The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-08-07
THE GREHT DEBATE
lcoNT1NUED FRoM s1xru PAGE.


the unit. AS that has already been dis
cussed, it is not necessary to add any
thing to what has been said.
Both should be legal tender in the
payment Of all debts. This assists in
maintaining the equality of the two met
ais. You interfere with the unlimited
demand for their use as money when you
limit their full value as money. Except
ing in the unit there should be no dis
elimination between the two metals as
they stand before the law. The right to
make a contract to be liquidated in any
specific property should not apply to
money All such contracts when made
payable in money should call for lawful
money
What is good for one citizen is good
for another. To permit raid to be made
on either gold or silver is to permit indi-
viduals or combinations of men to die
tate to the government what should be
legal-tender money. Making money is
an act of sovereignty for the common
good, and to allow it to be corrupted
would be to permit that which would de-
feat the object intended. The govern
ment is the creator of money and the
creator should regulate that which 1t
creates. (Applause.)
AS We nave Sctu NY Juc CONSTITUTION.
only the government can coin money and
regulate the value thereof. 1t is a right
inherent in it's creation to protect the
value Of that which has been created in
order that it's vaue may continue to be
regulated as fixed. And one of the most
important steps is to give to the citizen
the right to pay his debts and taxes in
either form of coin that the government
has created as its primary money. No
one should have a right to place limita-
ton upon the right of any citizen to exer-
else this right. (Applause.) To make
debts payable in one to the exclusion of
the other; it is giving the Individual a
right to promote his selfish interests at
the expense of the common good to inter-
fere with that which the law creates for
the benefit of society,"" (Aplause)
Mr.. Horn on taking up the subject en-
tered into a scathing fire of ridicule in
tended more as political speech than an
effective argument. To this attack Mr..
Harvey replies as follows:
Mr.. Harvey-"Mr. Horn will not make
anything by abusing or ridiculing me;
the intelligence of the American people
demands something higher than that.
(ADplause) If Mr.. Horn will utilize his
time in answering me when l give the
alive ratios, quantity, commercial and
legal, that is now being spread upon the
pages Of this debate from the official doc
uments at Washington, he would be serv-
ing better purpose in this debate than
by trying to divert it.
when he called your attention to the
illustration in the School of the govern
ment entering the market for horses
which speaks for itself and needs no de-
fense-Mr. Horn should have thought
how the government fixes the ice on
gold. You take certain quantity of gold
to the United States mint and it is coined
and given back to you in so much money.
The price of gold as money is fixed.
Now we ask the same thing for silver
that's all. (Applause) And we believe
the government can become more pros
porous and more easily kept out of the
hands of the pawnbrokers Of the world
with two metals for money than it can
with one.
when we get to the wheat table in the
fifth chapter Of Coins Financial School,
! will satisfy Mr.. Horn that it is right,
as he has already been satisfied of every
thing that we have touched. daughter
and applause.)
Nov l proceed with the argument of
what is scientific bmetallism. An i'm
portant branch of it is the option that
we have Of paying in either metal So
important is the question of the impair
tial treatment of the two metals in respect
to legal tender that it has always been
regarded as one of the most important
essentials in bimetahism.
"The option of the debtor to pay in
either metal is vital principle. Unlim-
tied free coinage at the minis guarantees
substantial parity. But if, by reason of
supply or corner on one of the metals.
or from any other reason, one of the met
ais Is enhanced in value, the debtor exer-
cises his option to pay in the other metal.
and thus transfer the demand from the
dearer metal to the cheaper metal.
"a break in the commercial parity
causes the cheaper metal to be used. This
increases the demand for the cheaper
metal. This increased demand restores
the value of the metal that has thus
fallen below parity and brings it back
to parity. To give the option to the cred
itor causes the dearer metal to be de-
manded, and it thus grows dearer and
hearer, and parity is permanently
broken, and the gap grows wider and
wider. When the debtor has the option
the two metals will oscillate close to
c ",
This oscillation is the elasticity that BIZ
metallism gives to primary money. If
one is cornered the other takes it's place.
Either answers for money. This option
In the debtor regulates the demand.
with silver discarded as it is now.
we must go to the men who own the gold
to get 1t, and submit to their terms. A
corner on beef cannot seriously threaten
the health of the people of this nation
SO long as mutton and pork are In com
petition with beef. A corner on gold could
not, as 1t does now, seriously threaten
the credit Of this nation if silver were in
competition with gold as primary money.
(Applause.l
now in the treasury there would be no
borrowing Of gold. When both are money
on equal terms one is in competition with
the other. This shifts the demand from
the dearer and scarcer to the cheaper and
more abundant and holds them at a par
ity. This proposition has been demon
lstrated to you by the tables that are al
ready printed in this debate
Supply and demand make values. and
the law of bimetallism regulates the de-
mand and holds the two dollars, silver
and gold, at an equal value
HAVE BROKEN THE REGULATOR
'Bimetallism has the same principle as
in the construction of balance wheel
of a watch.
''It is made Of two metals, and under
heat or cold one Of these metals con-
tracts the other expands, and the effect
is the regular action of the wheel. In
1873 we made our balance wheel out of
one metal.
Authorities are as numerous on this.
the debtors option, as on the subject Of
the unit I shall satisfy myself by read
ing from the Chicago Tribune of Janu-
airy, 1878. 1t says, editorially: Hamilton
and Jefferson copcurrod in, <bo x,,3eao~..