Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1895-07-18
GREAT COINAGE DISCUSSION.
Harvey and HOrr Strongly Present.
ing the Arguments For and
Against Silver.
Subject of Legislative Virtue Enters
Into the Debate--Horr Insists Sill
ver Was Fairly Demonetized
Harvey Denies the
Proposition.

-AAuANOJ DOAAOS eAAS
Proposition.
Chicago, July 18.-The financial de
bate between ex-Congressman R. g
Horr, of Michigan, now an editoria
writer on the New York Tribune, and W
H. Harvey, the free coinage champion
continues to excite deep interest, ant
crowds are daily in attendance. Mr.. Har
vey says he expects to make good in this
debate the following propositions:
/. That silver and gold are the money
of the constitution. That the silver dol
lar was the unit of value in our coinage
system in this country from 1892 to 1878
inst as the yard stick was the measure oi
length. That gold was measured in this
4 silver unit and concurrent coinage given
to it lgold.) That silver and gold com.
bined constituted the legal standard OF
value in this country until 1873. Silver
measured gold; the two together measured
all other property.
2. That the act of 1873 was surrepti-
tously passed.
8. That during the period from 1892
to 1873 the mints we're open to the un-
limited coinage of both metals into
primary or redemption money, and that
both we're treated as such. That during
that period the people had right to
have either metal coined into full legal
tender money, and that the option was
with the debtor to pay in coins of one or
the other metal.
4. That this bimetallic system made
an unlimited demand for both metals to
be coined into money, increased the de-
mand for these metals, and so long as
this law authorized any one to coin
371 d grains of silver and 20 2-10 grains
of gold into dollar there, was no one
willing to sell either for less than dol
lar.
S. That the option to pay in either
metal caused the cheaper of the two
metals to be used, and transferred the
demand from the dearer to the cheaper
metal and restored it's relative CONNER
cial value. We are called silver men be-
cause we are defending the metal that has
been demonetized.
6. That it is to the interest of the
United States to act Independently in the
remonetization of silver, at the ratio to
gold of is to Il without waiting for the
action of any other nation.
Z. That monometallism consists in the
use of the dearer Of the two metals to the
exclusion of the other as primary of
redemption money. That monometal-
lism is an experiment, on trial for the
first time in the history of the world, and
began with the period 1873. That it is i'm
practicable and impossible as a stable
money measurement of values; is not
based on scientific financial principles; is
in the interest of the money lenders, and
against the interest of the property own
ers and laborers.
8. That the gold unit as the measure
of values, with no concurrent coinage
of another metal to assist it in perform
ing the functions of primary money,
has caused the fall in prices as COM
pared with 1872, when the worlds prices
Of property were measured in the money
mass of both metals; that all prices of
property and labor have declined accord
iugly as compared with 1872, except when
held up relatively by increased demand,
or short supply, or combines and trusts,
or by special reasons affecting particular
service or property; that the average
price of all productions, except gold, will
show that this decline is adjusting itself
to the gold standard, and that when We
include in labor the unemployed and the
time lost by those employed there is a
fall in wages of one-half, as compared
with 1872; that labor is adjusting itself
to the gold standard measurement of
values.
8. That the decline in prices conver-
ing period of twenty-five years has as a
rule made all GLASSES of productive,Im ,Imer-
camille and manufacturing business un-
profitable; that falling market GOV.
ering long period destroyes the pros.
pective profits based on cost of pur.
chase and production, and Majority OF
our most astute business men can not
avoid failure or loss of capital under
these conditions.
10. That it has worked hardship and
injury to the debtors, who, unconscious
OF the cause and Extraordinarily reduced
the prices of their property, have con.
tracted debts during these twenty-five
years. That this fall in prices causes a
sacrifice of property to purchase the dol.
lars with which to liquidate these debts
That this has caused the renewal of debts
the contraction of new debts to pay old
debts and an enlarged volume of all
debts. That this unjustly takes from a
debtor his property emphasizes the i'm
portance of stable money measurement
of values.
II. That in the end no one is bene-
fited by fall in prices but the money
lender, the owner Of money and securi-
ties payable in money at fixed incomes.
12. That the foregoing facts and con.
ditions produced by change in our
M oney measurement of values will i'm
poverish the masses of the people, and
points by reason of the disturbances il
will produce, to the overthrow of the
republic.
THIRD OF D1soussIoN.
The third day of the Horr-Harvey sill.
YER debate opened at II a. M, the late.
ness OF the starting hour heretofore hav.
ing been found inconvenient in some re.
spects.
The subject under discussion was what
Harvey had characterized in his book as
the "crime of 49," the demonitizatlon ell.
yer. After some miscellaneous sparring
Harvey charged corruption in the pas.
cage Of the demonstration act. Horr
repudiated the inference that citizens ol
the United States we're all corrupt and
mono of their women virtuous. Horr de
clared thet it was not true that every man
had his price. Members of congress were
as honest as the average American citi-
zen. He knew whereof he. spoke, for he
had been a member OF that body. Horr
took up the history Of demonstration and
proceeded to show the stages through
which il passed and the final enactment