New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-09-07
ANOTHER SILVER DEBATE.
GOLD AS a BASIS MEANS HONESTY,
JUSTICE AND PROSPERITY"

ROSWELL c. HoRR oHE o. THE SPEAKERS TO
REPLY TO THE BIMETAIiLsrs IN THE CON
FERENCE or THE AMERICAN SOCIAL
SCIENCE ASSOCIATION.
Saratoga Sept. (Specla 1.-The silver question
was debated at length in he Department of FL
nance OF the American Social Science Association
to-day. The arguments began ut 10 a. m. and,
excepting a brief midday recess. continued till s
o'clock this afternoon The affirmative side was
represented by ex-Congrcssman A. J. Warner Of
Marietta Ohio. and Judge Joseph Sheldon. Of
New-Iaven. well-known opponents OF bimetalism
The negative side most ably presented by Con-
gresham Josiah Patterson Of Memphis. Tenn. ex
Congressman Roswell q. Iorr OF New-York CITY,
formerly OF Michigan ana Professor A. b. Wood
ford OF the School of Social Economics. all OF
whom are earnest advocates Of monometallism.
Ex-Congressman NJ. u. IIart"r Of Cincinnati,
Ohio unable to be present. sent carefully written
letter OF considerable length. which was read lie
eaffirmed his adherence to sound money doctrines.
Mr.. Warner based his argument the following
First-An economic condition. under which the
value OF the money Increases or under which idle
money gains, viii reduce any country to poverty,
gather wealth In Few hands and ultimately destroy
free institutions. SccOnd-A debtor nation is
affected more seriously and is more rapidly i'm
poyerished and suD)ugaied by such a money sys-
TEN than a nation out Of debt Thlrd-Since
1873 the money standard Of the United States has
been constantly increas ng while at the same time
have been rapidly increasing our debt abroad.
the increase in the last twelve months being less
than ScgOoD. Fourth-lf this condition OF in
creasIng debt and approaching money Is not
stopped 1t Is only question OF years when the
United States will find themselves in a condition
as bad that OF Egypt. Flfth-No debtor nation
under the gold standard can make protection
effective to raise prices TO keep UP wages. Sixth
No debtor nation can permanently MAINTAIN the
single gold standard Seventh-Sound currency is a
currency thst maintains stable relations to commo-
diiies and, holds an even balance between debtor
and creditor. Eighth-Only metallic money can be
automatically regulated. No such relation exists be-
tween money supply and needs for money as admits
OF automatic regulation when the supply is from
the printing press or the enSravers pen
Mr. Patterson, in attacking this position. carefully
reviewed the financial systems Of the world, and
showed conclusively that gold f. the only sound
basis Gold is always standard. whether bearing
who have other than gold basis are not in the
front line OF civilization. Those nations who are
foremost in the Christian work of eevating the
masse and where poor men enjoy the best adj
vantages always do business gold basis. Silver
Is used for small transactions, but gold Is The
standard.
Judge Sheldon held substantially the same ground
covered by Mr.. Warner. with the possible excep-
ton that his views appeared to be more extreme
In the direction of bimeaiiism.
Mr.. Horr I'm an able argument in favor or sound
money clearly pointed out the defects in The fala-
metasm. Gold n basis means honesty, justice
and prosperity. while anything but gold would
threaten Reputation and distress OF every charac-
ter.
professor woodford argued: First that safe
method of currency reform demands the retirement
Of the Government from the business OF issuing
notes. second federated banking system. which shall
secure coin redemption throughout the country.
and lastly third the increased of silver for
money by means OF bullion certificates based on the
value of the metal. Senator Higgins favored in
ternatlonal bimetasm but thought that 1t cannot
be secured until can compel England 10 adopt
1t. and until that time arrives we should main.
tain our present position. Arson Phelps Stokes OF
the current commercial ratio. which, he said. would
put currency on safe basis