The Caucasian. (Clinton, N.C.) 188?-1913, 1895-07-25

value In our monetary system. The
reading Of the debate thus far settles
these two questions in favor of the
book we are discussing Mr.. Harvey
then discussed at length the act Of
1873.
THE LAW OF 1873.
Mr.. Horr, following on this subject,
said 81 propose to show you during
this discussion that no law has ever
been passed by the American Congress
which was more completely and fully
Understood than the law Of 1873. The
statement which he read to you that
the scheme was cOncocted in London
is simple assertion upon which he
cannot produce one scintilla Of reputa-
bic truth, not one word. The law OF
1873 had its origin, as all such laws
have, in the brains of experts. The
question Of coinage, mintage, is
most intricate one. 1t is one of the
most complicated problems with which
philosophical men have ever grappled."
Mr.. Harvey-Mr. HOrr says that |
have no proof that the scheme was con-
cOcted in London to demonetize silver
in the United States. When l was a
boy, heard q lawyer say: "When a
crime is committed, and you want to
detect the criminal, look for the man
who 10 benefited by the crime" Gap
plause.) Reasoning by induction
will more invariably locate the crimi-
nal than any uncertain human testi-
mOny. London bankers mi lated the
Paris conference Of 1867, at which Mr..
John Sherman was present, therefore,
1 have the right to say the conspiracy
originated in London. In 1873, when
this treacherOus act was passed there
was no specie currency in this country.
During all the years from 1892 to 1861
when it was actually in use and being
tested for its merit, no one proposed to
demOnetize either of the metals except
some money lenders from Europe, who
proposed it in 1854. (Applause.) But
at that time, 1873, when it was not in
circulation, and was not needed, the
movement was begun and cOnsum-
mated.
| Mr.. HARVEY ANSWERS A QUESTION.
This closed this debate for the day,
and the questions being in order, o.
B. Gum, Of Kansas City, said:
"Mr. Harvey asserts that minis
were open to the free and unlimited
coinage Of silver from 1892 to 1873.
Jefferson closed the minis in 1906 to
the coinage of silver dollars, and only
], 800 of Mr.. Harvey's dollars or units
of value were coined up to 1910, pc
Rod of thirty-fOur years. Was this
free and unlimited coinage of silver2
Mr.. Harvey-Mr. Jefferson did
not close the minis; that
could only be done by an
act Of congress. Mr.. JffersOn direct
ed (the minis being open to the free
coinage of all kinds of silver coin) the
mint directors to coin the silver tina,
came at the option of the people in so.
|, cent pieces and less. 1t made no diff.
ference to the fpeOple who. brought il
whether they coined it in 50-cen1
. pieces or dollars, it was all money. The
minis were open to free and unlimited
, coinage Of silver, but the director O.
. the mint or President might direct
, what kinds Of coins should be coinet
without interfering with the principle
: of the law that the minis were Oper
to free and unlimited coinage. Gap
plauseD
a THE GOLD DOLLAR THE UNIT.
The act of 1878 made the gold dolla
= the unit. and now, by act of Septem
t Der Is, 1889, it is unlawful to coin
! gold dollar. So now that we hav
= unit of 23.2-10 grains of gold, an
s Congress has said that the minis shall
b not coin any of them. But neverthe
less, we have gold standard, becaus
q the IS gold pieces and $40 gold piece
: were coined with reference to 23.2-1
|, grains of gold, being the unit of value
e (Applause.)
Mr.. Horr read from letter of MI
Leach, for many years director OF tn
4 mint, who took the view, that the clair
a that the silver dollar was the unit c
value was inconsistent with the bime
v actly in accordance with the fact
. The laws authorized a gold dollar uni
n and q silver dollar unit different frOl
h each other in intrinsic value; that Wa
"a the reason the law of 1873 was pre-
e posed.
r, Mr.. Harvey, replying, declared ths
IF Mr.. HOrr had admitted yesterday thu
?; the silver dollar was the unit OF vall
,e and the record showed it. Now he
tempted to twist something back in,
n believed as saying one thing yesterds
D. and something else today. Mr.. Ho
n, was accused Of trying to mix things
re discussing bimetallism and the rel
III tion of silver and gold, which were
b. the second chapter of the book. L
id accused his opponent of travelling {
side tracks and neglecting to folio
the agreed order of discussion. I
Ithen introduced q discussion of Il
demonstration of silver and Il
"crime" of 1873. He accused Senat
Sherman of being the arch-cOnspir
:. tor and the European financiers his
~ completes.
IN The contestants became involved
u q short and sharp argument as to t
o. reason and underlying motive of n
=. Harvey in emitting to state in
,es quotation of the act making leg
to tender Of foreign coins that Congre
,lv in the same act, also make gold col
,er legal tender. The New Yorker insi
ON uated that the author did SO to misle
"a his readers into believing COngr
III considered silver the most importa
ht which was not true. Mr.. Harvey
tOrted:
"When a man is discussing cattle
sne does. not talk hogs. When a man
h discussing silver and the manner
~ which it was treated by our fOrefath
Vn- and comparing it with the way
~ which it is treated by you people NJ
-; | it was not necessary 10 REFER W Ii
~ they treated gold or copper"
to Mr., Horr-"You left off the VI
nts part which restricted the legal ten
the quality of foreign coins. The v
of first law that passed on the subj
on after the law Of 1892, was passed
ave February 9, 1898, an act to regul
i'm foreign COINS, maHIne sneM iIsai l
i'm der ana estaoiisnlhS .nelr saue.
in Representative of the United ST.
hat Of America, in Congress assemb
the that from and after the first da.
,ere July next, foreign gold and silver c
Iyer shall pass current as money within
United States, and be q legal ten
for the payment Of all debts and
mands At the several and respec
and rates following, and not otherwise
ros- "That is the way it comes on, ana