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
So that, if the silver miners are taunted with having a personal
interest in the success of the movement for the full remonetization of
silver, the cotton planter must be placed in the same category, and with
ten-fold more reason.
A like computation with regard to wheat will show a loss in debt-paying
and tax-paying power of not less than $100,000,000 a year to the farmers
of the North and West, by reason of the demonetization of silver--a
total of $1,700,000,000 in the article of wheat alone in seventeen
years.
Thus a loss, wholly unnecessary, of more than $3,000,000,000 in
debt-paying and tax-paying power is shown to have been inflicted on the
farmers and cotton planters of this country.
In comparison with this enormous loss to farmers and planters, how
paltry is the loss of $8,000,000 a year suffered by the silver miners.
But, however large the direct loss to the debtors and to the country by
reason of falling prices, the losses that are indirect are of infinitely
greater magnitude, and stand out like a great mountain of wrong
superimposed upon the most deserving class in the community, whose
interests it should be the paramount duty of Government to protect, a
wrong more calamitous in its consequences than any of the multitudinous
wrongs which a shrinking volume of money inflicts upon society.
THE ENORMOUS LOSS OF POTENTIAL WEALTH THROUGH INVOLUNTARY IDLENESS.
The political economist, Mr. President, deals with property _in esse_,
and producers employed. I propose for a moment to deal with property _in
posse_ and producers unemployed. The wealth which the political
economist discusses is realized wealth; that to which I now briefly
invite your serious consideration is the wealth that might be, and would
be, brought into existence were the energies of all the people utilized.
For, while it has attracted but little attention from writers on
economic science, it will be found upon examination that the
non-employment of its members is incomparably the greatest loss which an
increase in the value of money and the consequent disorganization of
industry inflicts on society.
The great writers and thinkers on economic subjects discuss with care
the elements that enter into the production and distribution of wealth.
They follow in detail the manufactured article through all its stages,
from the crude material to the finished product; and, when completed,
they conduct it through the intricate channels by which it reaches the
hands of the consumer. The greatest consideration is bestowed upon the
labor employed and the wealth resulting therefrom, but scarcely any
thought is given to the immeasurable mass of potential wealth not
produced, but lying latent in the brains and hands of the millions who
are condemned to involuntary idleness.
Public-domain text, read in full here on John Shaqi.
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