The pioneer express. [volume] (Pembina, Dakota [N.D.]) 1883-1928, 1895-08-09

silver.
Chicago, July sl.-The last day Of the
Harvey -Horr silver Siege opened this after
noon In The auditorium OF tho Illinois club.
The days attack was directed at the Ques.
ton Of the feasibility Of Independent action
BY the United States for the remonetisa.
tlon OF silver aud Its free and unlimited
coiaage at a iatio of sixteen to one. with
gold, regardless Of the action Of other
nations. Mr.. Harvey arguing for such &C.
tion. Mt. Horr against 1t.
Mr.. Horr, coming down to the question
In hand. declared 1t was useless to try to
az the relative value Of any two substances
BY legislation. Suppose congress should
try to Ak the relative value Of bushel OF
wheat and a bushel Of oats. As soon a.
the rates, and legislation BY the nations Of
the whole world would not maintain the
ratio any more than 1t would make water
run up hill. The law OF gravity would
stand In the way. 1t was 90 In the matter
Of the ratio between silver and gold. The
law Of supply and demand stepped In there
and the history Of the worlds legislation
showed that 1t was impossible to maintain
dxed ratio between the precious metals
Mr.. Harvey said that when he reached
the matter contained In Mr.. Horr's last
talk, be thought his (Harvey'O answer
would be satisfactory. Continuing his line
of argument, Mr.. Harvey quoted estimates
in the arts and otherwise. and for boarding.
to the effect that these uses equalled, II
they did not exceed, the production, so that
the amount Of that metal for coinage was
at a standstill or decreasing.
Mr.. Harvey then took up the question 40
to what is becoming Of the silver being
produced at present. He drst quoted state
ments by authorities that the Increase Of
the use Of the metals In the arts had grown
SO large that there was always q ridiculous
ly small supply in Europe, and there was
demand for practically all Of the output
Of the United States a. produced.
Proceeding, Mr.. Harvey said that gold
was irregularly produced and was boarded
BY the few rich. Silver, on the contrary.
when more valuable than gold, was boarded
BY the mass of the people, thereby con.
ferring general benefit. It was for this
reason that silver had been q more stable
metal In the past than gold.
The Reduction Of Debt.
Mr.. Horr said that Mr.. Harvey had the
which had no relation. That was the mat.
ter with his cube argument on gold and
silver. The cubic space which they would
occupy had nothing to do with their value.
Resumlng his argument and referring to
Mr.. Haryey's statement that the remonetl.
EatIon Of silver would reduce debts by one.
half, Mr.. Horr said that By far the largest
part Of the debts Of the United States were
less than one year old. The longtime
debts were contracted under the existing
gold basis and to reduce them one.half
would be to repudiate that one.half. Mr..
Harvcy's proposition would simply result
In silver monometallism. It had been
thought that 1t was possible to clip money
without inturlng anybody. That had been
proved fallaclous. He declared that the
cheap money could not he substituted for
good money without injuring the mass Of
the people. The people who would profit
by such a change woule not be the rich.
but the money changers. Mr.. Horr then
proceeded to enumerate the classes Of PEG.
Pile who work for their living. arguing that
they would be injured by cheap money.
Harvey's Cube Argument.
Mr.. Harvey returned to his cube ariu.
ment, declaring It was q valuable object
lesson. 1t showed that the Rothschllds
could corner the gold Of the world in their
vaults. Whe was 1t that clipped the coins
In 1873? Who was 1t that established Q
robber standard? Resumins his argument.
Mr.. Harvey said that the gold advocates
feared that the debts contracted In gold
would be paid In silver and the man who
had stipulated to pay gold would have to
buy 1t at premium. This was fallacious.
As soon us silver was remonetlzed no man
could stipulate for payment In gold; the
demand for gold would decrease. and soon
the difference between the metals would be
wiped out; soon the purchaser would be
able TO get more In gold for what he had
to sell than now. He declared that Il was
not the stamp on the coin which gave II
value, but the making Of o new use and
new demand for It, If. at the next general
election. q bimetallic congress should be
elected, the Rubicon would be passed the
49, ill ~ 81
preclate and gold to depreclate. and they
would be at parity before the meeting Of
congress. as the greenback dollar became
equal In value to the gold dollar before the
resumption act came Into force.
Sise and Value.
Mr.. Horr, resuming, reiterated the state.
ment that size had nothing to do with
value. A diamond worth 100000 could
be put into quails egg. Mr.. Horr then
Of people who. he declared. would be ruined
by cheapcning the measure Of value. They
included day laborers, clerks. stenogra.
phers railway employees, domestic servants,
janitors and scrub women, skilled labor Of
all sorts. agricultural laborers, miners and
the like, In the aggregate 22.735.6e1 IL
number. In addition to these. he spoke
ing touching reference In doing 20 to the
empty sleeves OF the veterans and the black.
robed widows, In number 1000. 900. II waa
| proposed to cut down the pension rolls By
| destroying the value Of the money In which
they would be paid. II this law were
passed their pensions muet be doubled. OF
the nation disgraced. In addition to these
| savings banks, whom Il was proposed te
defraud Of one-half Of their little accump.
| lationR
VndeR Free Coinage.
Referring to the advance in the wager
| Of domestic servants, Mr.. Harvey said thai
since the demonstration women had beer
forced to work for their living because
their fathers and brothers were out Of
work. This had reduced the number Of
women available for domestic services, and
wages for such service had remained stin
or advanced. Taking up his argument, Mr.
Harvey said that under free coinage golt
would decline, while silver and everything
would advance. 1t was claimed that q
silver were granted free coinage our secu
rites would be thrown over. The rpl,
was that securities were not thrown oye
to be got rid Of. for 1t alone would decline
he declared.
They say with silver only in circulation
We are on silver basis They are Wrons
When. under q law of land either meta
has Q right to enter the mints and b
coined into money, that nation IL bimetal
lie nation. The fact that the people hav
. right to use the cheaper metal 10 thei
salvation, and secures to them stable cul
rency that will register an exchange vaiu
between property over Q long period tina
u equitable. The metal that Is not In eli
culation reinforcss the one that IL. It On
tiers into aud becomes part Of the other /
exerting itself 10 q measure Of value,
Both combined are measuring values. 1t
when the dearer metal only 10 used q
money and the other 10 demonctixed ths
one only becomes the measure Of valuea
debtor would get his gold easier with or
he can get 1t now. now pass to the queI
tion Of 16 to I.
We maintain that there will be q CON
nercinl parity between gold and silver Z
the ratio of 10 to II the law 10 passe
putting both metals on an equal footin
at that ratio. What We mean BY an ecu,
footing is that both shall have tbs rign
to enter the mints free to be coiaed int
money. with 1922 grains Of pure gold I,
be dollar and 371N grains Of pure silve
to be dollar. Tho money made from
both metals to be full legal tender none,
In the payment Of ali debts and the debto
No notes. bon or other form Of indebted
ness to be MAJ nayable In either meta
to the exclusion Oh the ether. All indeb. ed
ness to be payable IN lawful money an,
either gold or silver TO discharge such In
debtedness.
The two metals will then be In connect
ton With each other to supply the deman
TOR money. The supply Is limited and tn
demand Is substantially unlimited. VIVA
We mean by the demand being unlimlte
Is this: When q man owns either meta
| III q 4