The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1890-05-14
MESSRS. JONES ON SILVER.
He of Nevada Supports the Bill the
Arkansas Member Opposes.

TO VI NCNao0 90PRofkS TITO Dtu ttI6
Arkansas Member Opposes.
WASHINGTON, May 13.-The Senate at 1
o'clock resumed consideration of the silver
bill, and Mr.. Jones of Nevada continued his
speech. Fears were expressed, he said, lest
gold should leave the country by reason of
restoring to silver its sfull monetary power.
Such would not be the case. For every gold
dollar that left there would be silver dollar
in circulation. If gold could be kept only on
the condition that equality and justice be de-
stroyed, who doubted that it should go? No
argument for demonetization could be found
in the fluctuations of the yield from the
mines. The history of the world afforded no
example Of an 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
gold in the worlds stock was about equal,
and both possessed in common, neither in
any higher degree than the other, all the
qualities recognized and necessary in money.
The purpose in using both had always been
to preserve society from the result Of acci-
dents In the production of either. The effect
of the dem0netization of silver was to defeat
that benefcent purpose. He opposed the
idea of redeeming treasury notes in bullion
on the ground that when they were redeem
ed the monetary circulation would be con-
tIdCtcu anu llo putting VI Lu6 UulilOu Oh lu6
market would not make up to the country
for the loss of money from its circulation.
He expressed entire confidence in the
honesty of purpose and conscientiousness Of
motive Of the present Secretary of the Treas
ury, and said that as none of the secretaries
for IL years past had coined dollar of silver
more than compelled by law, future secre-
taries might c0nscientiously deem it their
duty to keep in circulation the least possible
amount of the proposed treasury notes. Thus
TrlIf fnd Sfntn frnn ntrxhA -
become mere purchasing agent for the East
India Company, or for syndicates of English
merchants wanting bullion cheap in order to
make their payments to India.
Gold, by reason Of its greater value. not
withstanding all legislation in its favor,
could never become the common money me-
dium of the world. The gold coin that
would represent the average days labor
would be too small for convenient handling
Silver was the money Imetal best suited to
and character of the transactions constitut-
ing the interchanges of daily life. The sup
plies of both metals in existence, il united
by law in full money function, would have a
steadiness of value which could not be at
tanned by either separately. No amount of
current production that could be expected
from the mines could effect any appreciable
reduction in their value, there being already
a combined stock of over eight billion dol
lars on hand. If society should decide that
one of them should be discarded, should it
not rather be the one which promised the
smaller future yield?
Mr.. Jones of Arkansas spoke in criticism
of the bill, which, he intimated, was Re-
publican caucus measure. Its authors, by
refusing to make silver treasury notes re-
deemable in bullion, showed their unwilling
ness to avow openly, as the Secretary of the
Treasury seemed to do, a desire to make sill
yer commodity only, yet, by a less frank
and candid method, they arrived inevitably
at precisely the same result. The purchase
Oh Tour and one-half millions worth of silver
per month would consume the worlds sur
Plus silver. Ii so, bullion would rise rapidly
In value after the passage of the act, and
might soon reach a point at which the gov
ernment would, under the operation of law,
pc required to suspend it purchases. Silver
DullIon would remain at that price because
sne 1t monent II 1eil shade below one dollar
for 3n4 grains OF pure silver the government
again became purchaser. and the nrice
went up again. While it remained mn, the
government could buy no silver. and there
would not be one dollar coined. The net re-
suit would be a great increase in the value Of
silver bullion as a commodity and its demon
etizaton would be complete and absolute
The bill should be amended by makinp II
provide at least for unlimited coinage of Sill
yer whenever the price reached a point at
which the government ceased to be pur-
chaser.
Several Republican Senators denied the
bill was a caucus measure.
Mr., Jones of Members of the
Republican party have said to me, in private
conversation, that this bill was approved by
every Senator on that side except the Sena-
tor from Colorado"