Banking and Currency

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Excerpt from Banking and Currency: Speech of Hon. John P. Jones, of Nevada, in the United States Senate, April 1, 1874Senators tell us that we need more banks in this, that, and the other locality in the Southern and Western States. Let me ask, is there any power in State lines that prohibits money going from one State across its boundaries into another? If this money is wanted in one section of the country and it exists in another, will it not travel from the section in which it is to the place where it is wanted? We find no difficulty in getting all the gold we require in California, Nevada, and Oregon. Gold and silver are the chief products of Nevada, and we pay out that gold and silver to whoever will come with what we want and give us the most for it, and I presume that gold will travel to any country where it is not made a fugitive by vicious enactments that make irredeemable paper a legal-tender for obligations and debts. Whenever you make a paper money that has no intrinsic value whatever a legal-tender for the payment of debts, then gold will disappear from the circulation.Mr. Morton. Let me ask my friend a question. Nevada, I be lieve, is a State in the Union, and yet Nevada refused to accept that which the Congress of the United States did make a legal tender, and the legal-tender currency of the United States has been persistently rejected both in Nevada and California.Mr. Jones. The people of Nevada were honest enough to do this: When a man agr/eed to pay a certain sum in gold and silver, which were worth more than greenbacks, they forced him to do it. They were unable to see how the Government could be assisted by allowing a debtor to plunder his creditor. It is one of the glories of that State, and one of the glories of that coast, that debtors there were never permitted to plunder their creditors, as it seems to me is sought to be done here at this time.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.