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
What is claimed for law in this connection is not that it directly
controls the relative values of gold and silver any more than of
anything else, but that on the slightest separation of the metals there
instantly arises, under the law of the double standard, a demand for the
cheaper metal, while the demand for the dearer one is suspended. In this
way the double standard accommodates itself to the law of supply and
demand, which is admitted to be the governing factor in the
determination of value. It is not contended that a small or
insignificant country could keep the metals together, but all experience
goes to show that a great nation like the United States would have no
difficulty whatever in doing so.
So thoroughly are the advantages of the gold standard to the creditor
classes recognized in England that the English Commissioners, who, for
form's sake, have been sent to the several monetary conferences held on
the continent, have never been invested by their Government with any
power whatever. And it is but a few weeks since the House of Commons
overwhelmingly voted down a proposition made in good faith by Mr. Samuel
Smith, looking to the calling of a new conference, which was supported
by petitions to Parliament signed by 60,000 persons not merely as
individuals, but as representing large organizations of the toilers of
England.
The ratio is not the difficulty. Those who wanted silver demonetized do
not want it added to the money volume of the world at any ratio. Why
then shall we wait? Macauley, commenting on the impregnability of
intrenched prerogative, observed that if the announcement of the
discovery of the law of gravitation had militated against the personal
interests of any vested or privileged class, its general acceptance
might have been long postponed. Shall we, then, postpone relief to the
suffering industries of this country till we can secure from the
privileged classes, from the money-lenders of the world, an agreement to
cease their exactions?
No, Mr. President, we need not wait, and we _will_ not wait. All that is
necessary is to _act_, and so far as the rules of order and of
parliamentary procedure will permit, we propose to act, promptly and
decisively. The world can not expect the initiatory movement for any
change to be taken by those whose interests are served by the
continuance of present conditions. Such conditions being consistent with
their own welfare, they find no difficulty in arriving at the conclusion
that they are for the welfare of society at large.
The dogma that cupidity is a synonym for virtue will never fail to find
ready converts among the beneficiaries.
* * * Plate sin with gold.
And the strong lance of Justice hurtless breaks.
CONCLUSION.
Public-domain text, read in full here on John Shaqi.
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