Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1895-06-12

A stirring political encounter took
place in Chicago the other night hardly
paralleled in the West since the famous
struggle between Lincoln and Douglas
on the eve of the civil war. The plat
form combatants were two giants of
Inc opposing sides in the raging finan-
cial controversy. Lawrence Laugh
ling, professor of political economy in
the University of Chicago, the favorite
authority of President Cleveland, and
William II. Harvey, author of Coins
Financial School"
Ihe spacious rooms OF the Illinois
cluD on Ashland boulevard were crowd
ca 10 almost suffocation when the presi-
hent OF the club, Dr. Homer NJ. Thomas,
announced all in readiness for the
dress-suit gladiators.
The proposition to be discussed was
read as follows:
Resolved, That the United States
should at once enter upon the free coin
age OF silver at the ratio of 16 to 1, in
dependently Of the action of any other
nation"
Mr.. Harvey, It was stated, would
speak for an hour in the affirmative
and Prof Laughlin one hour and thirty
minutes in the negative, Mr.. Harvey
then having thirty minutes for a re-
toinder.
MI. Harvey is rather tall. spare.
dark-complexioned man of engaging
presence, but of a nervous tempera-
ment. He was evidently full of sup
pressed excitement when he came for
ward to begin his address, but he soon
steadied himself admirably.
Prof. Laughlin's wiry frame and
blonde but stern appearance is sug-
gestive of a less emotional makeup,
ana he had the advantage of not being
tho hrst to speak. Both men were liber-
ally applauded.
HARVEY'S ARGUMENT.
In opening for the affirmative Mr..
Harvey said: THE first reason why !
am in favor of independent action by
this country is that we should not be
subjected to the influences of the gov
ernment7 of Europe. If the people can
be reduced to poverty and the prosper
ity or the United States can beruined by
rope, then we can be reduced to the
same condition by financial legislation
as war of conquest would reduce us. y
After referring to what he termed the
plutocracies of Europe and stating thai
the few control class legislation, while
the masses are hewers of wood anC
drawers of water, be said:
Now, If financial legislation is one
of the classes of class legislation BY
which the many are robbed and the few
are enriched, by which the lemon II
squeezed, then it is one of the institu
tions of the European government
that we, as a nation of people, repub
lican in form, should declare our in
dependence Of. That is the first rea
son why Independent finGncial actor
should be taken by the United States,
The speaker went on to say that thi
country can have an Independent finan
cial system without any reference what
ever to the balance of the world. Their
was no such thing as internationa
money. What he was contending fo
was the opening of the mints to the fire.
coinage of silver and the establishment
of bimetallism on the principles tina
were adopted by statesmen who had il
view the interests of no class. best o
all, the people.
He defined scientific bimetallisn
thus:
1. Free and unlimited coinage of botl
gold and silver; these two metals t
constitute the primary or redemption
money of the government
.. The silver dollar of 371A grains o
pure silver to be the unit of value, an
gold to be coined into money at a ra
tio to be changed if necessary from
time to time, If the commercial parit,
to the legal ratio shall be affected b.
the action of foreign countries.
3. The money coined from bot
metals to be legal tender in the pay
ment of all debts.
4. The option as to which of the tw
moneys is to be paid in the liquidation
OF n debt to rest with the debtor, an
the government also to exercise tina
option when desirable when payin
out redemption money.
He then referred at length to the ad
vantages given gold over silver, by tn
unlimited coinage of the former, silve
having n limited demand and being
commodity measured by gold. Silve
had been shut out and was token mon
ey. He wanted it restored to the IN
limited demand it enjoyed prior (
1873. He would give silver the sam
privileges as gold. Restoring it to thi
unlimited demand would cause tn
80 ui1 IN rfg
with gold. He would again make tn
standard silver dollar the unit of valu,
as it was before 1878.
It would thus be 81, and the bullio
in IL would be worth 81. AS the mum
ber of grains of bullion in 81 woul
have the right to walk into the min
and be coined into 81 no man woul
take less for it when he could have
coined at pleasure into 81. He woul
make gold coins of the value of S
many silver units or dollars as the la
existed prior to 1878. Twice when tn
commercial ratio between the tw
metals made it advisable to chang
the legal ratio, the change was mad
by re-coining the gold coins. This wa
in 1884 and 1897.
He would make both gold and silve
legal tender in the payment of a
debts and would repeal the law of 1S7
and the Sherman law of 1890 He woul
allow no determinations to be mad
between the legal tender character c
the two metals.
The debtor would be given the optic
II there were any preference as to whic
of the two metals he would use in tn
payment Of debt. To give this optic
10 the creditors causes the dearer meta
to be demanded and it thus grow
dearer and dearer and parity is pei
manently broken, and the gap grow
wider and wider. When the debtor hs
the nntinn these fwn metals will nacf