The Van Buren press., 1896-01-18
SEN. Jas. K. JONES.
Arkansas Senator Makes a Two Hours
Speech Against the Issue Of Bonds
and the Free Coinage Of Silver
as Remedy for all
Evils


up the free coinage substitute, and his
speech against the issue of bonds and
the adoption Of the policy of bimetallism
as the remedy for existing distress.
His speech was strong and dispassion-
ate exposition of the principles involved
in the measures reported from the
Finance Committee, and was listened
TO with great attention by Senators on
both sides OF the chamber and by
large representation in the galleries.
Several members were over from the
House to listen to the Senator'S
magnificent speech.
THE FREE COINAGE SUBSTITUTE.
Mr.. Jones secured the floor at 2.25,
and spoke On the free coinage substitute
for the House bond bill. He saids 1t
il claimed that this bill was framed and
passed through the House In response
to the wishes Of the President of the
United States. 1t Is also said that the
bill Ia entirely unsatisfactory to the
President and Secretary OF the Treasury
from the fact that the bonds provided
for are not specifically payable in gold.
The President considers the Treasury in
an unsatisfactory, II not in a critical
condition. The majority of the Finance
Committee regard 1t as the first duty
binding on the consciences OF members
OF Congress to undertake TO provide a
remedy for the widespread distress now
existing through the country If it Is in
any sense the result of Congressional
action. IL condition of reasonable
prosperity can be restored among the
masses of the people there will be no
difficulty whatever about the condition
Of the Treasury. The present deficiency
results, in our opinion, from the much
greater evil of the unsatisfactory con-
dition of the people. The bill amended
as proposed by us will, we firmly
believe, bring this relief. and for that
reason we urge its passage by the
Senate.
The advocates of a single gold
standard regard the issue of bonds as a
panacea for every Ill with them it is a
remedy ready in every emergency.
Those who think as | do, on the CON
trary, look upon them as an unmitigated
evil. An Issue of bonds is doubtless a
boon to that small class of persons who
have large incomes, which they have
not the knowledge, industry or courage
to use profitably. who long for invest
ments upon which they may draw
interest without any greater labor than
coupons; but to no other class
is an Issue Of bonds desirable.
DEFICIENCY SHOULD BE PROVIDED FOR.
1t is true that the government is not
collecting as much revenue just at this |
time as is needed, and some steps should
be taken to provide for the deficiency. |
The Secretary of the Treasury, how
ever, in his official report shows that |
this deficiency will be temporary and |
not continue beyond few months.
The amendment proposed by the
If enacted into law, will |
amply provide for this, for the issue of
about $50 900, 900 of silver certificates
against the seigniorage now held ini
bars in the Treasury is one of its |
features. while the deficiency estimated
by Mr.. Carlisle Is far below that sum.
A sale of bonds as proposed by the
House could accomplish no good result,
and, In my opinion, would be product
i've of much evil.
The issue of bonds cannot alter exist
ing conditions, and the causes which
have brought about the present situ
alton will speedily bring about like
results, and another sale Of bonds will
,oon be just as necessary as this, and
his ''endless chain of bond sales
might continue until Thousand |
millions had been sold, and yet we
would be no nearer solution Of the |
which encompass us than we |
ire now. There must be something |
wrong IL the richest and freest |
nation on the globe is in such a con
iition of absolute helplessness and
dependence as the President seems to |
us now
DISTRESS IS UNIVERSAL.
The conditions Of distress, not only in
this country, but in England, Germany,
and France. the great nations of the
world, will not be denied by anyone.
How does 1t happen that in a time of
profound peace all over the world, with
harvests, with no pestilence
or other such calamity, such a condition
of things can existf No local cause
can account for 1t, for it embraces all
the greatest nations in the world.
There must be some cause operating In
all these countries TO cause such wide
spread distress, uniform in character.
That cause seems clearly to be the fall
ing prices which have cursed and
blasted this country for twenty years.
OF course every fall of prices is not
an evil. A fall which results from
improved methods of production, or
from improved and cheapened trans
portation, is blessing and brings
to producers while it showers
its blessings upon consumers. Prices
cheapened by improved methods Is an
advance in civilization, adds to and
business, brings men to
higher level, awakens new ideas, and
new ambitions. There is,
however, one compodity which, when
In its value, necessarily affects
all other things in the world, in all
and among all civilized
people. owit: money. Suppose money
TO be doubled in value suddenly, II
would take then just one half AS much
Of 1t to buy any given article as il would
have taken before the rise in its value
what would before have cost 81 would
then cost so cents. because the so cents
Is worth as much as the dollar was
before. This rise in the value of money
then would find its expression. its
visible manifestation in fall of general
prices TO so per cent. of their former
scale, while money would remain
just as il was before and the
observer might think and "A
modern gold bug would be sure to
think. that this change in prices had
resulted from overproduction and inn