The Mt. Sterling advocate. (Mt. Sterling, Ky.) 1890-current, 1895-08-06

1
coinage in any country where gold Is thu
standard. and only in such countries AZ
are using silver as the unit and measure
OF value. Ii matters little how such /
state of affairs has been established sihss
10 Is the existing fact. Silver is cheap
We both ngree TO that.
"No coins which are of less value thar
the market values of the metals in then
would indicate are ever treated as the
measure of ultimate redemption, mol
ever passed current at their face value,
except they are redeemable in money
which is worth as much coined as un'
coined. Now Coin in his Financial
School really admits that the ratio DO.
tween the two metals must always be
determined by the actual value Of the
metals In the markets of the world aud
ignores the doctrine of the ratio of IS to
being possible at the present day. On
page III Coin says: we express val
ues in dollars, the unit OF our monetary
system. That unit is the gold dollar OF
% grains of pure gold, or o. grains OF
standard gold. II we were 20 cut this
amount In two, and make 1915 grains
unit or a dollar we would there
by double the value of all the property
rs not that statement wisdom for you
In ohunksf What head that boy must
have. Precisely such, another proposition
would be-: We measure cloth in this coun.
try, legally, with yard stick thirty-six
inches long. II we were to cut the yard
stick In two and declare by law that
eighteen inches shall hereafter be yard
we would thereby double the amount of
cloth in United States Holy Moses ]
What u philosopher we have here. Then
cut it in two again and the cloth would
be quadrupled. II the boy had said that
by cutting the gold dollar into two pieces
and then changing our ypit or dollar so
that it should be only half as valuable as
it is now we would double the nominal
value OF all the property in the world, but
would not affect it's actual value in the
least, he would have told the truth.
Before Mr.. Harvey finishes his book
he discloses what be really meant by BIZ
metallism. We have it here in his own
language, and it is in this book that 1
find the principles which am called upon
in this debate TO combat. The author
says: The objection to independent BIZ
metallism is that the parity between the
two metals cannot be maintained at our
ratio of is to /, that is, the guld-23 2
grains--in the gold dollar will be worth
more than the siver--STlM grains-in
the silver dollar; we have twice changed
the quantity of gold in the gold dollar,
each time liking it less. If the CONNER
cial value of 20 2 grains of gold is worth
moro than the commercial value of 37lM
grains of pure silver then reduce TO ~
grains, p, ~ grains of less, if necessary,
to put the two at a ratio where the prac'
tioal effect of free coinage, when once set
to working again, will demonstrate that
the ratio is at its natural point and parity
easily obtain ed
"And then again on, page 143 he says:
with silver remoneGiz ID and a just aud
equitable standard of values we can, If
necessary by act of congress, reduce the
number of grains in a gold dollar till it
is of the same value as the silver dollar.
We can legislate the premium out of
gold. Now then, what becomes of his
ratio of Is TO II"
Harvey's reply was as follows: 'Mr.
Horr alludes to something that have
said before and then adds, Cut the
yard stick half in two and it Will make
twice as many yards of cloth IN the
world Now, Mr.. Horr let me tell you
what you people did in 1878. You
doubled the length of the yard stick
For instance let me illustrate it. Sup
pose one-hal of the gold in the world
were destroyed today beyond recovery,
would not the gold dollars that were left
be twice as valuable as they were before?
Mr.. Horr is not a bad pupil and shakes
his head. Let me illustrate it in another
way that every farmer in this country
will understand. Suppose that one-half
of the wheat in the world today were de-
stroyed beyond recovery. Mr.. Horr,
would not wheat on the Chicago market
tomorrow be about double in value what
it is todayf You cannot escape that
and IL does not require a
man to be a farmer TO understand the IL
and any man who Is business
man will understand the gold illustra-
ton.
$50 that when you destroyed one-half the
money in 1873 you doubled
the value of the money that was left.
You doubled the yard stick. You can
see no harm in destroying the price of
mans property, cutting the price of his
half in two; You shut your eyes
to that. But your eyes are wide open
Wnen any man proposes 10 even up Win
you in your cutting-in.half process by
to cut the gold dollar half in
two. We don't wish to do either. We
wish to put back in the coinage system
the money that you demonetized in 1873"
Then referring to the table of ratios
from 1857 to 1894 he said the whole of the
variation of said ratio when 1.-THE world
had bimetallism" was made
by the cost of exchange.
1T is pos ble," said Horn, in reply,
"that my friend Harvey believes it when
he says the act of 1873 cut the price of the
property of the world in two, and that
prices Immediately, as they must have
done IL their statement is true, dropped
fifty per cent. You destroy one-half the
wheat in the world and the chances are
that you will increase the value Of wheat
probably four times-such Is the estimate
of pc litfcal economists; but wheat is an
article that people eat to live, it is all con.
summed from year to year. or after short
time Gold has been accommodating for
ages, and II you should destroy the pri-
mary money quality of half the gold In
the world you would not change the price
of the metal one.half. AS soon as the
price would go up there is an enormous
store laid away all over the entire world
that is not being used for money purposes,
A. =