The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-08-21
THE GREhT DEBhTE
ICONTINUED FROM SIXTH PAGE.

thought 81, 900 would. With it 1 could pay
my debts, and the balance would hold
out till got Coins Financial School
before the people. He loaned me the
81, 900. (Applause.) I have since returned
1t to him. Judge Miller has no interest
in silver mines, and he saved my once
when the silver mine owners refused as
sistance. .(Applause.)
''From the time l began to the present
moment l have never received a cent
from the silver states or from any one
else except in the regular sales OF my
literature and $500 given by gentleman
living in Philadelphia and $40 that came
to me in an anonymous letter.
What the people do not understand Is
this: The silver mine owners VINO nave
money are all money lenders and they
have that country covered with mort
cages. All the other mine owners are
poor They are in debt. They would
give if they had it. The recent Salt Lake
City convention that was supposed TO
have raised 100000 appears to have rails
ed nothing | was told by the men en-
gagged In calling it that it was for the
purpose Of purchasing Coins F1nanclal
Schools" 1 have not seen cent from II.
Not a book has been purchased with
money raised there to my knowledge.
am informed that it was failure; that
the men who called it and met together
were men who would have given money
If they had it. They thought IL they APP
pointed committees and went among the
bankers and those who had money they
would get it, but that they had been dis
appointed.
II now want to say this to the people of
the United States: This cause does not
need money. There is something worth
more than money and that is MANHOOD:
(Applause) volunteer soldier Will
whip three hired soldiers Applause0
And so it is in this cause, where we strug-
gle to promote humanity and just govern
ment One patriot. rising up as power
in this community is worth three hired men.
(Applause)
Mr.. Horr-I have been very much
touched Oaughter) by the sympathetic
story of my friend. I always feel sad
when any one is in grief, and ] rejoice at
the kind treatment he received from our
good friend, the chairman of this debate.
/ would have expected as much from that
gray-headed cOuntenance as it sits before
me. That he did not do any good for his
country has nothing to do with his gen.
crosby. That the saving of HarVey'S III
nancial School was a blessing to the
world Is a question that l have some
doubts about. Naughter) And my
doubts are very serious because he bases
his assertions, in order to make the con-
dition of the people Of my country out
worse than they are, upon misrepresenta-
tion for the purpose of bolstering up
false theory. All his great assertions are
guesses, except the few first ones. AS an
illustration now I take the maritime
debts, which he states at $1,000,000 900.
He seems to have $1,000,000,000 on the
brain, and he never gets below 1t. Now
the total tonnage, Brother Harvey, of the
United States in 1894, according to the
statistical abstract, page APO, and l now
hand the book to Mr.. Harvey Qaughter)
was 4,6S4,029 tons. This includes both
steam and sailing vessels. The census
gives an average valuation of the ton
mage at $50 ton. This would make a to-
tai valuation for all the vessels in 1894 of
only $243, 600, 600. This inspired boy
guesses that the debts against this prop
erty are four times more than the proper
ty itself is worth Now no sane man
would loan on such risky property over
80 per cent of it's value, hence the mari
time debt could not have exceeded one
eighth Of what your Coin guessed at it
and the bulk of that debt appears in the
loan banks. If Coin made the same mis-
take as he probably did in the other items
of these debts that he guessed at, he has
stated them to at least eight times their
amount The error in that case after the
first five items of Coins exhibits of debts
would be 81 500, 600, 900. This, added to
thase already pointed out makes him
mistake of S22 O00 000, 900 in his estimate.
Now if we get it right $1,000, 900, 900 is a
good deal of money to owe, but why un-
dertake to more than double the debts of
LIE pSOple VI tIlS COUIlIy All. Dul wait.
He doesn't take into account the doub-
ling of debts that under his system would
be constantly going on in his computa-
ton.
HOW DEBTS MULTIPLY.
lie t me show you what occurs in every
life, Mr.. Harvey. A man buys a farm,
he pays for it or is to pay for it 500, OOO-it
is a. large farm. He pays $4,000, he gives
a mortgage of $4,000 more. He has
farm. He seeks another farm and finds
one better than the one he sold. He says
to the owner: What will you take for
your FARM Twenty thousand dollars
We'll, 1 will take it if you will take half
cash and mortgage, a good one that
have got, of 100000 Well he SAYS, I
will sell you the farm for 500, 900, but
don't know anything about your ohter
farm; l am not familiar with that Sc
curity. / will take a mortgage back on
my own farm that l know all about and
you can keep your mortgage and collect
that to pay me with Well he SAYS I
know my farm sold first is all right I
can get my money out of that. I will do
that Then comes in $4,000. They re-
peat that from one part of the country to
the other, each time making a new mort
gage, but simply for the first debt owed
by the first man. And in the reports that
you quote from, you would have the debts
quoted at 100000, but the payment by the
first transaction would pay every one of
ness does not represent the real indebted
ness of the country at all. 1t has been
doubled ten times; ah, more than that
The man who first gave the $4,000, in
stead of going and reducing his got
bond, a city bond, of $4,000. He thinks
he would like to keep that, so he gives a
mortgage on his farm and keeps the
bond; he can turn it any minute for the
money. He didn't really owe the mort
gage because he had the wherewithal
right there to pay it. And you duplicate
in that way the debts of the country over
and over again. And that creeps into ey-
cry one Of your little boys computations.
Why, the young rascal, he didn't know
anything about mathematics, don't YOU
see? daughter and applause) He
didn't know anything about the business
OF the world. He started out here to
teach the A, B, of finance and he
doesn't know the letters himself, You
see the difficulty.
Mr.. Harvey-All that is necessary to re-
ply to in what Mr.. Horn has just said is
this: That in computing the number of
creditors and debtors in this country
relatively, he has no right to count wage
workers of this country as creditors be-
cause a weeks wages happen to be due
them at the time he counts them. (Ap-
plause.) That a man who has $40 or SIS
due him, who at the time owes for gro
Gerry bills or other debts a larger sum
than that $40 or SIS, it is miserably ridic-
ulouS to have him counted in the creditor
class. applause You cannot Mr. Horn
in defending the creditors of old England
and New England get any SYMPATHY or
assistance from allies that Won arc NOT