Idaho County free press. [volume] (Grangeville, Idaho Territory) 1886-current, 1895-05-24
TWO METALS OR ONE
Giants Of Opposing Financial
Theories
MEET IN A JOINT DEBATE
ohe furnishes Light for Cleveland, the
Other Editor of Coins Finan.
cial School.

Chicago. May ia stirring politica
encounter took place tonight hardl
paralleled in the west since the famou
struggle between Lincoln and Douglas
, just on the eve of the civil war. To
nights platform combatants were tw,
giants of opposing sides in the raging
financial CONTROVERSY. Lawrenc,
Laughlin, president Of political econo
my at the University of Chicago, tn,
favorite authority Of President Cleve
land. and William H. Harvey, author OF
COINS Financial School," Not hall
the people clamoring to be present could
nave been accommodated, could the
Auditorium itself been secured for the
meeting OF the champions. The spacious
rooms OF the Illinois Club on Ashland
boulevard were crowded to almost suf-
location when the president Of the club
Dr. Homer M. Thomas, announced all
in readiness for the gladiators.
The proposition to be discussed was
read as follows: Resolved, That the
United States could at once enter upon
the free coinage Of silver at the ratio
of Is to l. independently of the action of
any other nation"
Mr.. Harvey, 1t was stated, would
speak for an hour in the affirmative
and President Laughlin an hour and
thirty minutes in the negative, Mr.. Har-
vey then having thirty minutes for a
rejoinder.
Harvey was evidently full of SUD-
pressed excitement when he came for
ward to begin his address, but he soon
steadied himself admirably. Both were
literally applauded.
| HARVEY'S ADDRESS.
In opening for the affirmative, Har-
vey said:
| The first reason why am in favor
or independent action by this country
Is that we should not be subjected to
the influences of the governments of
Europe When our forefathers declared
their political independence from Eu-
| rope, 1t was to free themselves from the
class legislation of those governments.
justly termed plutocracies. If the peo-
pie can be reduced to poverty and the
| prosperity of the United States can be
| ruined by hanging to the financial pol
icy or Europe, then we can be reduced
10 the same condition by financial legis-
iation as war of conquest would re-
uuce us. we are right-and our friends
'he inohometallists mostly say, We ad-
mt that oimetallism would be good If
we could get international bimetallism.
III other words, they agree that there is
something radically wrong, but claim
we are tied to the financial policy of
Europe. So, that if a war of CONQUEST
in this country by the monarchies of
Europe, whose form of government is
different from ours, would reduce lis
to the condition that the people of those
governments are in, and thew can ac-
complish the same purpose by financial
legislation, then there is a necessity for
Independent action. When there is a
necessity, there is remedy. When the
governments of Europe are plutocracies,
they squeeze the lemon of their people
about every so often. They control
class legislation and the masses are
hewers of wood and drawers Of water
Tor the titled few. Like the farmer
VINO goes out and robs the bees nest.
they rob the people and then give them
time to fill the nests again, before going
out to rob 1t again.
we nave certainly not forgotten the
history giving the reasons why our fore
fathers established this government
and that was the reason. Now If finan-
cial legislation is one of the classes of
class legislation by which the many are
robbed and the few be enriched. by
which the lemon is squeezed, then II is
one of the institutions of European gov
eminent, that we as a nation, repub-
ncan in form, should declare our in
dependence of. That is the first reason
why independent financial actions
should be taken by this country. If
they say: We must have the same
money that they have, in order to carry
on business with Them my reply Is,
That the biggest business we ever did
carry on with the balance of the world
and particularly Europe, was the time
when they had gold and silver as money
and We had neither
1T is one of these peculiar arguments
that wears it's way into a mans brain
when reiterated and monotonously Civ
en- out by the daily press that we must
nave the same money that the other
great commercial nations have. We
never stop to investigate. This nation
can have an Independent financial sys-
tenn without any reference whatever to
the balance of the world and can carry
on It's own commerce by ocean and by
land with the other governments of the
world, Notwithstanding We do not now
settle our balances with Europe in coin
except on it's commercial value and by |
weight. Our coinage has nothing to |
do with 1t. Primarily, balances of trade |
are settled with trade. We give them |
our wheat and we take their silks. and |
the balance that We may owe them or |
that they may owe us will be settled just
as the merchant between the import
ing points may agree to settle. They
can settle 1t in gold for so much a
pennyweight. as measured in the money
OF their country or our country. or in
so much silver. or in so much copper,
or SO much of any other merchandise
as may be agreed upon between them
and their relations
mere Is no such thing as an interna-
tlonal money. What we are contending
Tor Is the opening of the mints to free
coinage of silver. They are now open to
free and unlimited coinage of gold and
have never been closed to that metal.
what we want is bimetallism, and sci
entihc bimetallism Is this:
Free and unlimited coinage of both
goid and silver, these two metals to
constitute the primary or redemption
OF the government
Second-The silver dollar of 371A
grains OF pure silver to be the unit of
value, and gold to be coined into money
IT ratio to be changed II necessary
from time to time If the commercial
parity of the legal ratio shall be affect
"a by the action of foreign countries.
Third-The money coined from both I
metals to be legal tender in the paw {
nent of all debts. {
Fourth-The option as n which 20