The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1895-07-30
THE HoRR.HAHvEY DEBATE.
The Chicago Financial Discussion Ended
at Last.

CHICAGo, July Z9.-Ihe lass day OF
the Horr-Harvey debate opened this
afternoon. The days attack WAS directed
at the question Of the feasibility Of in
dependents action by the United States
for the re- monetization of silver and it's
free and unlimited coinage. at q ratio of
| 16 to 1, with gold, regardless Of the acts
| OF other nations, Mr.. Harvey arguing
for such ncaion, Mr.. Horr against IL.
Mr. Harvey presented table show
ing the coinage Of gold and silver from
1872 to 1873, He did this TO show that
gold did not seek che mints for the first
nifty years OF the nation and that silver
| did not from that time until 1873.
Mr.. Horr declared Is wss useless to
try to fix she relative value Of any two
substances by legislation. The law OF
supply and demand stepped in there and
the history OF the world'o Legislation
showed that 1t was impossible to aim
tain fixed ratio between the precious
metals.
Mr.. Harvey said that gold was irregu.
larly 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. 1t was for
this reason that silver had been more
stable metal in the past than gold.
| Referring to Mr.. Harveys statement
that the reconciliation OF silver would
reduce debts by one half Mr.. Horr said
thas by far the largest part of the debts
| in the United States were less than one
| year old. The short time debts were
contracted under the existing gold
basis and to reduce them one half
would be to repudiate the one half
Mr. Harvey said that the gold advo-
| Gates feared that debts contracted In
nnld xuOn1d ha In
| man who had stipulated to pay gold
would have to buy it at premium.
This was fallacious.
IL al the next general election BIZ
! metallic congress should be elected, the
rubicon would be passed the next day;
silver would at once begin to appreciate
and gold 10 depreciste, but II would be
at parity before the meeting of con.
| gress.
Mr.. Horr said thas the savings bank
| depositors had Sl,712, 900. 600 on deposit,
which 1t was proposed to cut in two.
building and loan associations held
| 1,725, 600 depositors, with an aggregate
Of S525, $50, 900 due them. In addition to
these were the trust companies and
| State banks, all of which were to be-
allowed to pay in deprecated money.
| All OF this for the benefito 30, 600 silver
men. Why, their output wss not worth
hall as much as the eggs yearly laid by
the hens OF the United States, and was
about equal in value to the peanut crop;
but the worst feature, he asserted,
would be the destruction OF all credit.
1t would bring about the worst panic the
nation ever saw.
| Mr.. Harvey thanked Mr.. Horr for the
illustration as to the small amount of
silver In the United States. That was
the claim OF the silver men. There was
NO danger but the demands OF business
would absorb 1t. This nation could take
sll OF tho silver which the nations Of the
world would bring to US in exchange for
products In single year.
Mr.. Horr, In turn, said he spoke be-
fore. not OF the quality Of silver in the
comparison of the eggs, but of the final
| output OF silver. There was consider
able difference In the staying quality of
silver and eggs. The trouble, Mr.. Horr
declared WAS that, with free coinage of
silver, gold would leave the country and
| our business would be on basis differ
emit from the rest of the world.
Mr.. Harvey declared he was in favor
OF independent action by this country
because 1t would right great deal Of
wrong; because this nation should be
free from tribute paying to Great
Britain; because our power Is sufficient
to compel Europe to come to our
standard in order to do busine ss with
us. international balances were settled
by weight, anyhow. There WAS no such
thing SO international money.
Mr.. Horr then proceeded to argue In
behalf OF the single standard for money,
saying that the stability was its chief
merit and stable measure could not be
maintained with two standards. Mr..
Horr said that gold was the standard of
the world and had come to stay. Turn
Ing to Mr.. Harvey, he said he wanted to
reclprocate the courtesy of Mr.. Harvey
in presenting him Mr.. Horr) with
silver dollar Mr.. Horr said he proposed
TO present Mr.. Harvey two coins OF two
different metals, because Mr.. Harvey
Was bimetallist
He then handed over two Chinese
coins, one of silver, worth twenty cents,
and one of COPPER, worth one mill, and
proceeded to say that the nation which
struck these coins had silver standard.
Its leborers were paid SO q month, its
people did not ride in carriages, its civ
ilization had gone to sleep. The silver
coin presented him by Mr.. Harvey was
struck by progressive nation. II did
very we'll then, but the growth Of civil
ization and com MERGE had since de.
manded change In the standard. That
standard should be gold.
MIR. Harvey rising for his closing ad
Dress oaid he accepted the presen. from
Mr.. Horr, of the Chinese coins. He OBJ
jected, however, TO the reference Of Mr..
Horr so the silver coin. The United
States was tho chief producer Of silver
until 1873, it was the most sacred metal
OF our coinage; 1t was the measure of