The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-07-23
A WASTE OF TIME.

A WASTE OF TIME.
The debate between Roswell G. Horr
and W. H. Harvey has demonstrated the
Stiffness of such discussions. The debating
society has never accomplished anything
by itself and is valuable only as prepar-
ing men for the public arena and Incl
dentally afTording opportunity for the
display of smartness. The tit-for-tat
Quip and gibe. between the two speakers
at Chicago have added nothing to our
knowledge of the vital subject, but have
Disguised those in search of substantial
argument and have added nothing to the
reputation OF the men chiefly concerned.
What the people want 10 know Is:
What Will be the effect on American
prosperity of the free and unlimited coin
age by this country alone OF silver in the
ratio Of lG to 1?' Upon the answer TO that
question everything hinges. II the an
swer is that 1T viii be beneficial, we are ali
free silyerites: IL the answer is that II
win put US in a worse position than We
ara now, We are all opposed to It.
Incidentally there might be considerable
good effected by determining what merit
there Is in the statements contained in
COINS Financial School" because many
people have read it. and they are inter
ested In knowing to what extent they are
accurate.
One Of tho most striking things In
''Coin's Financial School, is his picture of
the prosperous workingrnan in 1872 and the
impoverished woridng1nan in 1894. Here is
an opportunity for the debaters. Harvey
by implication says that UP to 1873 times
we're good, and that with the demonetiza-
ton of silver hard times began and have
continued. Now, this Is either true or UNI
true. and the people looked to the debate
TO inform them Harvey says it Is true;
others deny this
There are some things We know to be
true as TO that time. Many men can re-
member IT we'll, but there are plenty OF in
telligent men who did not know then and
do not remember now all that occurred
twenty-five years ago. We may inform
and remind those that We were
reaching our greatest paper imitation at
that time. and that In September. 1873. the
crash came. throwing thousands of work
men out OF employment and bankrupting
hundreds OF business concerns. Nobody
then thought that silver had anything to
do with the question. There was no silver
in circulation at that time and was not
until 1878. We had, however S3i6, So, SIS in
United States notes and s2SS, eis, 0S1 in Ma
,ional bank notes. Only 5000. 900 IN silver
dollars had ever been coined UP TO that
time. In 1894 s57o, OoO.O 900 silver dollars or
silver certificates issued against bullion
were afloat.
In 1872 corn was burned for fuel in Iowa,
the price was so low; fat steers sold for
and cents, hogs cents. Wheat was
worth 60 TO 50 cents bushel. but a reaper
cost sl75, and took seven men to work It.
Now one man can do more work with a
binder costing $780, The rates per ton per
mile for freight in 1873 were: New York
Central. sl.57; in iS9e. 20 cents: Chicago &
Northwestern. 1873. s235: IN 1892. Sl.42: c.,
r. 1. & p. 1873. S2.29: 1872, sl.17: Chicago.
Milwaukee & st. Paul. 1873. $50: in 1892.
siss.
Millions or acres ~ farm land worth S
In 1873 are now worth so TO $50 an acre.
Mowers that sold IN 1878 at 800 now sell
for so. self-binding harvesters cost ss25,
now a better machine sells at sfs5 BIZ
cycles now sell at 500 each and people buy
them with avidity. although they Know
they are coming money for the manusac-
turers. In two years they Will sell for half
the price. but 1t viii not be sign OF hard
times
II IS true that wheat. cotton, wool and
some farm products are now too low, and
fl Is a very serious matter: but these fig
ures go 10 show that the decline in prices
OF commodities has not been due only-if
at alto the so-called decentralization OF
silver.
II Is manifest that some very powerful
disturbance was at work IN the monetary
world before 1873. because the French gov
arument in 1867 invited other nations 10
monetary conference which was attended
by eighteen European powers and the
United States. At that conference every
one OF The delegates voted against adop-
ton OF the silver standard and they al.
With the exception OF the delegates from
ire Netherlands. voted unanimously IN IA
vor OF the gold standard.
Otto Arend'. n member OF the commits
sion. writing IN 1874. said: The gold
standard was an error Of the time.
The transif1on OF tbs gold standard WAS
a leap into an abyss. the existence Of
whtoh was not suspected. In the years
1871 and IS5S nobody IN Germany foresaw
the consequences OF the change OF the
standard The truth IS that nobody 50
the Cnltel States. either. was totheTing
about the silver dollar. which was almost
unknown. bit what VAS aimed at WAS
monetary unlty-a means 10 the end ot
monetary unihcauon. This Is shown ~
TIE fact that although France, with otheg
nations. made gold the standard. Il -
tains is bi-metallic character practically
intact. Bi-metailissn Is perfectly feasible
In fast 9, does not depend N any way