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 present a table which I shall ask to have inserted in the RECORD as
part of my remarks, showing the purchasing power of 412-1/2 grains of
silver, nine-tenths fine, in 1873 and 1890, respectively, so far as
concerns several leading articles of daily consumption.
The table is as follows:
_Comparative purchasing power of 412-1/2 grains silver,
nine-tenths fine, in 1873 and 1890, respectively._
-----------------------------------+-------+-------
412-1/2 grains silver would buy-- | 1873. | 1890.
-----------------------------------+-------+-------
Wheat bushels | 0.87 | 0.88
Corn do | 1.84 | 1.97
Cotton pounds | 5.32 | 6.71
Beef, mess barrels | 0.05 | 0.05
Pork, mess do | 0.07 | 0.06
Lard pounds | 12.89 | 11.75
Butter do | 5.40 | 4.63
Cheese do | 8.69 | 6.94
Sugar do | 9.80 | 10.34
Eggs dozen | 4.27 | 5.38
-----------------------------------+-------+-------
From this table it conclusively appears that while in 1873 the standard
silver dollar of 412-1/2 grains, which then bore a premium over the gold
dollar, would purchase four-fifths of a bushel of wheat; to-day the same
quantity of silver, without the advantage of coinage and merely as
bullion, will also buy four-fifths of a bushel of wheat--the only
difference between the figures for the two years being that at the
present time 412-1/2 grains of silver bullion, as will be seen by the
table, will buy a fraction of a bushel more than would 412-1/2 grains of
coined silver in 1873.
If, then, silver has fallen, it is manifestly not in its relation to
wheat.
By the same table it is shown that the silver dollar of 1873, containing
412-1/2 grains of silver, nine-tenths fine, would purchase one and
eight-tenths bushels of corn; in 1890, a like number of grains of
silver, uncoined and estimated at its gold value, will purchase one and
nine-tenths bushels of corn. Here again the advantage is slightly in
favor of the 412-1/2 grains of silver bullion of 1890. This shows
conclusively that silver has not fallen in its relation to corn.
The figures of the same table show that in 1873 a coined silver dollar
of 412-1/2 grains would buy 5-1/3 pounds of cotton; to-day 412-1/2
grains of uncoined silver will buy 6-3/4 pounds of cotton. From this it
appears that silver has not fallen relatively to cotton, the great
staple of universal use, but that, on the contrary, it has advanced
somewhat in its purchasing power when compared with that article.
Public-domain text, read in full here on John Shaqi.
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