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
In order to present the question from another point of view I submit
another table showing the number of grains of silver that are required
in 1890 and the number which were required in 1873 to buy a bushel of
wheat, a bushel of corn, &c., by which it will even more clearly appear
that silver has not fallen in value in respect to commodities.
_Comparative purchasing power of silver bullion, in grains nine-tenths
fine, in 1873 and 1890, respectively._
----------------------------+-----------+-----------
| 1873. | 1890.
Articles. | Legal | Commodity.
| tender. |
----------------------------+-----------+-----------
| _Grains | _Grains
| silver._ | silver._
Wheat per bushel | 474.3 | 468
Corn do | 223.9 | 209.25
Cotton per pound | 77.55 | 61.42
Beef, mess per barrel | 8,662.5 | 7,560
Pork, mess do | 5,465.62 | 6,750
Lard per pound | 31.97 | 35.1
Butter do | 76.31 | 89.1
Cheese do | 47.44 | 59.4
Sugar, refined do | 42.07 | 39.82
Eggs per dozen | 96.52 | 76.68
----------------------------+-----------+-----------
From this table it will be seen that in 1873 it required 474 grains of
standard silver, in the form of coined dollars, to buy one bushel of
wheat; in 1890, only 468 grains of standard silver (and that merely in
bullion form, or in other words, at its market value) are required to
buy a bushel of wheat. This does not show that silver has fallen in
value, in its relation to wheat, but, on the contrary, that it has risen
in value.
In 1873 it required 224 grains of silver to buy a bushel of corn; to-day
only 209 grains of silver are required to buy the same quantity. These
figures fail to prove that silver has fallen in value, in its relation
to corn. On the contrary, again, it has risen.
In 1873 a pound of cotton could not be had for less than 77-1/2 grains
of silver; to-day the same pound of cotton can be bought for 61 grains
of silver. Silver, therefore, has not fallen, but risen in value in its
relation to cotton.
In 1873 96 grains of silver were required to buy one dozen eggs; to-day
only 76 grains of silver are required to buy the same quantity of eggs.
Silver therefore has not fallen but risen in value, in its relation to
eggs.
These comparisons might be continued with the same results as to a great
majority of the articles entering into general use.
Public-domain text, read in full here on John Shaqi.
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