Courier Democrat. (Langdon, N.D.) 1891-1920, 1895-08-01

the world was about 81, per ounce, while
some put It much higher. Mr.. Horr pointed
out that there had been vastly Increased
production at greatly reduced prices. At
the cost which Mr.. Harvey spoke Of. the
silver miners in three years would have
lost over 100000, OO0.i Again. Mr.. Harvey
had put the aggregate amount Of silver III
the world At about $1,000. 0OO,O 90. It wss
estimated that there was about $4,000. OOO.-
O00 Mr.. Harvey had said the debts OF the
United States had amounted to about $4O.-
600. OOO,O 600. This, MIR. Horr said.
Was nm Absurdity.
Mr.. Harvey said Sit the amount Of Sill
yer referred to by ~ in his book was the
rest he proposed 10 pursue the ordinary
course and answer the questions as they
came. Mr.. Harvey then distributed u table
showing the production OF gold and silver
from 1902 to 1892, and prUoeeded to argue
that in spite Of wide relative fluctuations
In relative value till after the demOnetiza-
tlon act In 1873. He then proceeded to
argue that, except in the legal relation or
weight, there should be no difference In the
treatment of silver and gold. He said that
the government WIS the creator of money
and had the right to regulate the thing
created to the extent of fixing relative "a
legal tender quality Of any money creatcd.
Mr.. Horr continued his objections to MIR.
Harvey's statement in his books. He took
up the supposition that the government
wanted 100000 horses. Its competition
would increase the value Of horses; that
free coinage Of silver would increase the
value of the bullion. Mr.. HOrr said that
all the government did to silver was to put
a stamp on the bullion and return 1t to the
owner. Suppose the government should
merely call for 100000 horses for the pur-
pose of affixing Il brand to them, and
having done so, should return them to the
owners, would that increase the value of
the horses Of the country? The horse ar
gument, Mr.. Horr declared, was fraud.
The speaker then took up the matter of the
elements which govern the price of wheat,
arguing that Mr.. Harvey's deductions were
faliacicus.
Mr.. Harvey said that this government had
fixed the pr.ce Of gold. and all the friends
of silver wanted was for 1t to fix the price
of silver, in the belief that the nation could
better keep out of the hands Of the pawn
broker with two metals than one.
Returning to his argument on bimetalli 'm,
Mr.. Harvey said that the option Of the
debtor to pay In the cheaper metal should
not be Impaired This would always MAIN
tain parity If the creditor were given
the option Of the money in which he should
be paid, he wou demand the dearer
money, thereby inc reasirg the mand for
that metal and decreasing the other, there-
by widening instead Of narrowing the dis
parity. Continuing. Mr.. Harvey declared
that all nature was bimetallc Man had
two legs, two arms, two eyes, two cars.
He declared there were available for coin
age in the world about sixteen ounces of
silver to one ounce Of gold.
Quotes Niinnesota Statistics.
Replying, Mr.. Horr took up the question
of farm tenancy, whose growth Mr.. Harvey
Mt an earlier stage Of the debate had ad-
yerted to as bad sign in our national life.
Mr.. Horn declared it a good sign, and
quoted from statistics gathered by the State
of Minnesota, showing the steady evolu ion
of the tenant into the land owner. and
| from other statistics showed that the ill.,
crease In the number of tenants had been
| accompanied by decrease in the number
of farm day laborers. The increase in ten
I ancy had not been at the expense Of the
| farm owners, but ut the expense of the
| day laborers.
Mr.. Harvey declined to discuss what he
called the tenant business" but promised
that he would take it up when he got to It.
| He then went on to say that there We're
two kinds Of money In the general sense in
which the word is used, nne being primary
money and the other representative money,
or, as he would call it, for the purposes of
1
kind of money is divided into paper money
and token money, which includes copper
cents and nickel Scent pieces. No attempt
is made to maintain the commercial parity
| of these metals at any ratio with the metal
out of which primary money is made.
Token money Is used to pay for articles
whose value is less than that at which we
coin primary money. Primary money is the
| measure of value. Gold, Mr.. Harvey said,
is now our measure Of values, and our rep
| resentative money is tied to 1t as the tail
| of q kite. He then made short argument
showing that supply and demand regulate
| the value of money, the same as of all 9TH
er property.
Mr.. Horr announced that before proceed
| ing to the question Of the production of
| silver he wanted to say few words on the
I misleading nature of some of Mr. Harvey 8
| statements on finance. He then attacked
assertions made by Mr.. Harvey as to the as
sessed valuation of national banks. He
then declared that Mr.. Harvey was wander
| ing from the question in debate, because he
had several times declared that If the mints
of the world would give
| Free Coinage of Silver
on a certain ratio it could be maintained.
| Mr.. Horr said that was not the question to
be considered at all, but whether, II the
| entire civilized world has refused to use
silver as money of final redemption and
still refuses to use it, can the United
States, single-handed aud alone, afford to
put itself on silver basis and join Mex
leo, China and Tripoli upon the subject.
He then submitted the table Of gold and
silver since 1874, taken from Mr.. Harvey's
books, and added to 1t the mint reports
Of the years 1893 and 1894. This table
showed, Mr.. Horr declared, thai stree
1874 the production of silver has BIZ en-
| steadily on the Increase, and that god las
since 1875 been also on the increase, Tut
while silver had increased in quantity three
times during that period gold bad only
doubled in quantity.
| Mr.. Harvey went back to the discussion
| of primary money as a measure of value.
In 1867, he declared, all the money In cir
culation was $1S.28 per capita, and in 1872
it was $19.19 per capita, and in those tin es
all money was primary money, the measure
of value being paper money ITSELF in 1854
we had a per capita circulation of so q.
He then said:
"Now, you will say that the quantity Of
money in circulation affects prices. You
have more money, primary and credit COM
bined, in circulation In, 1894, per capita,
than you had in the two years named Ere
vious to 1878, and yet prices were higher
then than now. Why? Because there was
more primary money per capita Ia clrcu!n-
/ +bo two frof II