The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-08-07

tive remedy? pause for reply That
don't say applause. wish you would
cheer that. daughter and applause
/ Now, then, what becomes of his ratio Of
| Is to 1? Here is what he virtually says:
| The gold dollar may be cut down If need
be so that the ratio shall be 16 to ". If
| silver remains as cheap as it Is today he
will then retain the It, Somehow he
| seems to be stuck on sweet 16. The boys
| mathematics, however, are as defective
/ as his veracity. automatically 16 to "
is the same as 80 to 1, SO it is not the ra-
| ito he cares about"
Mr.. Harvey-Mr. Horr's diverting this
| in the School will serve him no pur-
| pose. for when we have ascertained what
bimetallism is and have reached the place
| that he has last spoken of it will be time
| enough for me to answer Mr.. Horn as to
| the last proposition he made. (Applause.)
| Mr.. Horn says that 1 deny that the two
metees cannot be kept in circulation at a
| fixed ratio. have not said that, for they
can be, as they have been in this country.
know they have attempted to make you
| believe that there was no gold in circu-
| lation up to 1884 and that there was no
| silver In circulation in this country or
seeking the minis after 1850. but both
were Misrepresentation, as the report Of
| the director of the mint shows both met
| ais were in circulation, and, as our old
| citizens know, silver was in circulation
before the suspension of specie payments
in 1861.
Mr.. Horn flies in the face of history
when he says that silver was not used
prior to 1873 as a measure Of value. 1t
| was under our law, and all other laws
except that of England, linked with gold,
both were measures of values. Neither
metal depended on the other. We had a
right to pay a debt in either metal as
| Mr. Horr admitted the other day when
| that question was asked. Like man
! walking on two legs, the man depends on
both legs for stability. When both met
ais were treated alike under the law we
| depended on both metals, and the two
| combined were the measure of values of
| property. Silver was the unit in that
| coinage system regulating the size of the
| gold coins, but the two together were
the measure of values, and that is what
| we mean by the double standard. We do
not mean to say that we were on sill
| yer standard when we called your atten-
| ton so forcibly to the silver unit. The
unit was fixed to regulate the coins un-
| der our coinage system, but gold and
silver together, both with unlimited right
| to the minis, both legal tender for the
full amount as made by the laws OF l,sz,
| were the measure Of values of all other
| property, and you had a right to pay a
| debt in either.
DOUBLED THE LENGTH OF THE
YARDSTICK.
| "Mr. Horn alludes to something I have
said before, and then adds: Cut the yard
stick half in two and it will make twice
| as many yards of cloth in the world
| Now Mr. Horn, let me tell you what you
| people did in 1873. You doubled the length
of the yardstick.' (Applause) For in
| stance, let me illustrate it. Suppose one
half of the gold in the world were de-
stroyed today beyond recovery, would
not the gold dollars that were left be
twice as valuable as they were before?
| Mr.. Horn is not bad pupil and shakes
his head. Let me illustrate it in another
way that every farmer in the land will
| understand. Suppose that one-half of
the wheat in the world today were de-
| stroyed beyond recovery, Mr.. Horn,
| would not wheat on the Chicago market
it is today? You cannot escape that
| proposition, and it does not require a
| man to be a farmer to understand the
| Illustration and any man who is bust
ness man will understand the gold illus
| tration. (Applause.)
| 80 that when you destroyed one-half
the redemption money in 1873 you doubled
the value of the money that was left.
(Applause) You doubled the yardstick.
You see no harm in destroying the price
| OF mans property; cutting the price of
| his property in two. You shut your eyes
/
| when any man proposes to even up with
| you in your cutting-in-half process by
proposing to cut the gold dollar in two.
| We don't wish to do either. We wish to
put back in the coinage sytem the money
you demanetized in 1873. (Applause.)
Cast your eyes again on the table that
distributed among you and you will see
that an exact commercial parity with a
| given ratio is not to be expected. Why :?
| If al 1.-The silver in the world were sudden
| ly transformed into gold there would not
be an exact commercial parity between
New York gold and London gold. There
is not now. If exchanges of gold were
| in favor of London the New York gold
| would nat be worth as much in London
as London gold by the cost of expressage
and insurance from New York to Lon
don. AS measured in par money at a
given point the money Of the world at diff
ferent points will vary according to the
| demand for it at that point; 1t may be
| at a premium and it may be at a dis
count, and the cost of transferring it will
| measure that premium or discount. A
| sudden or abnormal demand in New York
| may make exchange on London sell high
err than the cost of expressage and insur-
| ance.
$50 when the world practically had BIZ
metalilsm, by the action of a few large
nations, silver and gold fuctuated in the
London market as the demand rose Of
of exchange payable in that metal. The
| greatest difference in the relative value
| as shown in the table is at a time when
| exchange, say for gold, was one day up
or down and silver exchange the reverse,
| the whole difference being made by the
cost of exchange. Neither would it rise
| higher nor fall lower than this, for there
was an equal exchange of the two metals
| to be had at the French ratio, and one
could go there and make the exchange at
the cost Of doing it,
Mr.. Horr-It is possible that my friend
Harvey believes when he says that the
act Of 1873, when it demonetized silver,
cut the price of the porperty of the world
in two, and that prices Immediately, as
they must have done If their statement
is true, dropped so per cent
II was around in the world in 1873 and
know that did not take place, and he
knows it. You destroy one-half the
| wheat in the world and the chances are
that you will increase the value of wheat
probably four times-such is the estimate
| of political ecOnOmistS-but wheat is an
article that people have to eat to live it
is all consumed from year to year, or
after a short time. Gold has been accu-
mulating for ages, and if you should de-
stroy the primary money quality Of half
the gold in the world you would not
change the price Of the metal one-half
AS soon as the price would go up there is
an enormous store laid away all over the
entire world that is not being used for
money purposes that would at once seek
the channels of trade and be coined into
money and take the place of the money
that had been destroyed
Mr.. Harvey-Mr. Horn argues that the
dear dollar is of more benf1t to laborers
than cheaper dollar. The terms dearer
and cheaper are relative terms as COM
pared with your property and your serv-