The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-07-24
The Disputants Do Not Seem ASAe to
Get Together ON Any-of the
Many Coinage Issues.
BOTH WRANGLERS DODGING
WHEN ONE RAISES A QUESTION THE
OTHER FAILS TO ANSWER.
Seats at the Illinois Club Said to BE
in Demand, Though What for Is
Not Clearly Stated.

SilOAdO July So.-l ne ScdlluS CdpdClty
of the rooms of the Illinois Club all
taken up when the Horr-Harvey debate
opened to-day. While the size of the rooms
does not permit of a large audience, the
officers of the club are compelled every day
to refuse many applications for seats The
days talk was opened by Mr. Harvey. He
said that the debate of the last session was
of value as showing that during the past
forty years silver had been steadily coined,
in spite of the assertion to the contrary
made by the table copied from the reports
of the mint commissioners: that the ratio
between gold and silver had been main
tanned at about the French ratio Of coinage
of about 151z to for 200 years; that during
the twenty-five years since 1873 as the re-
suit Of characterization. the commercial ra-
ito had declined to 80 to L; that in the 3Ss
years prior to 1873 The quantity ratio be-
tween gold and silver had ranged from
56 of silver to of gold, to Of silver to
of gold, and that during all that time the
commercial ratio had chung closely to the
legal ratio. During all that time the COM
mercial price of silver bullion had remained
steady. Since 1873 it had steadily and rapid
ly decreased. 1t was the dominating infiu-
ence of London on exchange to all parts of
the world which led to gold being recog-
nized by the world as the standard in all
commercial transactions.
Mr.. Horr. in his opening remarks pro-
ceeded to call attention to what he called
misleading statements in Mr. Harvey's s
book. For instance, he declared to be un-
true the statement that 1t was believed that
the cost of production of all the gold in the
world was about 81 per ounce, while some
put 1t much higher. Mr.. Horr pointed out
that there had been a vastly increased pro-
duction at greatly reduced prices, and at
the cost which Mr.. Harvey spoke of the
silver miners in three years would have
lost over $lO0OOO.OOO.
ERRORS OF HARVEY.
Again Mr.. Harvey had put the aggre-
gate amount of silver in the world at
about $s,00o,oO0.OO0 1t was estimated that
there was about s6,OOO 10000. Mr.. Harvey
had said the debts OF the United States
had amounted to about s4O, ,OOO. .OOO, 900, which
was an absurdity. The statement of the
amount of interest which the United States
paid annually to Europe was about true.
Mr. Harvey said that the amount of sill
! yer referred TO by him in his book was
the amount available for coinage. For the
rest he proposed to pursue the order of the
discussion and answer the questions when
he came to them. Mr.. Harvey then dis
triouted label showing the production of
silver and gold from 1892 to 1892 and pro-
cseded 10 argue that in spite of wide f1llc-
tuauons In production there had been no
nuctuatlon in relative value till after the
demonetization act in 1873. He then pro-
etnea ret;o Of 20 g argue mat except in the legal
| ence in the treatment of silver and gold
de said that the government was the
creator of money, and had the right to reg
n he -
nxing relative ratios, but 1t had no right
| TO take from the legal tender QUALITY of
any money created.
MI Horr continued his objections to Mr.
Harveys' statements in his books He took
up the supposition that the government
wanted 10000 horses. its competition would
increase the value of horses. Mr. Horr
said that all the government did to silver
was to put stamp on the bullion and re-
turn II TO the owner. Suppose the govern
ment should merely call for 100,OO0 horses
| for the purpose of affixing brand to them
and, having done So should return them
70 the owner. would that increase the value
argument, Mr.. Horr declared was A fraud
The speaker then took up the mater of
5ne whss. elements cents; which govern the price. of
Wneat arguing that Mr.. Harvey's deduc-
Mr.. Harvey said that this government
nad nxed the price OF gold and all the
price of silver. in the belief the Nation
| could better keep out of hands OF the
pawnoroker with two metals than one
Returning to his argument on binetallism
Mr.. Harvey said that the option OF the
debtor to pay in the cheaper metal should
not be impaired This would always main
tam a parity. II the creditor was given
| be paid he would demand the dearer mon
! ey, thereby increasing the demand for that
metal and decreasing the other. thereby
widening instead of narrowing the dispar-
| ity.
| Continuing. Mr.. Harvey declared that all
nature nat e was a bimstaiiic: Man had two legs,
there were available for coinage in the
world about sixteen ounces Of silver to
one Of gold
NOT A BAD SIGN.
| Replying. Mr. Horr took up the question
Of farm tenancy, whose growth Mr. Har-
vey, at an earlier stage Of the debate had
adverted to as a bad sign in our national
life. Mr.. Horr declared it a good sign
| and quoted statistics gathered by the State
Of Minnesota, showing the steady evolu-
ton of the tenant into the land owner
and from other statistics showing that
the increase in the number of tenants had
been accompanied by a decrease in the
number of farm day laborers. The de-
crease of farm laborers had not oeen at
the expenses. of farm owners, but at the
| expenses of day laborers.
Mr.. Horr declined to discuss what he
called the tenant business" but promised
it. ito He e then went on to say that there re
! were two kinds of money in the general
| sense in which the word is used, one being
| primary money, and the other representa-
| tive money, or as he would call IT. for the
/ purpose Of debating. "credit money" This
| latter kind OF money is divided into paper
| money and token money which includes
! copper cents and nickel scent pieces. No
| attempt is made to maintain the COM
/ mercial parity of these metals at any ratio
| with the metal out of which primary money
| is made Token money Is used to pay for
| articles, the price of which Is less than
| values at which we coin primary money.
! Primary money is the measure of value.
| Gold Mr. Harvey says, is now our meas
ure of values, and our representative
| money is tied to IL the tail is fastened
| to the kite. He then made short argu-
| ment showing that supply and demand
| regulate the value OF money the same as OF
| all other property.
| ing TO the question of the production oi
| silver he wanted to say few words on the
| misleading nature OF some of Mr.. Harvey
| statements on finance. He then attacked
| assertions made by Mr.. Harvey as TO the
! assessed valuation OF the national banks
! He then declared that Mr.. Harvey was
! wandering from the question in debate. be-
| cause he had several times declared that
| II the "mints of the world would give free
| and unlimited coinage TO silver on GER
| tain ratio IL could be maintained Mr.. Horr
said that was not the question to be cor
| sidered at all. bLt after an entire civilized
world has refused to use silver money
OF dnal redemption and still refuses to use
1t. can the United States. singie-handed