The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1895-05-25
THE SILVER QUESTION,
The Author Of sCoinss Financial
Schools and Prof. Laughiin
Baggage In Joint Debate as Illinois
Club IN Chicago, Before an Ap-
aience Only Limited by the
Hsirs capaeity.

~
ical encounter took place last night
hardly paralleled in the west since the
famous struggle between Lincoln and
Douglas on the eve Of the civil a
The platform combatants were two
giants Of the opposing sides in the rag
ing financial eontroversy-J. Law
renee Laughlin, professor Of political
economy In the university Of Chicago,
the fayorite authority Of President
Cleveland. and William II. Harvey, au-
thor of Coins Financial School,"
There were many who wanted to
hear the argument who were disap-
pointed, as the auditorium vas filed
70 OVERLOOKING. The spacious rooms
of the Illinois club on Ashland boule4
ward were crowded to almost suffoca-
ton when the president of the club,
DIR. Homer NJ. Thomas, announced all
in readiness for the dress-suit glsdi-
ators.
The proposition to be discussed was
read as follows:
"Rssolved, Thai the United States should at
once enter upon the free coinage Of silver at
the ratio Of 10 to !, independently OF the action
of any other nation"
Mr.. Harvey, It was stated, would
speak for an hour in the affirmative
and Prof. Laughlin one hour and thir-
80 r,trrt.a p Az r.~.n-. NJ
Harvey then having thirty minutes for
q r~eioinder.
Mr.. Harvey.s Argument.
In opening for me Affirmative Mr.. Harvey
said: the first reason why I am in favor Of
independent action BY this country Is that we
should NOS be subjected to the influences Of the
governments OF Europe. II people can be re-
duced 70 poverty and the prosperity OF the
United states can be ruined by hanging 70 the
financial policy Of Europe, then we can be re-
duced to the same condition Of financial legis-
iation as a war Of conquest would reduce u.s."
AFTER referring 70 What he termed the
plutocracies OF Europe, and stating that the
Few control class Legislation, while the
masses are hewers Of wood and drawers Of
water ne SAID:
NOW, II financial Legislation is one Of the
classes OF class Legislation By which the many
are robbed and the few are enriched, by which
the lemon is squeezed, then it IS one OF the in
stitutions Of the European governments that
we. as a nation of peonje. respbIicar in go
snould DECLARE our sndenendeoca ~ rh.. a.
t4e tsrst reason ,vbv indensndaa+ ar.ra,ass -
.iop sbouIs he taaen ne ~ TTns.sa So,
rrhe sreahar rert On -
49, =. s~s.o-~- snls Country
-,ssa-l nlialleial system
.roH@ "nhseser 70 the balance
= nVl,o liners Nas no sucn thing as In
.elhaeiohaa "Ohes' what ne was contending
ior Was tne opening OF the mints TO the free
coinage OF silver aud the establishment of
bimetaliism on the principles thatvere adopted
Businessmen VINO had in view the interests Of
no GLASS. but OF ALL the people.
SCIENTIFIC
He defined scientific bimetalusm Tina.
1. Free and unlimited coinage Of hotb rold
and silver: these two metals to constit,,ta Inc
primary or money Of the govarn~
1Hent.
2 The silver dollar Of s7fn grains of nure
silver to be the unit Oh whine. and oold r. re
coined into money at a ratio TO be Changed /,
necessary from time To time. II The co1nmercta,
parity TO the legal ratio shall be- aneoted bv
the action Of forsiee countries.
& IN money coined from both ueta,s IN he
legal tender in the payment Of All debts
4 Tn option as TO which of the two ,ronsrs
is to be paid in the ~Iioujdation Of a aebt ~ rss,
with the debtor, and the government also TO
exercise that option when desirable when pay-
ing out redemption money.
He then referred at length to the ADVANTAGES
given gold over silver by the unlimited coinage
Of the former silver having q limited demand
and being . commodity measured by gold.
Silver had been shut out ana was token monev.
He wanted 1t restored to the unlimited demand
it enjoyed prior to 1873. He would give silver
the same privileges as gold Restoring to IL
this unlimited demand would cause the value
of silver to rise as compared with gold. He
would again make the standard silver dollar
sne Unit Oh faiue. rs u was before 1870.
IL would thus be q. and the bullion In It
would be worth IL As the number Of grains
OF bullion in u would have the right TO walk
into the mint and be coined into 81 no man
Nooio AXE les Tor II when be could have it
coined at pressure into u De would make
sgoio COINS OF tne VaIue OF 50 many silver units
or dollars as the law existed prior to 1873.
twice Nnen the commercial ratio between the
two metals made 1t advisable to change the
legal ratio the change was made by reeoining
the gold coins. This was was In 1884 and 1887.
he would sake both gold and silver legal
.enoe, "a tne payment OF al debts and would
repeal the law OF 1873 and the Sherman law ef
1880 He would allow no Determinations to be
made between the legal teuder character Of the
tNo metals
Tne debtor would be given the option II there
was any preference as to which OF the W
metals he would use in the payment Of Q debt.
TO give this option to the creditors causes the
dearer metal to be demanded and it thus
grows dearer and dearer and q parity Is per-
manentiy broken, aud the gap grows wider
ana wider. When the debtor has the option
these two metals viii o~scillate closets q parity
and substantially at Z parity. ,rhis osos,lation
is the elasticity that metaIiism gives e prim-