The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-08-07

can see that the decline began in 1873,
and you can see the ruinously low price
to which they have now broken down sill
YER The movement designed by them in
1916 had now been brought into operation.
From this you will see that the average
price of an ounce of silver in London, as
priced in gold, from 1888 to 1873, was
about 81 pence, and remained at that
price, with slight variations, while now,
under the effect of decentralization, it is
28hpence, and that the decline began
with 1873. 1t has now reached it's logical
level. With relatively only one-half as
much primary money in existence now as
in 1873, it is naturally worth only one
half as much, and as commodity is
without the fixity that monetization gave
to it.
I'VE thus see what the opening of the
minis to the unlimited demand of these
metals means. 1t creates a demand, an
unlimited demand; just as grinding
wheat into flour makes use for wheat
and demand for it that it would not
otherwise have; so we coin silver into
. money-real money, not token money
and it makes use for silver that 1t would
not otherwise have. It increases the de-
mand for it, Demand gives value.
Hence the unlimited demand for silver
that is given by unlimited coinage. Did
this breaking down in silver come from
any other cause? 1t is said it is due to
overproduction. Mr.. Horn has relieved
us during this discussion on that subject.
He said that silver was not demOnetiZed
because of overproduction. Applause)
But has silver declined since 1873 by rea-
son Of overproduction? Let us see. The
varying supply of the two metals prior
to 1873 never had any effect in changing
their commercial parity from the legal
ratio fixed. The power of law to create
a demand for either was stronger than
the changing relative production. Gap
plause) When one became scarce and
attempted to rise in value the demand for
it was Withdrawn and went over to the
other metal.
II now distribute among you table
showing the relative production of sill
yer and gold taken from page 442 of the
official book from Washington, designat-
ed Coinage Laws, with Appendix of Sta
tistics Relating to Coins and Currency
The table covers a period of $40 years.
now pass the book to Mr.. Horn. And the
table printed on sheets is now being dis
tributed among you and is copy Of the
page in the book to which I refer Mr.
Horn. I now make it part of my re-
marks.
WORLDS PRODUCTION OF GOLD
AND SILVER KILOGRAMS.
Reprinted from the coinage laws of the
United States 1892 to 1894. See United
States senate report No. 235, p. 442.
The figures from 1545-1882, both years
inclusive, are Soetbeer's; those from 1882
1891 are from the reports of the director
of the mint:
The table which Mr.. Harvey produces
from the above authority discloses the
fact that in 1860 the relative product of
silver to gold was as Sc to l, and the
value was II to /. The relative product
in 1873 when silver was demonetized, Of
silver to gold was as II to /, and the value
l. f,,1~
going that gold had increased $50 per
cent over the relative product of silver
during that 315 years and the price had
increased over silver about cents per
ounce.
The table further shows that the pro-
duct of silver in 1891, as compared with
gold, was in the ratio of "a to 1 and that
the value was as q to 1. In four years,
however, the value has decreased, so that
the ratio is 80 to l today.
SAYS THE PEOPLE WE'RE BETTER
EMPLOYED.
Mr.. Horr-I make this proposition to
Mr.. Harvey: Since this nation began the
years from 1879 to 1892 found our people
better employed and at better wages than
in any same number of years since this
government was formed. (Applause.)
1 know what I am talking about. Four
millions of men today out of employment
Faugh? Where did you get your figures?
Did that inspired baby give them to you?
They must correspond with some of the
other mathematics that I shall get to in
that book
Mr.. Harvey-Mr. Horn said that when
England demonetized silver in 1916 and
when the Paris conference was held and
when DR.. Linderman, and, as the Tribune
calls them, his co-conspirators at Wash
ington, advocated it, none of them men
toned or thought of the overproduction
of silver as a reason for it. I quote him
correctly, I think, and the table that
have given you last so thoroughly dis
poses of that argument that I am not
surprised at Mr.. Horn for yielding that
position. It is one of the remarkable in
stances wherein this debate is of great
value to the people of the United States
that we eliminate these disputed points
as we go along.
cit seems to worry Mr.. Horn that have
not backed down yet on any fact or pro-
position stated in Coins Financial
School, except in one instance, and that
exception is what makes the worry the
greater for him, because in that one in
stance, where 1 said that the silver coin
ed prior to 1873 was sos, 100000, the cor
rectiOn Of the error shows that it is $143,-
900, 900. The only error thus far that
Mr.. Horn has found in the book is an err
ror against us. Applause.) Now as to
the prosperity of this country between a
. y
taken a short period to bring us to the
bitter cup Of disappointment and distress.
WHIPSAWING OF POLITICAL PAR
TIES.
I know with each four years the politi-
cal parties have charged each other with
having destroyed the prosperity of the
previous four years. applause and
laughter) In 1884 the Democrats ar
raigned you, the Republicans, with being
responsible for the terribly hard times,
and on that they put in Mr.. Cleveland.
But in 1888 you came back at the Demo-
Gratis, and you arraigned them for the
terrible disaster that spread from ocean
to ocean. (ApplauSe and laughter.) And
the poor workingman who was out Of
employment and the people knowing that
something was wrong, but not knowing
what it was, believed what you said, Mr.
Horn, and the Republican orators, and
they voted the Democrats out. Why?
Because Of the distress in this country re-
sulting from some unknown cause, and
Mr.. Harrison was elected. But when
1892 came then came the Democrats and
accused you, Mr.. Horn and the Republic
cans, of all the sins that were then piled
upon the people, and the people, again
knowing that something was wrong, but
not knowing what it was, believed that
Mr.. Harrison and his party were respon-
Sible for it and voted them out.
Now, since 1892, a flood of calamities
have come No. Don't you in this debate
refer to the prosperity of this country
from 1873 to 1885,
1.-The word tramp was coined in 1873,
and the United States census shows that
depression has been increasing at a dis
proportionate ratio. So has the number
Of penitentiary convicts, persons confined
in all classes of prisons, insane asylums
and of suicides.
mo, don't you refer to the prosperity
that has built up milloilnaires and multi
millionaires and Strewed this country