The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1895-05-18
| GIANTS. At DEBATE.
Professor Laughlin and William E.
Harvey Meet on the Rostrum.
DIVERGENT VIEWS ON FINANCE

Hofh Sides OF the Money question Pre-
sented at Chicago by Men Who Arc Ao-
knowledged as Leaders Among Mono
rnetaliists and Bimstallists.
CHICAGO, May ia stirring political
encounter took place last night, hardly
paralleled in tho west since the famous
struggle between Lincoln and Douglas,
Just on the eve Of the civil war, The com
batants were two giants of the opposing
sides In the raging financial controversy
). Lawrence Laughlin, professor of po-
litical economy In the University OF Chi
oago. the favorite authority Of President
Cleveland, and William II Harvey, author
OF Coins Financial School"
The spacious rooms of The Illinois club
on stately Ashland boulevard wero
crowded to suffocation whom the president,
DR.. Homer M. Thomas, read the PROPOSE
sion to be discussed as follows:
Resolved, that the United States should
at once enter upon the FREQ coinage of
silver at the ratio is to 1, independently of
the action Of any other nation
For the affirmative Mr.. Harvey said in
part: "The first reason why am in favor
Of independent action by this country is
shat we should not be subjected to
the influences Of the governments Of
Europe. II people can be reduced to pov-
orty, and the prosperity of the United
States can be ruined by hanging to the
financial policy Of Europe, then we can be
reduced to the same condition by financial
legislation as war of conquest would re-
duce us.
''Our friends the monometallists s. mostly
say, We admit bimetallism would be good
q we could get international bimetallism.'
In other words they agree that there Is
something radically wrong, but claim
chat VIC are tied to the financial policy of
Europe. Where there Is necessity there
IL n remedy. The governments of Europe
are plutocraoies They squeeze the lemon
for the people about every SO often. The
few control class legislation and the
masses are hewers OF wood and drawers of
water for the titled few. Now, II flnan.
cial legislation is one of the classes of
class legislation by which the many are
robbed and the few are enriched, then 1t
Ia one of the institutions of the European
governments that we, as nation of peo
pie, republican In form, should declare
!. our Independence. ...
~ This nation can have an independent
financial system without any reference
whatever to the balance of the world and
san carry on Its own commerce with other
governments of the world notwithstand-
ing Primarily, balances of trade ARE set
tled with trade. We give them our wheat
snd we take their silks, and the balance
that we may owe them or they owe us
will be settled just as the merchant be-
tween the importing points may agree to
settle 1t. There is no such thing as an in
ternational money.
"What we want is bimctallism, and
scientific bimetallism Is this; Free and
unlimited coinage of both gold and silver;
these two metals to constitute the primary
or redemption money Of the government.
The money coined from both metals to be
legal tender In the payment OF all debts
The operation as to which of tho two
moneys is to be paid in the liquidation OF
debt to rest with tho dobtor.
1--WE would again make the standard
silver dollar the unit of value, as it was
before 1873. We would make gold coin :
ei the value of SO many silver units o
dollars, as the law existed prior to 1873
Bilver is the peoples money.
"We would allow no private individual
10 dictate to the government what its lie
gal tender money should be- There was
70 be no two yardsticks. Tho rich man
money-gold-was reooined when the
commercial ratio changed to interfere
with the legal ratio.
1.-THE bank of Rothschilds in England
De- now behind the United Stutcs treasury.
They are our financial agents; our finan-
/ eial managers. We are paying them the
prinoely salary of IS, 900, 900 for each six
months of their valuable services. We
are in tho hands Of the pawnbrokers of
Europe. Put silver in competition with
gold as quick as possible Tho extra de-
mand for silver will raise it's value.
Eyervthihg will advance in value at
once"
Professor tLaughlin, replying for the
negative said:
"There Is no more essential need Of an in.
creased amount of measure with which to
compare goods than there is or should be
hnumber of yardstieks equal to the mum
her of yards of cloth in store.
1.-The idea of supposing that much money
10 required In order to have something
with which to measure goods is as absurd
IA to suppose that community must
have hearers in number equal to the pop.
ulation What Is important Is that the
goods when expressed In terms of com.
mon deInoninator of value are today ex.
nhanged in enormous quantities, mainly
without the use of any money. The
necessity of an increasing quantity oil
money Is growing less important with the
development of this system Of exchanges
From 92 per cent. to 91 per cent. of trans
actions are performed by this machinery
without the uso of money, and recent in,
yestigations by the comptroller of the cur.
rency show that 54 per cent. of retail
transactions are similarly performed with.
cut the use of money
1--WE express the valua of goods in termi
Of money, but then we roally exchange
thom almost entirely by means of the de
posit currency transactions expressed In
terms of money are based not upon coin
but upon the goods bought and sold. Coir
emily is means of going from ono set o.
goods to another. Prices since 1873 hav,
not fallen because of tho lack of money
Silver has fallen about 90 per cent. us com
pared with worry modest fall in the prizes
Of commodities. Silver does not have tn,
same purchasing price in 1894 as in 1873
Hence, free coinage cannot be urged as
Just means of paying debt,
"Since we undertook epurohhsS 81 sd
yer, in 1873, it has fallen about one half il
y value, although we have purchased abou
$500 0Oo, 900. 1t is perfectly evident tina
ehere is no use In the United States act
lag alone to bolster up the price when W
have failed even in concert with the LatiI
Union.
"As free coinage of silver would ineyit
ably result In fall of wages, Its first ef
feot would be to diminish the purchasing
power of all wages The man who get
$500 or sfco, 600 year as fixed rate o
wages or salary will find he can buy jus
half as much as now. Are we willing t.
sacrifice the interests of the laborini
slasses to the demands of certain owner