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
The creditors of this country never can convince the enterprising and
energetic people who form the debtor class that it is to our interest
that a certain material shall be kept in the country as money, if the
expense of keeping it is that the debtors shall continue to be despoiled
as they have been for the past fifteen years.
If we can only retain gold at the expense of steady and unwavering
prices, and at the expense of a steady and unchanging value in money,
then the quicker gold goes out the better. The constantly increasing
value of gold by reason of its increasing scarcity means the constantly
increasing burden of all debt, and involves the final absorption of all
the property of the country by the creditor classes. Under the operation
of the present system, by which prices are constantly falling and money
is constantly increasing in value, the surplus earnings of the people
are flowing in a steady stream into the vaults of money-lending
institutions, and into the pockets of creditors.
In a very intelligent article published in a late number of an
influential magazine--the Political Science Quarterly--there is the
significant statement, apparently derived from the best sources, that
in the year 1879-'80, one-half of all the mortgages in the State of
Indiana were foreclosed.
It were better for society that property should at once be confiscated
than that the great masses of the people in every community should have
to struggle through years of painful and exhausting effort in the face
of constantly falling prices and then in a large percentage of cases to
lose their property at last. But this can not be avoided so long as we
attempt to keep up what is called the gold standard. It is a necessary
consequence of the gold standard that we shall have the scale of prices
that obtains in gold standard countries If the presence of gold in this
country is to destroy our people, who doubts that it should go? If its
presence is to result in the destruction of equity and justice, who
doubts that it should go?
Nearly every witness who testified before the secret committee of the
House of Commons in 1857 agreed that gold could only be held by
paralysing the business of the country. It is estimated by witnesses who
testified before that committee, that in the panic of 1847, in Great
Britain, the property of the country, by reason of the measures rendered
necessary to maintain the single gold standard, was depreciated
$1,500,000,000. I commend that report to the careful and serious perusal
of the advocates of the single gold standard in this country.
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