The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1895-07-24
DISPUTE OVER RATIO.
Harvey and Horn Talk OF Their
Relative Values.
Differ Also as to Amount OF the
Worlds Gold.
CALLED GREENBACKER
Mr.. Horn Accuses Mr.. Harvey
and He Denies It.
OBSERVATION-DISCLOSURES

nois club, Mr.. Harvey took up the dis
cussion of the amount of silver available
for coinage in the world.
Mr. Harvey said that the amount
of silver referred to by him IN ms
book was the amount available Tor
coinage. For the rest he proposed to
pursue the order of the discussion and
answer the questions when he came to
them.
MIR. Harvey then distributed a table
showing the production of gold and
silver from 1892 to 1892 and proceeded
to argue that in view of the wide rela-
tive fluctuations in production, there
bad been no fluctuations in the relative
value until after the demonstration
act in 1873. He then proceeded to ar
que that except in the legal ratio OF
weight there should be no difference
in the treatment of silver and gold. He
said the government was the creator of
money aud had the right to regulate the
thing created to the extent of fixing
the relative ratio, but it had no right to
take the legal tender value of any money
created.
Mr. Horn continued his objections to
Mr.. Harvey's statements in his book. He
took up the superstition that the govern
ment wanted 1OOO horses. Its cOmpe-
tition would increase the value of horses,
that free coinage of silver would increase
the value of the bullion. Mr.. HOrr said
that all the government did to silver was
to put stamp silver and return it to
the owner Suppose the government
should merely call for 100,0O0,000 horses
for the purpose of atfixing brand to
them and having done SO should return
them to the owner, would that increase
the value OF the horses of the country?
The horse argument, Mr.. Horr declared,
was fraud.
A.. -
the elements which govern the price of
wheat, arguing that Mr. Harvey's de-
ductions were fallacious.
Mr. Harvey said that this government
had fixed the price of gold and all the
friends of silver wanted was for it to fix
the price of silver, in the belief that the
nation could better keep out of the
hands of the pawnbroker with two
metals than one.
Returning to his argument on BIZ met
allism, Mr.. Harvey said that the option
of the debtor to pay in the cheaper
metal should not be impaired. This
would always maintain parity. If the
creditor were given the option OF the
money in which he shOdld be paid he
would demand the dearer money, there
by increasing the demand for that metal
and decreasing the other, thereby wild
ening instead of narrowing the disparity.
Continuing Mr. Harvey declared that all
nature was bi-metallic. Man had two
legs, two arms, two eyes. two ears. He
declared that there were available for
coinage in the world about 16 ounces of
silver to one ounce of gold.
Replying Mr.. Horr took up the ques-
ton of farm tenancy, whose growth Mr.
Harvey at an earlier stage of the debate
had diverted to as bad thing in national
life. Dir. Horn declared it good sign
and quoted from statistics gathered by
the state of Minnesota, showing the
steady evolution of the tenant into the
land owner and from other statistics
showed that the increased number of
crease in the number Of farm day labor
ers. The increase in tenancy has not
been at the expense Of farm owners, but
at the expense of day laborers.
Mr. Harvey declined to discuss what
he called tenant business" but prom
ised that he would take it up when he
got to it. He went on to say that there
are TWO kinds of money in the general
sense in which the word is used, one
being primary money and the other rep
resentative money, or as he would call it.
for the purpose of debate, ''credit
money" This latter kind of money is
divided into paper money and token
money, which includes copper cents and
nickel five-csnt pieces No ATTEMPT ia
of these metals at any ratio with the
metal out of which they are made.
Token money is used to pay for articles.
the price Of which is less than values at
which we coin primary money. Primary
money is the measure of values. Gold
MIR. Harvey said, is now our measure of
values and our representative money is
tied to it as the tail of kite is fastened
to the kite He then made a short argu-
ment showing that supply and demand
regulate the value of money as we'll as
of all other property.
Mr.. Horr announced that before pro-
seeding to the question of production of
silver, he wanted to say a few words on
the misleading nature of some of Mr..
Harvey's statements on finance He
then attacked assertions made by ME-
Harvey as to the assessed valuation of
national banks. He then declared Mr..
Harvey was wandering from the ques-
ton in debate because he had several
times declared that eff the minis in this
world would give free and unlimited
coinage of silver at q certain ratio it
could be maintained" Mr. Horr said
that was not the question to be consid-
cred at all, "but whether after the entire
civilized world had refused to use money
OF final redemption and still refuses 10
use It, can the United States, single
handed and alone, afford to put itself
upon silver basis and join Mexico.
Chile and Tripol?"
He then submitted the table of the pro-
duction of gold and silver since 1874
taken from Mr.. Harvey's book, and added
to it the mint reports of the products OF
1898 and 1894 This table showed, Mr..
Horn declared, that since 1874 the Dro.
duction of silver had been steadil1 on
the increase, and that gold since 1915 has
been also on the increase, but while all
yer had increased in quantity three timea
during that period, gold had only doubled
in quantity.
mr. Harvey went hack tn tho ,5;,-