The Globe-republican., 1890-05-21
JONES ON SILVER.

JONES ON SILVER.
Tho Nevada Senator Gives His Views On the
demonstration of Silver-Policy Of the
Treasury Criticised.
WASHINGTON, May 14.-In continua-
ton of his remarks in the Senate yes
terday on the Silver bill, Senator
Jones' of Nevada, opposed the idea
of redeeming treasury notes in bull
lion ON the ground that when they were
SO redeemed the monetary circulation
would be contracted and the putting OF
bullion on the market would not make
up to the country for the loss Of money
from circulation. He expressed en-
tire confidence in the honesty
of purpose and consciousness OF
motive of the present Secretary OF the
Treasury, but said that as none of the
Secretaries, for twelve years past. had
coined dollar of silver more than COM
PEELED by law to do, future Secretaries
might conscientiously deem it their
duty to keep in circulation the least
possible amount of the proposed treas
ury notes, and thus the United States
Treasury might, in effect become q
purchasing agent for the East India
company or for syndicates of English
merchants wanting bullion cheap in
order to make their payments to In
dia Gold, by reason of its greater
value. Notwithstanding all the legis-
lation in it's favor, could never be-
come the common money medium OF the
world. A gold coin that would represent
an average days labor would be too
small for convenient handling. Silver
was the money metal best suited ~ the
mass Of the people and to the variety
and character of transactions conStitut-
ing the interchange of daily life. II
there were any conceivable necessity
for the demonstration of either metal,
why, he asked, demonetize that which
promised the greater and more steady
yield? If for any reason society should
decide that one of them should be dis
carded, should it not rather be that one
which promised the smaller future yield
than that which promised the larger?
1t was absolutely vital to the welfare Of
society that both silver and gold should
be in full and unlimited use as money
nd equally invested with the power Of
legal tender.
In conclusion, Mr.. Jones said: 81 pre-
dict, Mr.. President, that the restoration
of silver to its birthright will mark an
epoch in the history of this Republic. 1t
will place in circulation an amount OF
money commensurate with our increas-
ing population. 1t will give assurance
to our languishing industries that the
volume of our circulating medium is
not to continue shrinking and that the
tendency of prices shall no longer be
downward. 1t will increase the wages
of labor and the prices of the products
of labor; it will reduce the price of
bonds and other forms of money futures;
it will tighten, but not inequitably, the
burden of mortgages; it will increase
largely, though not unjustly, the debt
paying and tax paying power of the
people. 1t will loosen the grasp of the
creditor from the neck of the debtor.
BY the reconciliation of silver, money
will cease to be the object of commerce
and will again become its beneficent in.
strument. Activity will replace stagna.
ton; movement will supplant inertia;
courage will Danish fear: confidence
will dispel doubt: hope will supersede
despair. The lifting up of silver
! to its 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. 1t will re-
vive business and reanimate the heart
and hope of the masses. Capital, no
longer fearing fall in prices, will turn
into productive avenues. The boards Of
money lying idle in the money vaults
will come out to bless and enrich alike
their owners and the community at
large: while the millions of dollars now
invested at low interest in gilt edged
securities will seek more profitable in
vestment in the busy field of industry
where they will be utilized in the pay
ment of wages and the consequent dis
semination of comfort and happiness
among the people.
''And this it will accom- plish, not for
the United States alone. but for civili-
zation. for it is not too much to say, Mr..
freSloent, that upon the decision OF this
question depend consequences more
momentous than that of any other ques-
ton Of public policy within the memory
OF this generation. In q broader sense
than any other question attracting the
general attention OF mankind it is a
question of civilization. 1t embodies
the hopes and aspirations of our race.
The act Of Congress which shall happily
solve it will constitute a decree Of
emancipation as veritable as any
that ever freed serf from thraldom,
but more universal in it's application.
It will proclaim 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 inau-
gurate the true renaissance-a renais-
sance Of prosperity without which in
dustry, learning. science. literature and
art are but apples of Sodom.''
In answer to questions Mr.. Jones said
that if there was free coinage of silver
he believed that in three days the silver
not used for coinage would be worth
S1.29 an ounce and that there it would
remain.