The Mt. Sterling advocate. (Mt. Sterling, Ky.) 1890-current, 1895-08-06

aizes md qualities. And tho govern mont
entered the market 20 get these horses
Horses should advance In value. Nos
only the kind OF horses desrol but also
| other horses upon which there would be
a demand Co take the place OF horses sold
TO the governments. The government can
create a demand Tor commodity. Now
that answer has mislei thousands OF hon
est and unthlnking people
lyon used this illustration to teach
that free coinage would create an I'M
! limited demsnI for silver and increaso
| Its value In the markets OF the world.
The horses would bs bought, kept, and
used by the governments; and the price
OF them would DO paid 20 those who sold
! them, ia money. Under such coinage as
you advocate silver woul be received by
tho governnent, coined, and then, in
effect, returned to the owner again. He
might not get the same dollars made from
the Identical silver which he took To the
mint, but be would get those coined from
silver received and treated precisely as
his was. so that he would practically get
back the same thing The only honest
connection possible between your Illus
tration and the truth would depend upon
the governments branding each horse
and returning him, or another horse OF
the same class which had been treated
and branded in the same way, to the man
who presented the horse for branding
Now, what influence would that have on
the price OF the horsesP 1t would not in
crease the consumption nor would it
affect the supply.
Another item: The average price of
wheat, as given on page 10S of Coin s
School,. was 81 cents in 1891 The Sta
tistical Abstract gives the New York
price Slug in 1891 and the average price
in Chicago IN 1891 was "a cents. II you
are teaching the people the truth, explain
this discrepancy. Again: In 1898, you
state, the porn crop of Illinois was l69,-
00J,0)0, which you teach to the people
governed the price of corn in the United
States that year, whereas the product OF
corn that year in the United States was
1,6Ig, U00. 900 of bushels. Now what l want
is, Brother Harvey, that you should tell
US how that little tail in Illinois corn
crop wagged the whole dog in the United
States. In another portion of your book
you state, at least by implication, that
the farmers products wild not buy as
much OF all kinds of commodities. ex-
cept labor, as in 1873 You do this on
pages III an 129 OF Coins School. That
statement is misleading and untrue.
The farmers products taken as.a whole
will buy US many things that the farm
ers need and use as the same products,
oil taken together, would have bought
in 1878 I"
In reply Harvey said: when he called
your attention to the illustration in the
School OF the government entering the
market for horses Mr.. Horr should have
thought how the government fixes the
price on gold. You take certain guam
THY of gold to the United States mint
and IL is coined and given back to you in
80 much money. The price OF gold Us
money is fixed. Now, we ask the same
thing for silver, that's all. Now / pro-
coed with the argument of what is scien-
tifio bimetalhsm The option OF the
debtor TO pay in either metal Is vital
principle Unlimited free coinage at the
minis guarantees substantial parity.
But il, by reason of supply or corner on
one OF the metals or from any other rea-
son one of the metals is enhanced in
value. the debtor exercises his option TO
pay in the other metal and this transfers
the demand from the dearer metal to the
cheaper mccall"
Here Harv,y quoted the Chicago Til
bune OF January, 1878. in which an edi-
torial takes direc5 ground against single
standard for the reason that the debtor
should be prov ded with an option as ex-
planned by Harvey. Harvey enumerated
two kinds OF money in use-one was
"primary." the other Representative"
Primary money was the measure of val
ues. He proceeded; when we have
gold as real money, as We have now, our
r-aN nrsari ia inH ir rh
tail of a kite is fastened TO a kite. We
make it as good as gold only by fastening
it 10 gold. Hence We now hear OF %.
cent silver dollar. whyP Because silver
is being measured in gold, and so is all
your property. We have 5)-cent wheat
and 5-cent cotton, and this relative Il
cline is the same with all other properly
where its value is measured in the gold
markets of the world, not affected by
trust causes or new use that has in
creased it's demand. Whas reduced the
prices was taking away one-haI: the roal
mouey. WHAT will put lJ back is TO re-
store that half of the money. Bear in
mind one thing through this whole argu-
ment: that supply and demand regulate
the value OF money, the same as of all
other properly"
Horr proceeded ito take up the question
as TO why the people OF the civilizsd world
refuse TO adopt Mr.. Harvey's plan. / al;
init il, that the nations that first demon.
etized silver did so because they consid-
cred the mineral unstable, variable in
price, and that afterwards the element of
oheapness came in. The nations which
acted later did IL because silver was cheap
ening all the time, as an additional rea-
son. In your book and yesterday in every
statement you made you used the term
that If the minis of the world would
give free and unlimited coinage to silver
on a certain ratio. it could be maintained.
/ have not denied that. The question we
are discussing'is after the entire civilized
world has refused to use silver as money
of final redemption. and still refuses TO
use IL, can the United States single. |
handed and alone afford to put itself upon |
a silver basisf"
Horr then adopted in his remarks |
"Coin's" table OF the gold and silver pro-
duction of the world, but only that part
from 1874 to 1892 inclusive, and
with the mint report OF the produc-
ton for 1898 and 1894 added, |
showing a pretty steady increase of |
x,x.~ a.. - -