Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1895-07-23
H0RR and HARVEY
The Great Debate on the Financial
Question Is Opened at
Chicago.
H0rr Says Coins Financial School
Is Chock Full of
Error.
Harvey Defends the Book and Argues
for Free Coinage Of
Silver:

OllNcls
Chicago, July 1S.-The financial de-
bate between ex-COngressman Roswell
G. Horr, late of Michigan but now of
New York, and William Harvey, au-
thor of "Coin's Financial School," be-
gan at the Illinois club before large
audience. The debate will last ten
days.
Dlr. Horr Opens the Debate.
The ex-congressman was the first to
speak. lie said:
Copyright secured by Azel F. Hatch
1T Is agreed between Mr. Harvey and
myself that previous to entering upon the
general discussion each Of US shall make
brief statement defining in Il general way
the position he proposes to occupy In this
debate. The question which VIC are~about
TO discuss Is one that Is not only receiving
very great attention among the people of
the United States, but 1T Is one that Is also
receiving some attention from the nations
Of the old world. The question involves. the
Kind OF money that shall be used by. the
people Of the United States. anl has TO do
with laws which will affect the great busi-
ness interests Of this nation. The question
OF finance Is Il very complicated ono, and
there are some features Of 1t about which
the ablc:t of men OF the word have been
differing for years
1.-The foundation Of the discussion upon
which we are about to en- or is Il small book
published by Mr. Harvey. NY opponent, and
entitled Coins Financial SCHOOL, The real
aim and object Of that book is to convince
the people Of the United States that this
government should alone enter upon the
free and unlimited coinage Of silver upon
tho old rOtiO Of 10 tO I wis.1o,n nf
such course l dispute. Mr. Harvey will
still maintain the affirmative of that ISSUE I
Will state In the 0ntsrt that from the be-
ginning to the end Of the book there is
hardly proposition made to which l give
my assent. l propose to cOntrOvert many
things which are stated as facts. and shall
attempt to prove tl:at the entire theory set
forth by Its author. IL adopted by the peo.
pie of his country, would lead only to busi-
ness disaster and financial ruin. l do not
now remember ever to have examined a
book carefully in which 1 foun, so few
statements that 1 consider worthy of be-
lief, and certainly never saw so many ab-
solute errors crammcd in'o so few pages.
II am not here US an opponent of bi-
metallism. l believe In tie use of gold and
silver as money to til" fullest extent that
can be done OH sound business principles.
My position upon this question has been
too frequently stated within the last five
years to be misunderstood by any one.
believe that both gold and silver are the
natural money Of the world; that III all the
larger transactions gnG Is better adapted
to the necessities of the people than silver:
that all the smaller business transa ctions Of
the human family for many years have
been and always should be- conducted with
silver. I also believe that In all transac-
tions of the nations of the world. between
themselves. the two metals should be used
In the settling Of balances, but only at their
commercial value. ! also believe that in
the business Of our nation the people should
never attempt to use either metal, except
that It be at equal value, only in cases
where one metal may be used as token
money and may be made redeemable in
metal at Its coin value
II have always entertained the hope that
the business men of the world would vet
come together and agree npon some basis
whereby gold and silver can both bc used
as the money Of final settlement among the
people of the entire world. am very clear
In my idea that until some such arrange
ment shall be matle, 1t would be simply
suicide for this nation to adopt system
Of the free coinage of silver upon the old
ratio, ratio which all the civilized nations
Of the world have long since discarded. I
do not believe that any one gov r::m"nt can
fix the value Of any two metals. anu name
a ratio which will bc adopted by the pcople
of the world, or Of the country itself. so
that the two metals would be used side by
side. Consequently if our nation alone
shOnld attempt any such action. it would
simply place our country upon Il silver ba.
Sis. and the attempt would end in
silver rMOnometullixnl.
III we are compelled to decide between
gold mOnometallism AMI silver mnn0metal-
lism. then 1 am decidedly In favor Of
adopting the standard used by the civilized
nations of the world. l do not believe that
silver has ever been lemonetizc,l anyw here
In the world. l believe that the law of
1873, which Mr.. Harycy's book dcli0unces
as crime was honestly conceived Oper-
~ advocated and passed by the American
congress after fun ,delibcration.1 and be-
cause the peopleD4at that time who held
seats In the American cUllgresSr believed
that such law ought to lc enacted. l do
not believe in the teachings Of this book.
that this nation Is on the verge Of financial
ruin, or that starvation il sta ring our peo-
pie In the face. Il believe IL our nation
should adopt the course advocated III this
book we would seriously injure the entire
wage-earners of The United States. l he.
lieye We would destroy the confidence; of
tho business men of the world III our in
tegrity as a nation, and that we would pre-
clpitate such a financial panic as our coun-
try has never before seen.
Il shall deny most emphatically that the
great majority of the people Of this coun-
try are in debt and shall insist that three
fourtls Of the American people are to-day
creditors and not debtors aud that conse-
quently the system which Mr. Harvey ad-
vocates would work great injury to, the
vast majority of American citizens. viii
state further, that II this book, about
which we are going to debate, is true, then
I am oil wrong, 1t seems to me devoid of
business sense from beginning to end, and
shall enter upon the work Of attempting
to prove that, and hope to be able to do it,
In language that shaft be so plain and ex.
plicit that my fellow citizens will be satis-
Ned that Il have, accomplished my. task.S :
Understand me, In a few words: - p ]. :
y, II believe that the American nation
should have just as good money as any ma
tion uses on the face Of the earth. I be-
lieve that every dollar paid to u poor man
for his daily toll shonlds beJworth as much
as the dollars paid to- men who are rich.
would have the money which measures
values the most stable that can be devised,
and would insist that buyers and sellers,
lenders and debtors shall as near as pOssi-
ble,. be required to use the same measure
Of values and shall Insist that population
In all forms is disgraccful and dishonora-
Bile In the case Of nations, corporations or
individuals. Z i sz.
what our people need Is good credit;
4 good money; good principles and sound
Y business sense. Vlsiona ry sch III and de-
4 based money never yet smad Il .satioa pros
porous. The quality OF til, ,ltol,ay used In
any country is far n1ora s.. sctant than the