Money: Speech of Hon. John P. Jones, of Nevada, on the Free Coinage of Silver; in the United States Senate, May 12 and 13, 1890Jones, John P. (John Percival)
History
Money: Speech of Hon. John P. Jones, of Nevada, on the Free Coinage of Silver; in the United States Senate, May 12 and 13, 1890
Jones, John P. (John Percival)
Silver question -- Speeches in Congress
This cry for "the best money" is at last beginning to be recognized for
what it is--the cunning device of creditors to "catch the conscience" of
the people and play upon the sense of fairness that characterizes the
great mass of mankind. These interested parties affect to believe that
gold is, by nature, the only money metal, ignoring the fact that until
silver was displaced by hostile legislation it was, and for four
thousand years had been, the principal money metal of the world. But
they will no longer be permitted to hide their sinister purpose under
the cloak of a demand for the "best money." The masses of the people are
aroused on this subject and are beginning to understand it.
According to all fair canons of construction the best money should be
and is a money of unchanging value, a money that exacts from the debtor
the same amount of sacrifice that he bargained for, and which is all
that the creditor is equitably entitled to receive. In other words, the
money of the contract, not a money whose exactions are increasing at the
rate of 2 per cent. per annum. As McCulloch says, debts being stated in
dollars and cents, it is not possible for the creditor openly to augment
his debtor's obligation by changing the figures of the debt.
But, Mr. President, while they can not change the figures of the debt,
they are enabled, by a crafty manipulation of the money-volume, to do
that which, to the debtor, means the same thing; as the following story
will illustrate:
A usurer of the coarser type had lent $10,000 on a neighboring farm, for
which amount he took the farmer's note, secured by a mortgage on the
property. He coveted the farm, and in his anxiety to secure it took his
banker into his confidence. He informed the banker that he wanted to get
possession of this farm, but it would bring $15,000 under the hammer,
and he did not care to pay so much for it. "I have a subtle chemical,"
said he, "by which I can obliterate from the note and mortgage all trace
of the rightful amount ($10,000), and that done, I can insert $15,000.
Then, with the genuine signatures on the note and mortgage I can bring
suit, and as the farm will not bring more than the face of the note, I
shall succeed to the property."
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account