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)
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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
Mr. McPHERSON. I do not want to interfere with the Senator's line of
argument, or with his speech in any form, but it does seem to me that
there is something fallacious about the Senator's argument, or else my
judgment and the experience of the world is all wrong. I wanted to ask
the Senator this question: If it be known that the Government of the
United States, if you please, by such an increase of the silver coinage
in this country as will be produced by the free coinage of silver, to
which theory, as I understand, the Senator is fully committed--if that
be the theory of the Government hereafter by the command of Congress, I
want to ask the Senator if he broadly and boldly asserts that no gold
can be driven out of the country to a greater extent than dollar for
dollar for the silver that comes in?
Mr. JONES, of Nevada. Absolutely; I say so.
Mr. McPHERSON. Then I want to ask the Senator another question, which
seems to be pertinent. Does the Senator assert that if a 72-cent dollar,
the value in bullion of a silver dollar during the year 1889, as has
been furnished us by the Director of the Mint and the Secretary of the
Treasury, were coined without limit (I say without limit, the limit
being, of course, the amount of bullion that is brought to the Treasury
to coined), and the people of this country who have been in favor of a
safe and honest currency, a currency either gold or as good as gold,
which the Treasury has been able to maintain, having forced no silver
upon the people if they did not wish it, and in that way the silver
dollar having been maintained equal to the gold dollar, I want to know,
with the people of this country to-day the holders of $500,000,000 of
gold, how it is possible for the Senator to believe that with a 72-cent
dollar to take its place the gold coin would circulate for a single
week, or a single day, or a single hour? If they have the gold will they
not hold it?
Mr. JONES, of Nevada. The Senator has so involved his question with his
argument that I can scarcely get at what he wants me to answer.
Mr. McPHERSON. The question I want the Senator to answer is this: Will
the people of this country, the financiers of this country, the banks,
the moneyed men holding $500,000,000 of gold, with a certainty of the
free coinage of silver and going to a silver basis, for that is what it
means, put their gold in circulation, or will they hoard it? Will it
disappear?
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