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
Both metals possess in common, and neither in any different degree from
the other, all the qualities which are recognized as necessary in a
commodity money. Silver enjoys in an equal degree with gold the quality
of indestructibility, of divisibility, of malleability, and of
resistance to chemical changes. The stock of both existing in the world
(the product of all time) is estimated to be about equal, the production
of the past 500 years being set down as--
Gold $7,240,000,000
Silver 7,435,000,000
That silver mining has not proved exceptionally profitable in this
country is proved by the comparatively small number that have engaged in
the business. This country has been thoroughly explored in the search
for additional mines without any of great value being discovered. The
allurements of the business lie in its uncertainty; and for the
occasional prize that is drawn thousands of blanks are found. There is
always enough hope of results to induce continued effort, but there is
also sufficient doubt and discouragement to deter an undue number from
engaging in the business.
The mines of Mexico have been worked for hundreds of years; and up to
1873 the business of silver mining in that country had all the stimulus
that a parity at 15-1/2 to 1 could give to it. It is not, therefore,
probable that any material increase of output can be expected from that
quarter.
Conceding, for the sake of the argument, the eventual possibility of so
superabundant a yield of silver as to work injury and inequity to the
interests of creditors, is it not manifest that it is in the power of
society at all times to remedy the evil by a limitation of the coinage?
And on the other hand, is it not equally manifest that for an
insufficient supply there is no remedy?
If great mountains of silver should be discovered, does not Congress
meet constantly? If there should seem to be too much, could not the
coinage be readily limited to prevent depreciation? But, on the other
hand, when we dedicate the monetary function solely to one metal, of
which there is manifestly and admittedly the world over an insufficient
supply, where is the remedy? What can Congress do to enlarge that
supply? Absolutely nothing.
THE GOLD USED IN THE ARTS.
The Director of the United States Mint a few years ago estimated that of
the $100,000,000 gold annually produced from the mines of the world
$46,000,000 are consumed in the manufacture of jewelry, gold plate,
plated ware, gold-leaf, etc., and in various processes of dentistry.
The single standard of gold, therefore, is maintained by the creditor
nations in the face of the admitted fact that but $50,000,000 of that
metal are annually added to the money stocks.
Public-domain text, read in full here on John Shaqi.
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