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 statisticians who seem to be employed by some propaganda to prove
by figures that prosperity prevails, point exultantly to the fact that
the wages of the working people seem constantly to have increased while
prices are falling, and they cite this to prove that low prices are
consistent with prosperity. They leave entirely out of the account the
large numbers of workmen who of necessity are relegated to idleness on
account of the lack of profit in business.
If you go into the workshops of any large manufacturing enterprise,
while prices are low and lowering, and ask the managers what they now do
when a strike occurs among the workmen, they will tell you they find it
impossible to shut down, because they have contracts extending through
time that they must fill, but, they add, "We pay the wages demanded and
we reduce the number of the employed."
If there are a thousand workmen employed, getting $2 each per day, that
would be a wage fund of $2,000 a day. If, when prices fall and business
becomes dull, the employer should want to reduce the pay of each workman
to $1.50 a day, and if the workmen, by striking, should prevent that
decrease, and if, then, 25 per cent. of their number should be
discharged, the loss to the working class, as a body, and to the
community at large, would be the same as though the wages were reduced
to $1.50 a day. Until these people who present statistics can show us
how many laborers are left out of employment there is no possibility of
arriving at any correct conclusion as to what the wage fund is and how
much wages are paid.
The loss to society is much greater when 25 per cent. of the people are
unemployed than if all continued at work upon a 25 per cent. reduction
of wages, because the relegation to idleness of 25 per cent. of the
workmen reduces the producing force, and lessens correspondingly the
aggregate annual production.
THE INTEREST OF THE MINING STATES IN THE REMONETIZATION OF SILVER.
Those who in the Senate and in the other House of Congress, represent
mining constituencies are taunted with the selfish purpose of advancing
the interests of their own States at the expense of those of the
country. It is sought to discredit the State which I have the honor in
part to represent on this floor, on the ground that the people, being
largely silver miners, have a personal interest in the remonetization of
silver.
Public-domain text, read in full here on John Shaqi.
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