Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1895-08-02
THIRTY REASONS.
GIVEN BY HARVEY FOR FREE
COINAGE OF SILVER.

Its General Cse-SupPiy of Gold
inadequate silver fluctuated d
but Little while Enjoying Equal
Legal Protection with Gold
England's Policy to Make Money
Scarce-There never has Been a
Superabundance of silver.
During the Harvey-Horr discussion
at Chicago, the following thirty rea-
sons for the free coinage of silver at a
ratio OF l6 to we're cited:
l. Silver and gold at about the
ratio OF IG to have been used jointly
for hundreds OF years with satisfactory
results.
,. Seventy-tive per cent Of the peo-
| pie OF the world now use silver money
exclusively.
3. The cost OF mining silver has
been understated by the gold standard
men. The best authorities say that it
has cost more to produce pound of
silver than a pound OF gold.
4. Gold can be boarded by few
capitalists and the world suffers. With
two metals as primary money gold
and silver this could not be done.
5. The supply of gold is inadequate
to the needs of commerce.
6. Gold does not increase as fast in
proportion as does commerce.
7. While in 200 years there was
under free coinage variation Of only
about one point, in twenty-one years
under demOnetization there has been
variation of sixteen points.
s. The decline in the market value
of silver has been mainly caused by
its demonetization in 1873 and in the
years following, and the fall in prices
OF most commodities in the United
States is due to the demonetization OF
silver in 1878.
$. When silver was demonetized,
in February, 1873, silver as measured
in gold was at premium. The argu-
ment OF deprecated silver could not
then have been made.
10. England, by her possessions in
Africa and her stealing of her terri
tory in Venezuela, controls most OF
the gold supply of the world and gets
the balance by reason Of the world
owing it to her on gold notes and gold
bonds.
IL. Except some silver production
in Australia, England produces prac-
ticslly no silver.
II. The United States produces
from one-third to one-half OF the silver
of the world. She certainly has the
power to control the silver market,
and yet she has not only not resisted
England's repeated attacks on silver,
both open and covert, but has assisted
that nation in the discrediting OF silver
and the lowering of its value.
13. All single standard gold men
whose opinions have been published
agree in the statement that if the ma
tions of the world or if England alone
would consent to an international
agreement the ratio Of 16 TO l would
be easily sustained.
IA. 1t is vain to hope for help from
England in the effort to restore silver
to its former position. As the great
credit nation she thinks it is to her
interest to make money scarce and
dear. (See Gladstone's speech OF
March l, 1893.
Is. Only 4 per cent of the business
OF the people OF this nation is carried
on with foreign countries. 1t is bet
ter to legislate for the 96 per cent Of
domestic commerce than for The per
cent of foreign commerce.
16. The constitution of the United
States gave power to Congress to coin
money and regulate the value thereof.
Said Daniel Webster: " l am certain
ly of the opinion that gold and silver
at ratio fixed by Congress constitute
the legal standard OF value in this
country, and that neither Congress
nor any State has authority to estab-
lish any other standard, or to displace
the standard"
II. The reduction of the quantity of
primary money reduces the price Of
labor, property and commodities.
Is. Property measures its value in
money and money measures its value
in property. Money may increase in
value by reason OF its security. When
this is the case it buys more property,
property buys less money.
19. 1t is absolutely certain that leg
islation which reduces the volume OF
money one-half by depriving silver OF
its monetary function depresses prices
and enhances the power of the re-
naming half. As the strain upon the
remaining half increases this process
is liable to 60 on until values are so
reduced as to pauperize mankind.
20. The United States has reduced
its debts from 5000, 600 900 in 1869 to
$1,000, 900, 900, yet it will take under a
gold standard as much of our property
to pay the $l,OOO,OOO,OOO as would
have paid the whole debt in 1869.
81. There are but $3,9O0,00 OF
gold in the world. If this could be
inclosed in a solid cube it would be
less than twenty-five feet in diameter