OCR Text |
Show SENATOR JONES ON THE SILVER DOLLAB. We call attention to Senator Jones' last speecli on the silver question, published in tins paper, in which he piedicla disastrous consequences from the adherence by congress to its legislation legis-lation of lS73,hy which the silver dollar dol-lar that had been with the gold dollar a standard of value and a legal tender since lS37,was demonetized. The senator sen-ator holds that the effect of the persistence persist-ence in this policy has been to increase the burden of our national, state, municipal and individual indebtedness indebted-ness at; least 30 per cent., and that this increase is takeu frcm the pock-eta pock-eta mainly of tho productive and commercial classes. If his estimate is correct, and we are Dot aware that it has beeu disputed, the practical loss to the business and industries of I the country will be enormous if the p'an shall bo fjlly carried out by the attempt to resume specie payments pay-ments in gold coin alone. Senator Jones shows that this is no question of plighted faith to the creditor, but rather involves an act of gross injustice injus-tice to the debtor classes, which comprise the larger portion of the population. The changing of the legal tender standard from gold and silver to gold alone placed the latter in the hands of the mooey lenders, whom it gave the power to add 30 per cent, to the value of all money obligations. obli-gations. Ho strongly urges the re-admission re-admission of the silver dollar as a full legal tender, contending that in the present depressed condition ol our mining industry such a measure will bring real relief to the Pacific coast states and territories and will mark a turniug point in the general business prosperity of the whole country, coun-try, Mr. Jones is a hard money man and would sieze the present as an opportune op-portune moment to restore a specie standard through the medium of cheap silver, allowing the country to work along gradually to a gold basis. Tho attempt to force resumption in yold as early as 1S79, he predicts, would only bring on national ruin and general repudiation. Senator Jones' speeches on this question have opened a wide field for reflection, and it is somewhat surprising that the democratic party, with its hard money memories and record, have not seized tho opportunity thus presented, placing plac-ing themselves upon the record by restoring re-storing the silver dollar to its legitimate legiti-mate place in our financial systom. |