The herald., 1895-07-17

| selves would have uttered. I have had
that done for me so many times in my
| life that | know what II means ps'
now l come to the motto of the nSok'
which is this: II thank Thee, Q Father,
| Lord of Heaven and Earth, because Ihou
hast hid these things from the wise ana
prudent and hast revealed them ~
babes.' Does my frienn desire 10 lhti-
| mate thaG the kim OF finance whicn ne
teaches is something that babes will I'M
| derstand. but that people that know any
thing will never be able to comprehend?
| (Applause.)
the meaning OF that verse. Inc word
babes is intended to mean the pure OF
mind and unscltish. 1t is in that sense
that il is used in the Bible, and means
those pure of mind and unseltsh can see
clearly those things which the impure OF
| mind and selfish cannot see or under
stand. (Applause.) -
The cause | represent continued Mr.
| Harvey. is pure and unselhsh.
AT this point the contestants discussed
also at length the definition of money.
| Coming to the money system OF the
United States, Mr.. Horr said
1.-The first law that was ever passec i'll
the United States upon the subject Ct
money was on the 9Th day of July, 17S5;
that was two years after the subject had
been discussed in every shape and form
| by the people and press of the United
States. Congress then. | will say the ex-
act words: And On the question that
the money unit OF the United states OF
America be one dollar, the yeas and nays
being requested by Mr. Howell; every
| memb ber answering yea, 1T was resolved
| that the money unit of the United States
| of America be one dollar. Resolved, That
the smallest coin be OF coppti, Of which
200 shall pass for one dollar. Resolved,
That the silver pieces shall increase in
decimal ratio
! THAT was the first action taken by the
| American congress. They first fixed the
unit that is the name OF the thing that
should be used as the measure of value,
deciding that it should be called one dol.
! lar, and that the smallest division of that.
| should be half cent piece that 1t
should be copper and that is should take
200 of them to make the unit. This was
the first effort of the new government to
| establish monetary system. Now, every
| one will say that they had not yet stated
| at all what the dollar should consist of
except that 200 half-cent coppers. That is
! all the law there has ever been on the
subject and ell that has ever been said
about it anywhere. (Applause.) So We
had first the money OF the daddies OF cop
| per, no doubt about it. Now comes the
next important legislation: Resolved,
That the standards of the United States
of America for gold and silver shall be
eleven parts fine and one part alloy.
Originally that was the weight OF alloy
in all the coins OF the United States.
/ Afterwards we reduced the alloy SO that
| it was one part in ten.'
| Mr.. Harvey-As to what Mr.. Horr say S
about copper used as money during the
! continental days preceding the adoption
of the constitution is rival to be used in
this argument. A the time our consti-
tuition was framed the details governing
the concurrent coinage of the two metals
in our financial systems was under dis
cussion IN committees and between states
men of that period. So while these de.
| tails were left to congress, after the adop-
tion OF the constitution. bimetallic sys-
| TEN was provided for in that constitu-
| tion. Article |, section 3, says: Con
gress shall have power to com money,
regulate the value thereof, and of foreign
coins" Section 10 says: NO STATE shall
coin money or make anything but gold
and silver coins tender in payment Of
plause.) Gold, not gold or silver.
This is the question. The states surren-
| dered to congress the right to separately
coin money. but expressly retained the
right to the use of silver and gold as
money. neither as token money, one rep
resehting the other, as silver is now
coined representing gold, but both as
mon.y in their own right. Congress in
good faith with the states. has no more
! right to demonetiZe one OF these metals
1 than it has to dem oneJize both OF them
without the consent of the states. Cap
| plause.)
HE' The men who framed this constitu
tion then proceeded to give it the con-
struction intended. They gave to both
metals equal dignity. equal rights, ex-
cept to make the dollar of silver ana it
the unit of value, in which the value OF
gold would be measured. but with concur
rent coinage of silver. They gave both
metals free and unlimited coinage. Both
were given full and unlimited use in pay
ment of debts. There was no discrimina-
tion made IN the use of the two metals ex-
cept that the unit of value was to reside
in the silver dollar, and that gold col ns
were to be OF the value of so many silver
dollars. This is the exact language Of
the statute of the men who framed the
constitution and knew the construction
that it was intended that it should have.
Mr.. Horr-'I want to say here the
question of unit / have not disposed o.
today. | am not through with it, and he
has taken so much time | want TO give g
word as TO why they recoined the gold in
stead of silver. The reason was because
we had been on a silver basis and they
did not intend to disturb the relation ot
money to the business of the counry
Gold had not been used and they pro-
posed to put the gold dollar so that II
would equal the silver dollar-the one We
had been using and the one under which
contracts had been made; and SO they
resolved to cut down the gold dollar tC
make it even with the one the people haC
been using-tIat is the reason and the
only reason.