaries. for the
| last twelve years. had coined dollar Of silver
moro thon compelled by law to d.. fuur" secretaries
| might consciertiOusy deem n THEN cuty 10 keep
in circulation the least possible amount Of the pro
| posed Treasury notes. and thus Tie United states
| Treasury might in effect. become purchasing
agent for the India Company for syndicatcs Of
| En- gish merchants wanting bullion cheap In order
| TO make TIER payments to India. ,;old by reason
Of lie greater value notwithstanding all the legislation
! In ifs favor could never become the money
]
sent an average DAVIS labor would be too small for
| convenient handling. silver the money metal
| lest suited 10 the macs Of the people and 10 The
variety and character II transactions constituting the
lntcrchangcs Of daily life. The supplies OF
both metals In cAistcnce II united by law In the full
money function, would have steadine,s Of value
which could not be attained nv either separately. 80
amount Of production that could Dc expected
from the mines could effect appr liable reduction
in their value-thcrc being ALREADY combined stock
u over as 900 900 900 on hand. Were there con
celvablc necessity for the denOuetllauOn OF either
metal why he aSlcf dcmonctize that which promised
the greater and steady yicdi II for any reason
society should decide that Of them shouh De dis
cardrd should II no, rather br that which prom
ised the smaller future yield than that which prom
| ised the larger, Il was absolutely vital the vol
fare Of society that both silver aud gold should be In
| full and uulirniicd use a. money. aud equally III
| vested with the power of legal tender.
In the course 81 his argument Mr.. Jones quoted
1cures 10 show that debt If $4,000 contracted IN
Ira couh al that time be paid with a733 bushels -
! wheat 6Og7j pounds Of raw cotton or 7O.4-2 yards
| Of cotton cloth Now IL would require il4i6 bushels
Of wheat l0l 900 pounds Of raw cotton or iA'o''
yards Of cotton cloth 10 pay the same debt. In sup
| port II his views the function OF money. ana on
the nature Of value Mr. Jones also quoted extensively
| from tho various Authorities on pohocal economy
from the time Of Aristotle 70 the present time.
In colcluslon Mr. Jones said
pfcgict Mr. frcsdft. that the restoration OF >ltN'l
10 u. birtiight epoch IN IT, history VI this
Pe,ulllc a. VIII place circulation amount % nonrv
! ~onincn,ur,.e with our Increasing popuason. II VIII
| give Assurance iaHgubhlng Industries that the
volume OF our medium Is not to continue shrink
Ing and that tendency Of prices shall be no l"ng'r
tovnward II viii increase The " labor ard the
prices OF ue products o labor Il Will reduce the price OF
ond and other Of money futures T. viii tighten
I'M not inequitaty burden % mortgages II viii In.
crea.c nrr.ly though no, unlusy the d'btpayins and
ayra,4ng power the people. II WI loosen the grssp
u the creditor from the neck q" the debtor.
Dy the rcinonc. ,iion ~ SILVER. money Will cease 10 %"
tho ct Of commerce and VIII again become rs bcnchccnt
Instrument Activity VIII replace stasnstoa. mo' em'nt
Will suppant inertia; Will Danish fear coIhden
Wiz d.spcl doubt; hope VIII supcfsede dcspalr Tho
king up u silver 20 IT, rifhuul plano BIZ the side Of gold
n set In motion all latent energies Of the people. 1t
viii Danish Involuntary ldless by putting every wiling
nan to work IL VIII revive business and rrannate tho
heart and hoyc the Capital 10 longer fearing
fall IN price, VIII turn into productive avenues The
boards n money iying Idle In The bank vaults VIII come
out n bless and enrich alike their owners and the COM
munity at large Will. the mons OF dollars no" Invested
A. low Interest in godcdgcd securities Will seek more
r.hl Investment in the busy ncli u Industry whore
~ ,rfl b. utilized the payment ~ and
,...oueut dissemination Of comfort and happiness,
the p,oplc And this 1t will accomplish not FOR the United
S,,cs alone but for civilization For IL Is not much 10
80 A. President that upon decision Of this question
dcepd consequences nomehtous han upon that OF
~ other question Of public policy within the memory Of
mi. generation In broader sense than My other qucs
ton attracting tn" general ATTENTION oil mahhha II dus
~ -, cylizaon IL enbodies the hopes and aspirations Of
m ,.ce The act Of Congress which shall happily solve
"a u constitute decree Of emancipation as Nertabe s'
v that ever freed sc from thaIdom' but more universal
In IL, application 1t VIII proclaim W, I''pon' 81 u'
h. race the world over II will lit the bowed head OF
hr IL viii hush threnody Of toll IL VIII inaugural
M ,,re rcnassance-a renaissance ~ prosperity without
which industry learning, science literature art arc but
! apples Of Sodom
"w Mcpherson asked Mr. Jones whether he a.
r,od that with a free coinage OF silver gold wonld
No, lac driven out Of the country to greater cAtcn
Than a dollar OF gold for every additional dollar o.
silver.
Il Mr. Joncs-Absolutcly.
Mr. Mcpherson asked whether II SILVER dollars WORT
, 20 cent, were coined without Limitation thus csai
u,, , oliver bassl the holders OF gold $500 900, oot
heinr held in the country would not absolutely with
drou IL from circulation.