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
The fall of all prices induced by this cause has been on such a
scale that while in twenty years the National debt of the United
States quoted in dollars has been reduced by nearly two-thirds,
yet the value of the remaining one-third, measured in wheat, in
bar iron, or bales of cotton, is considerably greater--is a
greater demand draft on the labor and industry of the nation than
was the whole debt at the time it was contracted. The aggravation
of the burdens of taxation induced by this so-called
"appreciation of gold," which is no natural appreciation, but has
been brought about by class legislation to increase the value of
the gold which is in a few hands, requires but to be explained to
an enfranchised democracy, which will know how to protect itself
against further attempts to contract the currency and to force
down prices to the confusion of every existing contract.
Of all classes of middle-men, bankers have been by far the most
successful in intercepting and appropriating an undue share of
produced wealth. While the modern system of banking and credit
may be said to be even yet in its infancy, that portion of the
assets of the community which is to-day in the strong boxes of
the bankers would, if declared, be an astounding revelation of
the recent profits of this particular business; and not only has
the business itself become a most profitable monopoly, but its
interests in a very few hands are diametrically opposed to the
general interests of the majority. By legislation intended to
contract the currency and force down all prices, including wages,
the price paid for labor, the money owner has been able to
increase the purchase power of his sovereign or dollar by the
direct diminution of the price of every kind of property measured
in money.
UNFULFILLED PROPHECIES.
Public-domain text, read in full here on John Shaqi.
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