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
Money is that which passes freely from hand to hand throughout
the community, in final discharge of debts and full payment for
commodities, being accepted equally without reference to the
character or credit of the person who offers it, and without the
intention of the person who receives it to consume it, or enjoy
it, or apply it to any other use than, in turn, to tender it to
others in discharge of debts or payment for commodities.
Even Bonamy Price, who is wedded to the gold standard, in his Principles
of Currency, says:
Gold, in the form of money or coin, is not sought for its own
sake, as an article of consumption. It must never be regarded as
valuable except for the work it performs, so long as it remains
in the state of coin. It can be converted at pleasure into an
end, into an article of consumption, by being sold; till then it
is a mere tool.
How many people ever so "convert" it that earn it?
The great philosopher, Bishop Berkeley, one of the most acute reasoners,
in my judgment, that modern times have produced, in the "Querist,"
published in 1710, propounds the following pertinent and suggestive
questions:
Whether the terms "crown," "livre," "pound sterling," etc., are
not to be considered as exponents, or denominations? And whether
gold, silver, and paper are not tickets or counters for
reckoning, recording, or transferring such denominations?
Whether, the denominations being retained, although the bullion
were gone, things might not nevertheless be rated, bought, and
sold, industry promoted and a circulation of commerce obtained?
Dugald Stewart, professor of moral philosophy in the University of
Edinburgh, in his Lectures on Political Economy (Part I, Book II), said:
When gold is converted into coin, its possessor never thinks of
anything but its exchangeable value, or supposes a coffer of
guineas to be more valuable because they are capable of being
transferred into a service of plate for his own use. Why then
should we suppose that, if the intrinsic value of gold and silver
were completely annihilated, they might not still perform, as
well as now, all the functions of money, supposing them to retain
all those recommendations (durability, divisibility, etc.)
formerly stated, which give them so decided a superiority over
everything else which could be employed for the same purpose.
Public-domain text, read in full here on John Shaqi.
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