St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-07-24

which includes copper cents and nickel
five-csnt pieces. No attempt is made
to maintain the commercial parity of
those metals at any ratio with the
metal out of which primary money is
made. Token money is used to pay
F,for articles whose value is less than
that at which we coin primary money
Primary money is the measure of
value. Gold. Mr.. Harvey said, is now
our measure of values, and our repre-
sentative money is tied to it as the
itail of a kite. He then made short
argument showing that supply and
demand regulate the value of money
, the same as of all other property.
= Mr.. Horr announced that before pro-
ceeding to the question of the pro-
.duction of silver, he wanted to say a
few words on the misleading nature Of
nsome of Mr.. Harvey's statements on
finance. He then attacked assertions
made by Mr.. Harvey as to the assessed
yaulation of national banks. He de-
.elared that Mr.. Harvey was wandering
from the question in debate, because
he had several times declared that if
the minis of the world would give free
and unlimited coinage of silver on a
certain ratio it could be maintained
Mr.. Horn said that was not the ques-
ton to be considered at all, but
whether, if the entire civilized world
has refused to use silver as money of
final redemption, and still refuses to
use 1t, can the United States single
handed and alone, afford to put itself
on a silver basis, and join Mexico.
China and TripoH upon the subject?
He then submitted the table of gold
and silver since 1874 taken from Mr..
Harvey's books, and added it to the
mint reports of the years 1893 and 1894
This table showed, Mr.. Horn declared,
that since 1874 the production of silver
has been steadily on the increase and
that gold has, since 1875, been also on
the Increase; but while silver had in
creased in quantity three times during
that period, gold had only doubled in
quantity.
THE MEASURE OF VALUE.
Mr.. Harvey went back to the discuss
sion or primary money as a measure
OF value: In 1857, he declared, all the
money IN circulation was $1S2S per
capita, and in 1872 it was Sf9.1S per
capita, and in those times all money
was primary money, the measure OF
Vaiue peing paper money itself In
1884 we had per capita circulation OF
VA He then said: Now, you will
say that the quantity of money in cir
cuiat1on affects prices. You have more
money, primary and credit combined,
in circulation in 1891, per capita, than
you mad in the two years named prev
1ous to 1873, and yet prices were higher
then than now. Why? Because there
was more primary money per capita
in circulation in the two first named
years than there is in the last named
year, 1894. OF the S24 per capita in cir
culation of all money, in 1894, only
a abe So IS primary money, while in
money IN circulation pen capita.
Mr.. Horr said Mr.. Harveys defni-
tlon OF primary money was money OF
redemption. Greenbacks had to be re.
deemed to make them good, and they
could not by any hook or crook be con~ |
strued into primary money. Mr.. Horn |
then said: NOW, in 1879, we did re- |
turn to specie payment; we did make |
our greenbacks, and all our money, as |
good as the best and Brother Harvey
and his whole crowd of adherents were. |
gong up and down this country stat |
ing that if we undertook to enforce |
that act we would ruin the business OF
the country. l know they said it. be- |
cause 1 heard them do so dozens ana |
dozens of times. They believed it jus, |
as Harvey does now I
Mr.. HarVey-You did not hear me |
say it.
Mr.. Horr-Wen, if you were old |
enough you did say it. a man con-
anything else.
GOOD ENOUGH FOR THE BEST.
Mr.. Horn declared that the "stuff'' |
he was preaching, as it had been de-
nominated by Mr.. Harvey, was upheld |
by every civilized nation on the earth, |
and that only such countries as China, |
Mexico and Japan favored the silver !
standard.
Mr.. Harvey denied that Mr.. Horr was |
justified in calling him a greenbacker, |
and said that he believed in gold and |
SILVER as primary money to the fullest
extent under bimetallic laws that gov |
erned it prior to 1873. In relation to the |
claim of Mr. Horn that all the civilized |
nations of the earth were in favor of |
the gold standard, Mr.. Harvey said |
that all the civilized nations of the !
earth were at one time slave holding I
nations, and the individual slave-hold, |
erS had made precisely the argument |
advanced by Mr.. Horn He then went |
back to credit and redemption money, |
and declared that credit money may be |
issued by the government with safety |
only in such quantities as will not ens |
barrass it in case a run is made on the |
government for redemption. If the I
government requires redemption money I
it can float bonds among its own peo> /
pie to the full amount necessary to |
obtain what primary money it needs. |
No government should ever borrow |
from the people of another nation. TO |
do so was a confession of monetary |
weakness. NO government, he de- |
clared, should issue credit money in I
quantity beyond the amount of pri-
mary money among its own people, and I
it should have no money in it's treas
ury except for it's current expenses
and improvements. The money should |
be among the people.
This closed the debate for today, and I
an adjournment was taken until /
Thursday.