Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1895-08-08

footing liz that both shall have the right
to enter the nints free TO be coined into
money, with 23.22 grains of pure gold to
be a dollar and BIN grains of pure silver
70 De Q dollar. The money made from
both metals to be full legal tender money
In the payment OF all debts and the debtor
TO have the right to pay in either metal.
NO notes. bonds or other form Of Indebted
ness to be made payable In either metal
70 tue exclusion Of the other. All Indebted
ness to be payable In lawful money and
either gold or silver to discharge such In
debtedness.
The two metals will then be In competi.
uou Win each other to supply the demand
demand /. Substantially unfilnlssa saV What sst
we mean By the demand being unlimited
70 tais: When q man owns either metal
ana II ls surplus over and above what IL
needed In the arts, he converts II into
money at the mints and puts It himself
Into circulation.
Mr. Harvey asserted that the demands
OF business Ia this country would
absorb all of the silver available for coin
age. TX all OF the gold and silver In the
world were sent to our minis for coinsgs
10 would be to the benefit of the United
states and the injury Of the rest of the
world. Money In circulation made bust.
ness, he said, just as life does not make
>Nh " Luhhts lie.
Money I'm Savings Banks.
Mr. Horr. resuming bis argument after
ittle eadlnage, said that the savings bank
depositors had 81, 712. o COCO on deposit,
which Ii was proposed to cut In two
building and loan associations had 1. 725. 600
depositors, with an aggregate of S525 SO.
100 due them. In addition to these there
were the trust companies and state banks
and life Insurance companies, all of which
were to be allowed to pay In deprecated
money. And the money In the pockets of
every man and woman In the United
States was to be halyed In value. All of
this Tor the benefit Of 10000 silver men.
Why, their output was not worth half as
much as the eggs yearly laid by the hens
OF the United States, and was about equal
In value to the peanut crop.
But the worst feature. he asserted, would
be the destruction of all credit. 1t would
bring about the worst panic the nation ever
saw. The paralysis OF business would be
complete, Cor 80 per cent of the business Of
the world was done on credit.
Mr.. Harvey. replying, said that thou
sands OF mtn had been financially wrecked
by their inability to keep up their life
insurance payments. He declared that
there was but one worse crime than that
pf 1873, and that was of the man who
claimed that the defenders OF silver meant
AtphbihNAoh- ~ ann VA iVI "A
illustration as to the small amount Of silver
in the United States. That was the claim
of the silver men. There was nc danger
but that the demands OF business would
absorb II. This nation could take all Of the
silver which the nations of the world bring
to us In exchange for products in a single
year; we could reproduce those products
and ask them to come again. We could
thus absorb all of the silver In the world
II necessary. The history OF nations showed
that the more primary money Il had the
more prosperous II was. AS long as the
United States could make an unlimited
demand for silver at a fixed ratio, the hold
ers Of silver wOuld not part with 1t for
any less. Ii would give us the trade of the
silver using nations OF the world, and the
control of would be transferred
from London to New York. 1t would In
crease our trade with the gold standard
nations OF Europe through cur control OF
the products OF the silver standard nations.
at will take time to break the hold that
England has on the world, with her gold
III" ~ssyirnapathyy OF ali the nations that are
now paying her tribute, from poor little
Nicaragua to republican France. We should
Immediately exert our influence TO save
japan and other nations from going over
to the gold standard and stop the conquest
of the world that Is being made by the
money power of England. She Is beartless
and cruel In the extreme. She enforces
the debts due her citizens from the citizens
OF other nations by laying tribute, impos-
ing smart money and taking possession
OF custom houses. She has taken posses
sion OF Egypt In the interest of her credi-
tor citizens and imposes and collects taxes
upon those people, who are her bonded
slaves. She is the bully of the seas and
financial octopus of the world. Its ~tenacles
reach into every nation in the world, in
Guiding our own, sucking from them their
life blood. We bow our heads In humiIia.
ton and admit that her great banking
house Is now behind this government; that
We are at Its mercy to sustain the credit
of this nation and have paid in the last
six months IS, 100000 tribute to get money
which we could create by our own sover-
eign act"
Silver and Eggs.
Mr.. Horr, in turn, said he spoke before,
not of the quantity Of silver In the country
In comparison with eggs, but of the amount
of output of silver. There was a consider
able difference in the staying qualities OF
silver and eggs. The trouble, Mr.. Horn de-
clared, was that, with free silver coinage,
gold would leave the country and OTT busi-
ness would be on a basis different from
the rest of the world.
He argued that there was enough gold In
the world for the transaction OF the legiti-
mate business, and the annual output of the
mines Of the world was large enough to
meet the increase Of the worlds business.
In proof of this he quoted the increasing
production Of Africa, Russia, India, Aus
tralia and the United States and the open
Ing Of new and rich mines
Since 1850 the supply Of gold In the world