The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-07-28
Discussed Nearly Everything from
Anarchy by Horr 40 English Land
lordfsm ny Harvey.
EACH RECEIVED APPLAUSE
HoRR TALKS IN METAPHOR AND
HARVEY ArPRoPRIATEs IT.
Both Speakers VIII Have Written ne.
plies ON MfsIafd Points 40 he Made
Public in a Few Days.


talk with a comparison OF the wages and
the cost OF products during the years from
1850 10 ls90 as shown in a table prepared
by Statistician Carroll ID Wright With
wages and prices In 1850 taken as the index
or i0o il showed that in 1880 prices were 81:
wages, l59. and the purchasing power Of
wages. l72.
Mr.. Harvey. In turn, took up the matter
OF the prices OF wheat for a series Of years
in reply to Mr.. Horrs statement of Thurs
day that the farmer had received as much
for his product I'm gold as he had received
before silver was demonetized. For answer,
he quoted the prices from year to year. He
declared that the arguments OF Mr.. Horr
were those which had been used In all
time TO bulwark tyranny.
MIR. Horr said that Mr.. Harvey had only
quoted brief extract of his. and DID not
give the sense of the article The corre-
srondence replied 20 did not want either
gold or silver money. but merely paper
based on nothing. IL was only another form
Of the socialistic craze. and Mr.. Harvey
would come that I'm the end. His disease
had not yet reached its worst stage. II
would come to socialism and anarchy In the
end. Mr.. Harvey's friends In the audience
broke ont in dissent at this statement. and
MT. harvey 0rtiditu ttt~t tSt - "~t~ - -
uttered would Justify q.
Mr.. Horr declared that the only applause
which his opponent had secured from his
friends I'm the audience was when he de-
nounced large part OF the people Of the
country as scoundreis. and asserted that
the country wGs going 10 the dogs.
Mr.. Horr then took up the question OF
banks which Mr. Harvey on former oc-
casjon had denounced He admitted that
there were corrupt bankers. but the busi-
ness OF banking. carried on. was the out
growth OF civilization. and banks were
blessing They made IL possible for gold
dollar to do twenty times as much ss II
could do otherwise. He had seen sils,ooo.o0
of business settled in three hours IN the
New York clearinghouse. and less than
per cent was done in money. III IL had
been pecessary TO count all this money II
would have taken an army OF men ana
many lcng days OF work
Mr.. Harvey. replying. presented a table OF
| failures. showing the failures In the country
| for a series of years. He pointed out that
| during the war, when the circulating med
| ium amounted to $40 per capita. failures
had been reduced to a minimum As the
circulating medium decreased. failures in
creased The Nation owed IL TO itself 10 get
rid of this great amount of bank credit and
substitute money for Il; The Interest , on
s1o.o0ooSo OF debts TO the banks was 'ne
ures. Mr.. Harvey then proceeded 70 quote
figures as 10 the number and mileage OF
railroads IN the hands OF receivers: the e COM ,soo
over $780, as shown by the census returns,
and the great percentage OF nome keepers
who are renters, not owners
Mr. Horr said that he would admit that
| the quantity of gold I'm the world had not
Increased as fast as the business SO OF The ;ne
dred dollars would now do more than two
thousand would formerly. Nnety-fiye per
cent OF the business was done without the
use of gold except as a standard OF meas
ure He illustrated the case by citing
stream on which there was one :,,s oic.fses< q, 9<
structed along this stream. and by using
the same water the output would be vastly
increased.
AN EXCELLENT REPLY.
Mr.. Harvey. replying. made another ap-
plication OF the comparison OF the stream
to money. Suppose. he said. thar mills had
been built along the stream and its ma
chinery. adapted TO 1t. Then suppose that.
suddenly onc-half of the flow OF that
stream would be cut or how would Il AFFECT
| the mills? Suppose again that certain per-
sons should divert the water Of this stream
in great reservoirs. and charge the mills a
| toll for its use. That would be a parallel
! case to that OF the relation OF the people
and the banks at present.
Mr. Harvey. resuming his statistics, gave
figures showing the number OF homicides
| i'm the United states from 1882 10 1881: the
number OF suicides, the number OF con-
| yicts in prison, etc. lie attributed these
TO the decreasing wages and the increasing
| value OF money. He said he pointed out
these things because they indicated na-
| life OF the Republic: IL was necessary 10
| honestly diagnose the disease IN order TO
arp tbe fne M they naa aenehea
| a point where the control or the necessarles
| Of life fell into the hands o, selfish men. =
| monarchy became logical and necessary.
| SIR. Horr said that the panic OF ls3e
| whose effects Mr.. Harvey had diaiafed on.
was chiefly due 70 a fear on the part OF the
! silver standard. Mr.. Harvey. said Nr.
Horr. has laid the c-ucifxion OF the Saviour
HeSrews Fl rs aO0 + The " record % showed % thas he he
Saviour was betrayed by Judas. the only
silver man among the twelve. and insisted
| OF half OF the water from the stream. Mr.
Horr said that IL the other half furnished
all OF the water needed. the mills would
| Mr. Harvey, replying. said that under the
bank credit sAtem We had always had
| The panic OF 1851 was not due TO a change
| in the coinage. but to the bank credit sys-
| In answer 10 Mr. Horrs statement that
| the great mass OF the debts OF the Nation
were short-time debts and. therefore. not
contracted Defore the passage OF the de-
| ruonetzafion act. Mr. Harvey quoted from
| the Bankers Magazine showing aekre-
! gate in a half dozen OF the large longtime
/ debts OF sl90ooooo.
Mr. Harvey said: This debate IL coming
! to a close. virtually to-day. because On
I Monday / shall speak Exclusively the in
| dependent action OF the United States"
lIr. Harvey denied Mr.. Horrs assertion
| that falling prices were the results OF Inn
| proved facilities. Mr. Harvey said. 1T Il
| the supply produced and demand for II that
regulates the price OF such products Sup
| pose widow. owning a farm. receives the
| voluntary assistance OF her neighbors 10
raise and harvest her wheat crop. VIII her
wheat be worth any less than the price
I fixed by the quantity OF wheat in exist-
] ence known TO the tradcrs and the exti-
mated demand for a. III all the corn crop
IN the United States were destroyed except
the crop in Iowa. would the Iowa corn
! price be governed by the cost OF prodac-
lion or the relative supply and demand fof
ecfn7 The cost OF the product has nothEfx
TO do with IL A man may produce an ounce
1 OF gold for 10 cents that i worth 80. The
/ fact that II cost him ~ cents does not make
| n worth less than so"
Mr. Horr-Nr. Harvey h mystided be-
/ cause ne takes IL for granted that the blsi-
l ness OF the country entirely depends upon
/ the amount Per capita Of the circulating
/ medium lie insists that II you shrink
| that you wsll ruin the business OF the
| eountrx There are large number o{
mep, Uh3 belteve that doctrine. but - mopo