The Dickinson press., 1895-08-03

taken up when the Horr-Harvcy deDate
opened today. While the size Of the rooms
do not permit large audience, the officers
of the club are compelled every day to re-
fuse many applications for seats.
The days talk was opened by Mr.. Har-
vey. He said that the debate Of the last
session was of value as showing that dur.
Ing the last forty years silver had been
steadily coined In spite Of the assertion to
the contrary; that by the table copied from
the reports OF the mints, the commercial
ratio between gold and silver had been
maintained at about the French coinage
ratio Of 15h to for 200 years; that during
the twenty-five years since 1873, as the re-
suit Of the demonetization, the commercial
ratio had declined to 80 to 1; that in the
1888 years prior to 1873 the quantity or ratio
between gold and silver had ranged from
5G Of silver to of gold, to Of silver to
of gold. and that during all that time the
commercial ratio had clung closely to the
legal ratio. During all that time the com.
malned steady. Since 1873 1t had steadily
and rapidly decreased. 1t was the dom
mating influence of London exchange to
all parts of the world which led to gold
being recognized by the world as the
standard in all commercial transactions.
Mr.. Horr, in his opening remarks. pro-
cceded to call attention to what he called
.
book. For instance. no declared to be
untrue the statement that it was believed
thHt Nv" cost Of producing all Of the gold in
the world was about Sc per ounce, while
some put 1t much higher. Mr.. Horr pointed
out that there had been vastly increased
production at greatly reduced prices. At
the cost which Mr.. Harvey spoke Of. the
lost over 500, 100000. Again, Mr.. Harvey
had put the aggregate amount of silver in
the world at about $3,OOO OOO.OOO. 1t WIS
estimated that there was about $4,000
OOO Mr.. Harvey had said the debts of the
United States had amounted to about $40,-
600, 100000. This. Mr.. Horr said,
Was an ADsurdity.
Mr.. Harvey said that the amount of Sill
yer referred to by him In his book was the
amount available for coinage. For the
rest he proposed to pursue the ordinary
course and answer the questions as they
came. Mr.. Harvey then distributed u table
showing the production of gold and silver
from 1902 to 1892, and proceeded to argue
that in spite of wide relative fluctuations
In production, there had been no fiuctuatioa
in relative value till after the demonetiza-
tion act in 1873. He then proceeded to
argue that. except In the legal relation or
weight, there should be no difference In the
treatment of silver and gold. He said that
the government was the creator Of money
and had the right to regulate the thing
created to the extent Of fixing relative ra-
tios, but 1t had no right to take from the
legal tender quality Of any money created.
Mr.. Horr continued his objections to MIR.
Harvey's statement in his books. He took
up the supposition that the government
wanted 100000 horses. Its competition
would increase the value Of horses; that
free coinage Of silver would increase the
value of the bullion. MIR. Horr said that
all the government did to silver was to put
q stamp on the bullion and return 1t to the
merely call for 100000 horses for the pur-
pose of affixing brand to them. and
having done so, should return them to the
owners, would that increase the value of
the horses Of the country? The horse ar.
gument, Mr.. Horr declared, was a fraud.
The speaker then took up the matter of the
elements which govern the price of wheat,
arguing that Mr.. Harvey's deductions were
falacicus.
Mr.. Harvey said that this government had
dxed the prce of gold, and all the friends
Of silver wanted was for 1t to fix the price
of silver, in the belief that the nation could
better keep out Of the hands Of the pawn
broker with two metals than one.
Returning to his argument on bimetallisnl,
Mr.. Harvey said that the option of the
debtor to pay In the cheaper metal should
not be impaired. This would always main
tain a parity. II the creditor were given
the option of the money In which he should
be paid. he would demand the dearer
money. thereby increasirg the d mand for
by widening instead of narrowing the dis
parity. Continuing, Mr.. Harvey declared
that all nature was blmetallc. Man hal
two legs, two arms. two eyes. two ears.
He declared there were available for coin.
age In the world about sixteen ounces Of
silver to one ounce Of gold.
Quotes Minnesota Stattxtics,
Replying. Mr.. Horr took up the question
OF farm tenancy, whose growth Mr.. Harvey
at an earlier stage Of the debate had ad-
verted to as a bad sign in our national life
Mr.. Horr declared it good sign, and
quoted from statistics gathered by the State
| OF Minnesota, showing the steady evolution
OF the tenant into the land owner. and
| from other statistics showed that the In.
crease in the number Of tenants had been
accompanied by decrease In the number
ancy had not been at the expense Of the
| farm owners, but ut the expense of the
day laborers.
Mr. Harvey declined to discuss what he
called the tenant business" but promised
that he would take it up when he got to it.
ne tnen Went on to say that there were
Two Kinds OF money In the general sense In
which the word is used, nne being primary
money and the other representative money.
or, as he would call it, for the purposes Of
the debate, "credit money!" This latter
kind Of money Is divided into paper money
and token money. which includes copper
cents and nickel 5-cent pieces. No attempt
Is made to maintain the commercial parity
of these metals at any ratio with the metal
out of which primary money Is made.
Token money Is used to pay for articles
whose value Is less than that at which We
coin primary money. Primary money Is the
measure of value. Gold, Mr.. Harvey said
Is now our measure Of values, and our rep
resentative money Is tied to 1t as the tai
OF kite. He then made short argument
showing that supply and demand regulate
the value Of money. the same as Of oil 9th
er property.
Mr.. Horr announced that before proceed
Ing to the question Of the production Of
silver he wanted to say few words on the
misleading nature of some Of Mr.. Harvey'i
statements on finance. He then attacked
assertions made by Mr.. Harvey as to the as
sessed valuation of national banks. II,
then declared that Mr.. Harvey was wander
ing from the question In debate, because hi
had several times declared that II the mint
Of the world would give
Free Coinage Of Silver
on q certain ratio it could be maintained
Mr.. Horr said that was not the question t,
be considered at all. but whether, IL tn
entire civilized world has refused to US
silver as money of final redemption an,
still refuses to use 1t, can the Unitet