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
I wish in all solicitude and sincerity to advise my Republican friends
of the East that this plank in the party platform was construed by the
Republicans of the West to mean precisely what it says. They are looking
with confidence to this Congress for such action as will fittingly
embody in the statutes the principle laid down by the party now in the
responsible direction of the Government.
SHALL WE BE FLOODED WITH SILVER?
We are told that if silver is given free access to the mints we shall be
flooded with it from all parts of the world. Does anybody show where the
flood of silver is to come from? Where are the reservoirs that contain
it? Not in England, where it is difficult for the people even to get a
sufficiency of it for small change to transact the business of the
country: not in Germany, where the scarcity of money was so pressing
that the government had to abandon the idea of selling silver. Though
the stock in France is large her people will never give it up. Silver
has been the "shield and buckler" of the French Republic. All she has is
coined at the ratio of 15-1/2 ounces of silver to 1 of gold, and its
shipment to this country would involve a loss to France, not only of the
3 per cent. difference between the French relation (15-1/2 to 1) and
ours (which is 16 to 1), but of 3 per cent. additional in the cost of
gathering and shipping it. And after that could only exchange them for
Treasury notes. The silver stock in India and the Orient is performing
indispensable duty as money, and no "flood" of it can be expected from
that quarter. From time immemorial India has been absorbing all the
surplus silver of the world. She has never got so much as to appease her
appetite for more. So insatiable is her desire for that metal that she
has long been known as the "Sink of Silver." China has not a piece of
the metal that she can dispose of. Mexico has no stock whatever of
silver on hand, except the limited number of coined pieces forming her
moderate money circulation, and not a dollar of it can be spared. No
country of Central or South America has any surplus silver. Every piece
of coined silver in every country in the world is part of the monetary
circulation of that country, and even when of short weight and
classified as a mere "token" is passing at par as full valued money. No
gain could possibly accrue, therefore, to the owners of coined silver
anywhere by shipping it to this country for any purpose, and there is no
surplus stock of bullion anywhere.
Public-domain text, read in full here on John Shaqi.
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