Courier Democrat. (Langdon, N.D.) 1891-1920, 1895-07-25
HORR and HARVEY
Inc Great Debate on tho Financial
Question Is Opened at
Chicago. /:
HORT Says Coins Financial School
Is Chock Full Of
Error.
Harvey Defends the Book and Argues
for Free Coinage Of
Silver.

Chicago, July 1S.-The financial de-
pate between Congressman Roswell
q. Hors. lato Of Michigan but now Of
Now York, and William Harvey, au-
thor Of COINS Financial School," be-
gan at tho Illinois club before large
audience. The debate will last ton
days.
MT. Horr Opens the Debate.
Inc ex.congvstsman was the first to
Copyright secured by Azel 3. Hatch
at Ia agreed between Mr.. Harvey and
myself that previous to entor!ns upon the
general discussion each Of uO shall make
brlet statement defining In general way
the position he proposes to occupy In this
debate. The question which we are about
to DISCUSS is one that Is not only receiving
very great attention among tho people Of
the United States. but 1t Is one that IL also
receiving some attention from tho nations
OF the old world. The question involves the
kind Of money that shall DO used BY the
people Of the United States, and has to do
ness interests Of this nation. The question
of finance 10 very complicated ono, and
there are some features Of 1t about which
the ablest Of men Of the world have been
differing for years.
"The foundation Of the discussion upon
which wo are about to enter IL q small book
published BY Mr. Harvey, my opDoncnt. and
entitled COINS Financial School,. Tho real
aim and object OF that book Is to convince
the people of the United States that this
government should alone enter upon the
free and unlimited coinage OF silver upon
the old ratio Of 16 to 1. The wisdom Of
such course dispute. Mr.. Harvey will
will state in the ontset that from the be-
ginning to the end 81 the book there Is
hardly proposition made to which I give
my assent. I propose to controvert many
things which are stated as facts. and shall
attempt to prove that the entire theory set
forth BY its author. II adopted by the peo-
pie Of his country, would lead only to busl-
now remember ever to have examined
book carefully in which I found so few
statements that I consider worthy Of be-
lief, and certainly never saw SO many alb
solute errors crammed into SO few pages.
II am not here as an opponent Of b.
metallism. believe In the use Of gold and
silver as money to the fullest extent that
can be done on sound business principles.
My position upon this question has been
too frequently stated within the last five
years to be misunderstood by any one.
believe that both gold and silver are the
natural money Of the world; that In oil the
larger transactions, gold is better adapted
to the necessities Of the people than silver;
that all the smaller business transactions Of
the human family for many years have
been and always should be conducted with
silver. I also believe that In all transac-
lions Of the nations of the world, between
themselves, the two metals should be used
tn ofh o10 NJ nj 0f hQl p
commercial value. 1 also believe that In
the business Of our nation the people should
never attempt to use either metal, except
that 1t be at equal value, only In cases
where one metal may be used as token
money and may be made redeemable In
metal at Its coin value
II have always entertained the hope that
the business men of the world would yet
como together and agree upon some basis
whereby gold and silver can both be used
as the money Of final settlement among the
people Of the entire world. am very clear
In my idea that until some such arrange
ment shall be made, 1t would be simply
suicide for this nation to adopt a system
Of the free coinage Of silver upon the old
ratio, ratio which all the civilized nations
Of tho world have long since discarded.
do not believe that any one government can
fix the value Of any two metals, and name
a ratio which will be adopted by the people
that the two metals would be used side by
side. Consequently II our nation alone
shonld attempt any such action. 1t would
simply place our country upon silver ba-
sis, and the attempt would end in
Silver Monometallism.
'slf we are compelled to decide between
gold monometallism and silver monometal-
lism, then l am decidedly in favor Of
adopting the standard used by the civilized
nations Of the world. l do not believe that
silver has ever been demOnetized anywhere
in the world. believe that the law of
1873. which Mr.. Harvey's, book denounces
as a crime was honestly conceived, OPEN
" advocated and passed by the American
congress after full elaboration, and be-
cause the people at that time who held
seats in the American congress believed
that such law ought to be enacted. l do
not believe in the teachings of this book,
that this nation Is on the verge of financial
ruin, or that starvation Is staring our peo-
pie in the face. l believe If our nation
should adopt the course advocated In this
book we would seriously injure the entire
wage-earners of The United States. l be-
lieve we would destroy the confidence of
the business men of the world In our In
tegrity as q nation, and that we would pre-
cipitate such financial panic as our coun-
try has never before seen.
81 shall deny most emphatically that the
try are in debt and shall insist that three
fourths Of the American people are to-day
creditors and not debtors, and that conse-
ouently the system which Mr.. Harvey ad-
vocates would work great injury to the
vast majority of American citizens. will
state further, that If this book, about
which we are going to debate is true, then
am all wrong 1t seems to me devoid of
business sense from beginning to end, and
/ shall enter upon the work of attempting
to prove that, and hope to be able to do 1t,
In language that shall be so plain and ex-
plicit that my fellow citizens will be salts
ded that l have accomplished my task.
Understand me, in few words:
II believe that the American nation
should have Just as good money as any ma
ton uses on the face Of the earth. I be-
iieyc that every dollar paid to poor man
for his daily toll should be worth as much
q the dollars paid to men who are rich.
I would have the money which measures
values the most stable that can be devised.
ard would insist that buyers and sellers,
lenders and debtors shall. as near as possi-
bic, be required to use the same measure
Of values and shall insist that reputation
in all forms IL disgraceful and dienonora.
BILE in the case Of nations. corporations or
individuals. ..,,..