The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-07-30
Final Arguments ON United States
Adopting Free Coinage Regardless
of Action Elsewhere.
GREAT CLAIMS BY BOTH
.sCOIN" HOLDS 1T WOULD MAKE
PEACE, PLENTY AND HAPPINESS.
On the other Hand, Horr Insists Ii
Would Cause the biggest Panic
the Planet Ever Saw.

Horr-Harvey debate opened this afternoon.
The days attack was directed at the ques-
ton OF the feasibility of independent ac-
zion by the United States for the remone-
tization of silver and its free and un-
limited coinage at ratio of 16 to 1 with
gold, regardless of the acts of other ma
tions. Mr.. Harvey arguing for such action,
Mr.. Horr against it.
The discussion was opened by Mr.. Horr
with statement that the figures for the
prices of corn. referred to by Mr.. Harvey
or a former day. showed that the fuctua-
tions for series of years had been normal
ones in view Of supply and demand, and
showed that silver legislation had nothing
to do with the matter. The fact was that
1T was impossible to show that the silver
legislation had affected the price of agri-
cultural products.
Replying. Mr.. Harvey said that he had
taken the figures as published and at
tributed to Mr.. Wright. Taking up the
regular discussion. Mr.. Harvey presented
a table showing the coinage of gold and
silver from 1892 to 1873. He did this to
show that gold did not seek the mints for
the first fifty years of the Nation. and
that silver did not from that time till
1873.
RELATIVE VALUES
HOMECOMING down to the question in
hand, he declared that 1t was useless to
try to fix the relative value of any two SUBJ
stances by legislation. Suppose Congress
should try to fix the relative value of q
bushel Of wheat and a bushel of oats AS
soon as one of them had a large crop, up
would go the ratio and legislation by the
nations of the whole world would not
maintain the ratio any more than il would
make water run up hill. The law of grav-
ity would stand in theway; it was so in the
matter of ratio between silver and gold The
law of supply and demand stepped in there.
and the history OF the worlds legislation
showed that it was impossible to maintain
a fixed ratio between the precious metals.
Mr.. Harvey said that when he reached
the matter contained in Mr.. Horr's last
talk, he thought his Harveys) answer
would be satisfactory. Continuing his line
of argument, Mr.. Harvey quoted estimates
as to the consumption of gold in the arts
and otherwise, as boarding. to the effec,
that these uses equaled, IL they did no,
exceed. the production. so that the amount
of that metal for coinage was at a stand
still or decreasing.
as to what is becoming of the silver being
produced at present. He first quoted state
ments by authorities that the increase in
the use of the metal in the arts had grown
so large that there was always a ridicu.
was a demand for practically all of the
output of the United States as produced
Mr.. Horr said Mr. Harvey had the unfor-
tunate habit OF comparing things which
his argument. on gold and silver. The Gu
bic space which they would occupy had
nothing to do with their value. Resumine
his argument and referring to Mr.. Har-
vey's statement that the reconciliation OF
silver would reduce debts by one-half. Mr.
.fcrr said that by far the largest part OF
the debts in the United States were less
than one year old. The longtime debts were
those of large corporations. The short-time
debts were contracted under. the existing
gold basis, and to reduce them one-hall
would be TO repudiate that one-half. Mr.
Harvey's proposition would simply result
I'm silver monometallism. 1t had beer
without injuring anybody. That had oeen
proved faliacious. He declared that cheap
money could not be substituted for gooo
money without injurlng the mass Sol o. the ne
such a change would not be the rich, but
the money changers. Mr.. Horr then pro-
ceeded to enumerate the classes Of people
who work for their living, arguing that they
would be injured by cheap money.
VALUABLE OBJECT LESSON.
Mr.. Harvey returned to his cube argu
ment declaring 1t was valuable objec'
lesson. 1t showed that the Rothschild:
could corner the gola Of the world in theil
vaults. ..who was it that clipped the coins
in lS73Y' he demanded. "Who was 1t thai
established robber standard?'
Resun,ing his argument Mr.. Harvey said
that the gold advocates feared that debt!
contracted in gold would be paid in silver
and the man who stipulated TO pay golt
would have to buy IL at premium. Tni:
was fallacious. AS soon as silver was re
nonetlzed no man could stipulate Tor pay
ment in gold; the demand for gold would
decrease; at the same time the demand
for silver would increase, and soon TIT
differences between the metals would would .. %
aDie to get more in gold for what he hat
to sell than now. He. declared, that I
not the STAMP star On .ne Of eS'h new use
new demand for IL. III at the next genera
election a bimetallic Congress should b'
elected the Rubicon would De passed TN
appreciate and gold to depreciate. and the,
would be at a parity before the meeting
OF Congress, even as the greenoack doiia
became equal in value to the gold dolla
before the redemption act came into force
Mr. Horr, resuming, reiterated the state
ment that size had nothing 70 o aS With 1d tn
~
put into qua.rs egg. He then continue
his enumeration of the classes OF people
who. he declared. would be ruined b,
cheapening the measure of value. They in
cluded day laborers, clerks, stenographers
railway employees. domestic servants, Jani
tors and scrub women, skilled labor OF al
sorts agricultural laborers, miners and tn
Ike. in the aggregate Y. lSo.56l in mum
ber In addition to these he spoke OF tn
pensioners Of the government. making
fouc5ing reference IN doing so TO the vet
erars and black-robed widows, IN numbe
one million IL was proposed 10 cut dow
the pension rolls by destroying the yalu
OF the money In which they would be paid
be doubled or the Nation disgraced. II
addition 10 these nearly nve million peo
pie had their little savings IN saving
banks. whom IL was proposed TO defrau
referring 90 the advance in wages OF do
nestic servants. Mr.. Harvey said tina
since the demonetization women had bee
forced 10 work for their living becaus
work This had reduced the number o
women available for domestic service. an
wages for such service had remained hrr
Taking up his argument. Mr.. Harvey sal
that under free coinage gold would decIln
while silver and everything would advances
II vas claimed tina, II silver was granite
free coinage our securities wouid be throw
ever The rule was that securities wer
not thrown over on advancing prices. Co.
was the article 20 De got rid OF. for II aion
would decline he declared Mr.. Harvey as
serted that the demands Of business In thi
country would absorb ali OF the. silver avail
silver in the world were sent 10 our mint
for coinage II would be 70 the bcnent o
the United States and injury Of the rest Q