Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1895-05-23
The SILVER QUESTION.
Author OF Coins Financial
chool" and Prof I.aughlin
Ms Joint Debate 1T the Illinois
Chicago, Before an Au-
nee Only Limited by the
Hairs Capacity.

Chicago, Before an Au-
nee Only Limited by the
Halls Capacity.
CHICAGO. May 1s.-A stirring polit-
cal encounter took place last night
hardly paralleled in the west since the
Rmous struggle between Lincoln and
pcsglas on the eve Of the civil war.
Ehe platform combatants were two
giants of the opposing sides in the rag
1ng financial controversy. Law
rence Laughlin, professor of political
economy in the university of Chicago.
the favorite authority of President
Cleveland. and William FL. Harvey. au-
thor of Coins Financial School"
There were many who wanted to
hear the argument who were disap-
pointed, as the auditorium was filled
to overfowing. The spacious rooms
OF the Illinois club on Ashland boule-
ward were crowded to almost suffoca-
ton when the president of the club,
DIR. Homer NJ. Thomas. announced all
i'm readiness for the dress-suit gladi-
Stor9.
The proposition to be discussed was
read as follows:
Resofred That the United States should at
once enter upon the free coinage of silver at
the ratio OF 10 to l. independently of the action
OF any other nation
speak for an hour in the affirmative
and Prof. Laughlin one hour and thir-
" minutes in the negative, Mr..
Harvey then having thirty minutes for
. rejoinder.
Mr. Harvey's Argument.
II opening for the affirmative Mr. Harvey
eald. The first reason why / am in favor Of
independent action by this country is that we
should not be subjected to the influences Of the
governments of Europe. II people can be re-
0uced to poverty and the prosperity OF the
United states can be ruined by hanging to the
financial policy OF Europe, then we can be re-
0ueed to the same condition OF financial legis-
uation as war Of conquest would reduce u.s."
After referring to what he termed the
piutocracies of Europe. and stating that the
dew control class legislation. while the
masses are hewers OF wood and drawers of
water. he said:
Now, If financial legislation is one Of the
Glasses of class legislation by which the many
are robbed and the few are enriched, by which
the lemon IS squeezed, then It is one of the in
e1tutiQe8~of the European governments that
cSe nation Of people. republican in form,
build declare our independence Of That Is
the first reason why Independent financial ac-
tion should be taken by the United States"
The speaker went on to say that this country
can have an independent financial system
without any reference whatever to the balance
of the world There was no such thing as in
tcrnstional money. What he was eontending
Tor was the opening of the mints to the free
coinage of silver and the establishment of
bimetallism On the principles thatwere adopted
by statesmen who had in view the interests of
no class. but OF all, the people.
SCIENTIFIC BIMETALLIsM
He defined scientific bimetaIlism thus:
l. Free and unlimited coinage Of both gold
and silver: these two metals to constitute the
primary or redemption money Of the govern
ment.
Tho silver dollar of BIN grains of pure
silver TO be the unit of value. and golA to be
5eolneo into monoy@Rt q ratio to be ch.nged II
eeoossay i5pn me to time. If the commercial
10y g tn7 eRal ratio shall be affected by
1o scsion foreign countries,
- -, ~ BY coined from both metals to be
5 = ~ IN the payment of all debts.
on as to which Of the two moneys
In the liquidation of debt to res,
IS - EDITOR. and the government also to
~ at option when desirable when pay
49, Exemption money.
- referred at length to the advantages
CIV ID over silver by the unlimited coinage
OF tAO4ormer. silver having a limited demand
and being commodity measured by gold.
Silver had been shut out and was token money.
He wanted It restored to the unlimited demand
IL enjoyed prior to 1873. He would give silver
the same privileges as gold. Restoring to II
this unlimited demand would cause the value
of silver to rise as compared with gold. He
would again make the standard silver dollar
the unit Of value. as it was before 1873.
It would thus be 81. and the bullion In 4,
Swould be worth q. AS the number Of grains
p bullion, In 81 would have the right to walk
VI atQ th9 mint and be coined into 81 no man
tafould take less for 1t when he could have II
,ned at pleasure into 81. He would make
Id coins Of the value Of so many silver units
n dollars as the law existed prior to 1873
ATwice when the commercial ratio between the
two metals made 1t advisable to change the
legal ratio the change was made by recoining
the gold coins This was was in 1884 and 1887.
He would make both gold and silver legal
tender in the payment OF all debts and would
IA leR2rl the law Of 1873 and the Sherman law OF
eatf0o0 would allow no Determinations to be
Thuade between the legal tender character CT the
rcatwo metals.
Ne twes any preference as to which of the two
femetais he would use In the payment Of a debt.
To give this option to the creditors causes the
usAfer metal to be demanded and it thus
grows dearer and desrer and a parity Is per-
- manently broken, and the gap grows wider
Sand wider. When the debtor has the option
II tese two metals will oscllate close to a parity
- Nd substantially at parity. This oscillation
elasticity that metailism gives to prim-
money.
:. 8. Harvey then referred to the demonitiza-
"a M act and the scandals which were rife al
time Is went Into effect, and said that al
period by national legislation a money
81 was formed Silver at that time was a,
VHVesEght premium over gold.
Z Silver then began to fall, as measured IL
&eold. and the breach in the commercial parity
fpfthe~<xo metals gradually widened With
Sf2yufnption. gold asserted its importance, anl
Ailver correspondingly declined. Under tn,
sBland- Allison &C. OF 1878 creditors began t.
make their notes, bonds ana mortgages pay
able In gold. TO the exclusion OF all other forms
{of legal tender money. This increased the de
mand for gold. Silver had ceased to be
primary money.
The speaker asked: "What is the remedy?
md replied:
..I.ct US have nothing more to do with tn
men Who have assisted in tying the hands O
great nation. and delivering it's dnancia
policy over TO the gold gamblers OF the world
the bank of Rothschflds in England is now be
hind the United States treasury. They are GU
financial agents; our financial managers. w
are raging them the princely salary OF 5000
NOJ for each six months Of their valuable serv
.ices We are in the hands Of the pawnbroker
fBorope."
The remedy. he declared. was to restore sill
lvur: nut 1t on legal ratio with gold; repeal a
ca. 1>of~ a m a