, 1890-05-13
JONES ON SILVER.
Nevada's Senator Talks for
Hours on the White Metal.
He is Given Close Attention by
His Fellow Senators.
Representatives Indulge in a
High Old Time.

vest anu Joke stated that as MEM
bers of the Committee they dissented
from the report, and the matter went over
till tomorrow.
The senate bill appropriating 5000, 900
for a public building at Ogden. Utah,
was reported and placed on the calendar.
The senate then proceeded to the con-
sideration of the bill authorizing the issue
of treasury notes on deposits of silver
bullion, and Jones, OF Nevada, ADDRESSED
the senate. He spoke of the general I'M
rest prevailing throughout the country.
Prices of all commodities, he said, had
fallen, and would continue to fall. When
a fall in prices was found operating on
the products Of all industries, when it
was found noti confined % any
one cline, country or race, but diffused
over the civilized world; found not to be
characteristic of any one year. but to have
gone on for a series of years, it became
manifest that it could not rise from local,
temporary or subordinate causes, but
must have 1t genesis and development in
some principle OF universal application
What was it that produced a general de-
cline Of prices in any country? 1t was a
s~hrinkage in the volume of money rela-
lively to the population and business.
The world never had a proper system of
money. Prosperity aud speculation were
known to have been stimulated at times
by great yields from mines and when
those mines were worked out then came
revulsion and adversely.
He e on to speak OF the natural ra-
ito between gold and silver existing for
twenty five or thirty years. A ratio of
fifteen and a halt to one, and said it was
only since the legislative prescription of
silver in Germany and the United States
and its Punishment from the mints of
Europe that any material change OF that
ratio had taken place and the present di-
vergence 10 the relative value of the two
metals was directly due to the legal out
lawry OF silver and not to any natural
causes. 1t had always been the object of
the credit class to enhance the value of
money by reducing the volume so that
when the gold mines of California and
Australia were producing the largest yield
1t was proposed to demonetize gold. The
motion of demonetization in the case of
silver, as well as gold. was, Jones said, to
a~ggrandlze the credit class of the world
and conhscate the farms and practicable
rewards OF the hardy toIlers.
he spoke oil the decentralization OF sill
YER by Germany after the war with
France as having inflicted greater evils on
her people than her armies inflicted on
France, and said that when il began TO
have its effect a veritable hegira of the
German population began to take place.
Ii surprise was felt at the selfsbness of
the PRIVILEGED CLASSES in Europe in the
demonetization of silver, what, he asked,
was to be said in favor of the United
States demOnetizing silverP No such stu
pendous act OF folly and and ignorance
had ever been perpetrated by the repre-
sentatives of a free people. IL had proved
prolific OF enforced idleness, poverty and
misery: No better remedy could b, ap
piled than an absolute reversal of that
legislation and putting back the monetary
system o. the country to what it was be-
fore 1873.
All the nations of the Garth used silver
as money up to 1877, when Great Britain
sundered the silver link that bound
her to other nations-doing so for reasons
OF her own, arising from her position as
the ere lltor Of all nations. But the in
dustry of the English nation became cop-
gealed by reason of that condition of
currency. Within seven ytars thereafter
the number of her landowners was re.
duced. by reason of forced sales, from
l6o.OOO to $4,000 and a large proportion
oil her population had to live wholly or in
part on the bounty of organized charity.
had been part of the price i'm
posei upon English people by the creditor
class.
In regard to The bill pending before the
senate, Jones said he had reported it
from the committee on finance, but it did
not fully reflect his views regarding the re-
lition which silver should bear to the
monetary circulation of the country or
world. He d~eclIred himself at all times
and In all places an unwavering advocate
OF the free and unlimited coinage of sill
ver. In view, however, of the great d.
versity OF views prevailing on the subject
and the possibility that by reason of such
diversity this session of congress might
terminate without affordirg any relief
from the baleful and benumbing effects of
b demoniliza alton of silver, he had
joined with the other members of the
committee In reporting the bill. He held
himself free to ratify any amendment that
might be offered which might tend TO
make the bill a more perfect measure Of
relief, and that might be more in conso-
nance with his individual opinions.
hesuming his argument, Jones said.
Inc single gold standard men attempted
70 brush aside the equities involved by
sneering at the debtors. Who were the
oeDtors In thus country? he asked. They
were The aspiring. the hopeful, the ener-
gee,c, the audacious. They were the up
builders aud designers. They were he
constructive force in every communitv 40
probably nine tenths of the business Of
America depended in one form or Other
on credit. ANY system which made Inc
doilars oil a debt more valuable at the
date OF payment than at the date of Dor
rowing was a system of robbery. He
warmly defended the 8 liver miners from
the charge of sel6shntss in desiring ~
demonstration of silver.
At the suggestion of Teller, Jones
postponed finishing his speech until to-
morrow. Adjourned.
The scene In the senate chamber dur
ing the delivery of the speech was a fair
Indication of the great interest felt 10 it
on the subject. The senators from the
mining states. Stanford, Hearst. Stewart.
Teller and others sat close to Jones and
gave him most earnest attention, but an
almost equal degree of interest was shown
by all the senator's present, everyone of
whom ION both sides of the chamber)
wheeled his chair around so rs to face
the speaker. There was no conversation
INDUCED in, no newspaper reading, no
letter writing, but during the three hours
that the speech occupied every senator
seemed to be paying the closest attention
to 1t. The number of persons in the
galleries, however. was not large.
Whitnev's D~efalcatIon.
ALBANY, N. Y, May I'm the mat
Aau /. r IL NIL CT