The herald., 1895-07-24
THE CLAMORERS OVER COIN
The Disputants Give and Take With
Cheerful Regularity
Without Having Attained Any Particular Re-
suit the Debate Is Adjourned Until
Thursday Next

CHICAGO. July 23.-The seating ca
pacity of the rooms of the Illinois club
was taken up when the hour OF the Horr-
Havey DEBATE opened today.
Harvey said that it was the dominating
influence of London on exchange to all
parts OF the world which led gold to be
recognized as the commercial standard.
Horr disputed the statements in Harvey's
book that the cost of producing silver was
50 per ounce. The statement of the
amount of interest that the United States
paid to Europe was also untrue. Return
ing to his argument on bmerallIsm, Mr..
Harvey said that the option of the
debtor to pay In the cheaper metal would
always maintain parity.
Mr.. Horr took up the question oil farm
tenancy, whose growth at an earlier stage
of the debate he had reverted to as a bad
thing in national life. Mr.. Horr declared
that the increase in tenants had been ac-
oompanied by decrease in farm day la.
forers. The increase in tenancy had not
been at the expense of farm owners, but
at the expense of day lahorers.
Mr.. Harvey said that there are two
kinds If none -'e being primary money
and the other Ter fesentative or credit
money. This latter kind is divided into
paper money and token money, copper
cents and nickel five cent pieces. No at
tempt is mace to maintain the CONNER
cial ratios of these metals at any ratio
with the metals out of which they are
made. Primary money is the measure of
values. Gold IS now our measure of value
ana our representative money is tied to
as the tail of kite is fastened to the
kite. Supply and demand regulate the
value of money same as of all other prop
erty.
Mr.. Horr said that Mr. Harvey was
wandering from the question in debate
because he had severalItimes declared. that
if ''the mints OF the world' would give
flee and unlimited coinage of silver at
certain ratio it could be maintained. Mr..
Eurr asked whether, after tbe. entire ci "
ilized world has refused to silver as
money OF final redemption ~Xhd still re-
fuses to use it, if the United States sim
gle-handed and alone, could afford to put
itself ON a silver basis and join Mexico.
China and Tripoli. He then submitted
the table in Mr.. Harvey's book, showing
that since 1874 the prod uction of silver
had been steadily on the increase and that
gold had since 1875 been also on the in
crease, but where silver had increased in
quantity three times during that period,
gold had only ubled in quantity.
Mr.. Harvey ou will all say that the
quantity of money in circulation affects
the price. You have more primary money
ana credit ombined, in circulation in
1894 per capita than you had IN the two
years named previous to 1878 and yet
prices were igher then than now. Why?
Because there was more primary money
per capita in circulation in the first two
named years than there is in the list
named year. 1894. OF the $24 per capita
in circulation OF all the money in 1894
only about S6 Is primary money, while in
1867 and 1872 there was $lS primary
money in circulation per capita.
Mr.. Horr said Mr.. Harveys definition
ton. Green backs had to be redeemed to
make them good and cannot be construed
into primary money. He declared that
the stuff he was preaching, was up
held by every civilized nation on earth
and that only such countries AS China,
Mexico and Japan favored the silver
standard.
Mr.. Harvey said he believed in gold and
silver as primary money to the fullest ex-
tent under the bimetallic laws that gov
erned it prior to 1873. He then went
back to credit and redemption money and
declared that credit money may be issued
by the government with safety only in
such quantities as will not EN- mbarrass it in
case a run is made on the government for
REDEEM ption. If the government requires
REDEEM ption money it can float bonds
among its own people TO the full amount
necessary 30 obtain what primary mo 1ey
1t needs.
This closed the debate for the day and
an adjournment was taken until Thurs
day.