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
Having thus demonstrated in dollars and cents the degree of selfishness
which, as is charged, is the motive of the miners in advocating the
remonetization of silver, let us glance at the degree of selfishness
which may be said to impel other classes of the community to advocate
the same cause.
THE INTEREST OF THE NON-MINING STATES IN REMONETIZATION.
The price of cotton for the year 1873, in gold or silver (then of equal
power), was 16.4 cents per pound. The price in 1889 was 9.9 cents.
The yield of cotton for 1889 was 7,000,000 bales, or 3,500,000,000
pounds.
Had not silver been demonetized that cotton would have brought as good a
price to-day as it did in 1873. At the price of 1873 the account would
have stood 3,500,000,000 pounds, at 16.4 cents, $574,000,000. At the
price of 1889 the account stands 3,500,000,000 pounds, at 9.9 cents,
$345,500,000, showing a loss in debt-paying and tax-paying power on
cotton alone (only one article of merchandise) in the single year 1889,
by reason of the fall in prices caused by the demonetization of silver,
of $227,500,000.
Having shown that the loss to the silver miners by the discount on
silver for the seventeen years from 1873 to 1889 was less than
$130,000,000, it will be seen that the loss in one single year to the
cotton planters of the United States is greater by $90,000,000 than the
total loss for the entire seventeen years to the silver miners of the
country.
But inasmuch as the cotton crop of 1889 was exceptionally large, I will,
for the purpose of my computation, discard it, and assume instead that
an average yield for the years between 1873 and 1889 would be 5,000,000
bales per annum--which is a fair average and by no means high--5,000,000
bales, of 500 pounds each, are equal to 2,500,000,000 pounds.
At the price of 1873 the result of each year would be 2,500,000,000
pounds, at 16.4 cents, $410,000,000.
According to the figures given by the Bureau of Statistics the average
price received each year of the seventeen was 13.1 cents per pound;
2,500,000,000 pounds, at 13.1 cents per pound, equal $327,000,000,
showing a difference of $83,000,000; that being the average each
separate year for seventeen years, or a total sum for the entire period
of $1,411,000,000, which represents the loss in debt- and tax-paying
power suffered by the cotton planters by reason of the demonetization of
silver.
This is the enormous tribute which has been exacted of the cotton
industry of this country in behalf of the gold "standard," and of those
who, for their own pecuniary advantage, cunningly induced the Congress
of the United States to demonetize silver. This is the sum which the
planters of this country have lost in debt-paying and tax-paying power
by that mad act of folly. As will be seen at a glance, it is a loss
vastly in excess of that suffered by the silver States in the discount
on the price of silver bullion.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account