Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1895-08-08

q AAOAA uA0S III LOO A0O0 Va ulSIOTy
when he says that silver was not used
prior to 1873 as q measure Of value. It
was under u law, and all other laws
except that of England, linked with
gold, both were measures OF values.
Neither metal depended on the other.
We had q right to pay q debt in eiteer
metal as Mr.. Horr admitted the other
day when the question was asked.
Like q man walking on two legs, the
man depends on both legs for stabili-
Fty. When both metals were treated
alike under the law we depended on
both metals, and the two combined
were the measure of values of proper
ty. Silver was the unit in that coinage
system regulating the size Of the gold
coins, but the two together were the
measure of values, and that is what we
mean by the double standard. We do
not mean to say that we were on q sill
yer standard when we called your
attention SO forcibly to the silver unit.
The unit was fixed to regulate the
coins under our coinage system, but
gold and silver together, both with un-
limited right to the minis, both legal
tender for the full amount as made by
the laws of 1892, were the of
values OF all other property, and you
had q right to pay u debt in either.
DOUBLED THE LENGTH OF THE YARDsTICK.
Mr.. Horr alludes to something
have said before, and then adds; Cut
the yardstick half in two and it will
make twice as many yards of cloth in
the world Now, Mr.. Horn, let me tell
you what you people did in 1873. You
doubted the length of the yardstick.
(Applause.) For instance, let me
illustrate it. Suppose one-half 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 all.
other way that every farmer in the
land will understand. Suppose that
one-half Of the wheat in the world to.
day were destroyed beyond recovery,
Mr.. Horr, would not wheat on the
Chicago market tomorrow be about
double in value what it is today? You
cannot escape that proposition, and il
does not require a man to be a farmer
to understand the illustration, and
any man who is a business man will
understand the gold illustration. zap.
rlause.)
$50 that when you destroyed one.
half the redemption money in 1873 you
doubled the value Of the money that
was left. (Applause.) You doubled
the yard stick. You see no harm in
destroying the price of mans property
cutting the price of his property il
two. You shut your eyes to that
But your eyes are wide open when any
man proposes to even up with you in
your cutting in-half process by pro.
posing to cut the gold dollar in two
We don't wish to do either. We wish
to put back in the coinage system the
money you demonetized in 1873. Gap
plause.)
"Cast your eyes again on the table
that / distributed among you and you
will see that an exact commercial par
ty with q given ratio is not expected
Why? If all the silver in the WORLD
were suddenly transformed into golc
there would not be an exact CONNER
cial parity between New York gold anc
London gold. There is not now. i
exchanges of gold were in favor of Lon
don the New York gold would not bt
worth as much in London as Londor
gold by the cost of expressage and in
surance from New York to London
AS measured in par monep at a giveI
point the money of the world at diff
ferent points will vary according tt
the demand for it at that point; it MAJ
be a a premium and it may be at a dis
count. A sudden or abnormal demand
in New York make exchange on Lon
don sell higher than the cost of ex
pressage and insurance.
$50 when the world practically haC
bimetalism, by the action of a few
large nations, silver and gold flucua
ted in the London market as the de
mand rose Of one above the other, &C
cording to the cost of exchange pay
able in that metal. The greatest diff
ference in the relative value as shown
in the table is at time when exchange
| say for gold, was one day up or dowI
and silver exchange the reverse, thu
whole difference being made by The
cost of exchange. Neither would i,
rise higher nor fall lower than this
the two metals to be had at the French
ratio, and m could go there anG
make the exchange at the cost of do
ing it.
MI. Horr: Is it possible that my
friend Mr. Harvey believes when hi
says that the acts of 1873, when il
demonetized silver, cut the price o.
the property of the world in two, anl
the prices immediately, as they must
have done il their statement is true
dropped SO per cent.
II was around in the world In 1877:
and l know that it did not take place
and he knows it. You destroy one
half the wheat in the world and tn,
chances are that you will increase tn,
value of wheat probably four times
that is the estimate of political econo
mists-but wheat is an article tina
people have to eat to live, it is con
sumed from year to year, or after
short time. Gold has been accumulat
ing for ages. and if you should destro,
the primary money quality of half tn
gold in the world you would no
change the price of the metal one-hali
AS soon as the price would 60 up Their
is an enormous store laid away all owe
the entire world that is not being uset
for money purposes that would at ono
seek the channels of trade and b
coined into money and take the plac
Of the money that had been des
troyed."
Massacre Reamrmed.
w. T,v-nO1 Trr..~ =,