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 — John Shaqi
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)
History
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
All have been looking for the cause, and many think they have discovered
it. With some it is "over-production," with others either a "high
tariff" or a "tariff not sufficiently high." Some think it due to trusts
and combinations, others to improved methods of production, or because
the crops are overabundant or not abundant enough. Some ascribe the
difficulty to speculation; others, to "strikes." All sorts of
insufficient and contradictory causes are assigned for the same general
and universal complaint. However inadequate in themselves, they serve to
emphasize the universal recognition of a difficulty whose cause without
close inquiry is likely to elude detection. But the evil is of such
magnitude, it is so widespread and pervasive, that, without a knowledge
of its cause, all effort at mitigation of its effects can but add to the
confusion and intensify the difficulty.
It behooves us, therefore, as we value the prosperity and happiness of
our people, to set ourselves diligently to the inquiry: What is the
cause of the unrest and discontent now universally prevailing?
ONE SYMPTOM COMMON TO ALL INDUSTRIES.
In surveying the question broadly, to discover whether there is anything
that affects the situation in common from the standpoint of varying
occupations, we find one, and only one, uniform and unfailing
characteristic; the prices of all commodities and of all property,
except in money centers, have fallen, and continue falling. Such a
phenomenon as a constant and progressive fall in the general range of
prices has always exercised so baleful an influence on the prosperity of
mankind that it never fails to arrest attention.
History gives evidence of no more prolific source of human misery than a
persistent and long continued fall in the general range of prices. But,
although exercising so pernicious an influence, it is not itself a
cause, but an effect.
When a fall of prices is found operating, not on one article or class of
articles alone, but on the products of all industries; when found to be
not confined to any one climate, country, or race of people, but to
diffuse itself over the civilized world; when it is found not to be a
characteristic of any one year, but to go on progressively for a series
of years, it becomes manifest that it does not and can not arise from
local, temporary or subordinate causes, but must have its genesis and
development in some principle of universal application.
WHAT PRODUCES A GENERAL FALL OF PRICES?
Public-domain text, read in full here on John Shaqi.
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