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
If anybody doubts this statement let him make the attempt in all the
money centers of the world to buy from accumulated stock even $5,000,000
worth of it. He will fail to get it in London, Paris, Berlin, Calcutta,
New York, or San Francisco, or in all combined. There is no source from
which to get silver except the current supply from the mines, and
whatever that is now it is not likely ever greatly to increase. The
occupation of mining is not attractive to many, and in the nature of the
case the number who follow it will always be comparatively few. The
Argonauts of old were but a small band of hardy adventurers; those of
the new era are destined to bear no larger proportion to the population.
But even were this not so, nature herself draws the line. To the eye of
the experienced prospector silver mines are as discernible on the
surface of the earth as are mountains, and the world has been explored
in vain for further "finds." Those who talk, therefore, of "floods" of
silver coming here for coinage simply show their ignorance of existing
conditions.
I may add that of all the shafts that have been sunk for silver mines in
the world where they have found silver croppings on top in ninety-nine
out of every hundred, and I think I am stating it moderately, the veins
have not penetrated the earth, mineralized, fertilized, to the depth of
50 feet, rarely have they penetrated the earth to a depth exceeding
1,200 feet, and the most prolific yield of silver mines has been from a
depth not exceeding 800 feet.
The very fact, Mr. President, that, with all the world searching for
gold and silver mines--a search that has continued throughout all
history--the amount of the two metals yielded by the mines is about
equal, shows that the historical relation existing between them is the
relation at which they can be profitably produced.
It is apparent that if there were a great advantage in the production of
silver over gold, at the relation of 15-1/2 to 1, that advantage would
be seen in the largely preponderant production of silver; but instead we
find that the result of thousands of years of mining has given us about
equal quantities of both metals.
CAN THE UNITED STATES ALONE HOLD THE METALS AT A PARITY?
We are told that the United States, unaided, can not, if it would,
restore silver to a parity with gold--that no one nation acting alone
can achieve so difficult a feat. But it is incapable of denial that
throughout all vicissitudes of production of gold and silver from 1803
to 1873 the law of France--one nation alone--accomplished it.
Public-domain text, read in full here on John Shaqi.
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