Little Falls weekly transcript. (Little Falls, Morrison Co., Minn.) 1894-19??, 1895-07-19

coinage of both metals into primary or
redemption money, and that both were
treated as such. That during that
period people had a right to have either
metal coined into full legal tender
money, and that the option was with
the debtor to pay in coins of either
metal.
The Bimetallto System.
4. That this bimetallic system made
an unlimited demand for both metals
to be coined into money, increased the
demand for these metals, and SO long
as this law authorizing anyone to coin
871L grains of silver and % 40 grains
of gold into dollar, there was no one
willing to sell either for less than a
dollar.
5. That the option to pay in either
metal caused the cheaper of the two
metals to be used, and transferred the
demand from the dearer to the cheaper
metal, and restored it's relative COM
mercial value. We are for both silver
and gold. We are called silver men
because we are defending the metal
that has been demonetized.
8. That 1t is to the interest Of the
United States to act independently in
the RECOMMENDATION of silver at the ratio
to gold of 18 to l, without waiting FOX
the action of any other nation.
z. That recommendation consists in
the use of the dearer of the two metals
to the exclusion of the other, as pri-
mary or redemption money. That mon
ometallism is an experiment on trial
for the first time in the history Of the
world, and began with the period 1873.
That it is impractical and impossible
as a stable money measurement of val.
ues; is not based on scientific financial
principles; is in the interest Of the
money lenders. and against the inter-
est Of the property owners and laborers.
=. That the gold unit, as the meas
ure Of values, with no concurrent coin
age, or another metal to assist it in
performing the functions Of primary
money, has caused the fall in prices, as
compared with 1879, when the worlds
prices Of property were measured in the
money mass of both metals. That all
prices Of property and labor have de-
clined accordingly as compared with
1879, except when held up relatively by
increased demand or short supply, or
combines and trusts, or special reasons
affecting particular service or prop
erty, That the average price OF all
production, except gold, will show this
decline is adjusting itself to the gold
standard. And that when we include
in labor the unemployed and time lost
by those employed, there is fall in
wages of one-half as compared with
1872.
Cause Of Fall in Prices.
8. That the decline in prices cover
ing period Of 70 years has as rule
made all classes Of productive mercan.
tile and manufacturing business UNI
profitable. That falling market COW
ering long period destroys the pros
pective profits based on cost of purchase
and production and majority of our
most astute business men cannot avoid
failure or loss of capital, under these
conditions.
10. That it has worked hardship
and injury to debtors who, unconscious
of the causes that continuously reduced
the prices of their property, have con-
tracted debts during these ~ years.
That this fall In prices caused a sacri-
fee of property to purchase the dollars
with which to hquidate these debts.
That this has caused the renewal of
debts, the contraction Of new debts to
pay old debts, and an enlarged volume
Of all debts. That this unjustly takes
from debtor his property and empha-
sizes the Importance Of stable money
measurement of values.
The Debate Begins.
The debate proper began by Mr..
Horr asking his opponent if there was
ever any such school held as that de-
scribed in the book, "Coin's Financial
School" Mr.. Harvey replied that the
''sohoor' was simply allegorical, but
the characters used were actual. At
this point the contestants discussed at
length the definition of money and the
monetary system of the United States
was gone into infinitely. Mr.. Harvey
claimed that the constitution of the
United States declared that gold and
silver constituted the legal standard Of
value and neither congress nor any
state has authority to establish any
other standard or dispose Of this