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
Thus the United States Treasury would become the convenient and
capacious conduit through which silver should immediately flow from this
country to England, depriving our people, notwithstanding the
legislative measures for their relief, of practically all use of silver
as money, inasmuch as the four and a half-million dollars of Treasury
notes would be withdrawn and canceled about as soon as issued.
Thus would our Treasury Department be made practically the purchasing
agent in this country of any syndicate or combination of English
merchants who might desire silver for the East India trade.
If it be said that no Secretary of the Treasury would attempt thus to
defeat the will of the people as expressed in the law, the sufficient
reply is that a conscientious man who believes that the honor of the
United States is pledged to the maintenance of the gold standard, and
that it is indispensable to the prosperity of the people, will exercise
all the power vested in him by law to prevent a departure from that
standard, and will regard himself as for the time being the savior of
the Republic by keeping it from "the edge of so dangerous a peril" as
the execution of the people's will.
Certainly no man will deny to the present Secretary of the Treasury
entire rectitude of motive in all his conduct. From the well-known fact
that since the passage of the limited coinage act of 1878 all our
Secretaries have refrained from purchasing more silver than they were
compelled to do by the mandatory provision of that law, it is reasonable
to infer that none of them, if called upon to execute a law containing a
silver bullion redemption clause, such as is suggested, would feel
called upon to make a net purchase of more than $2,000,000 worth in each
month; and that none of them would hesitate to exchange for Treasury
notes all the monthly purchases of bullion in excess of that amount.
A PLANK FROM THE REPUBLICAN PLATFORM.
I must be pardoned for directing the attention of Senators on this
side of the Chamber to a short declaration of the last Republican
National Convention:
The Republican party is in favor of the use of both gold and
silver as money.
If party platforms mean anything that clause meant that the Republican
party went before the country pledged to the use and to the equal and
non-discriminating use of both silver and gold as money. It was well
known that throughout the entire West the question of the
remonetization of silver was deemed of vital importance, and party
orators and the party press, throughout that entire section were severe
in their denunciation of the prior administration of its unfriendly
attitude toward silver.
Public-domain text, read in full here on John Shaqi.
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