The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1895-08-01

footing Is that both shall have the right
to enter the minis free to be coined into
money, with 1922 grains OF pure gold to
De dollar and 371A grains Of pure silver
TO be dollar. The money made from
both metals to be full legal tender money
IN the payment Of all debts and the debtor
to have the right to pay in either metal
no notes, bonds or other form Of indebted
ness to be made payable in either metal
10 the exclusion of the other All indebted
ness to be payable In lawful money and
either gold or silver to discharge such in
debtedness 1i.. 3
me Two metals will then be in competi-
lion With each other. to supply the demand
TOT money. The supply Is limited and the
demand Is substantially unlimited What
we mean by the demand being unlimited
10 ,nis: When man owns either metal
needed IN the arts he converts if into
money at the minis and puts It himself
! into circulation.
Mr. Harvey asserted that the demands
OF business in this country would
absorb all Of the silver evailahIo FOR oo;n
age. If all Of the gold and silver in Tho
world were sent to our minis for coinage
II would be to the benefit OF the TInited
states, and the injury Of the rest of the
word. Money In circulation made bust
ness, ne said, just as life does not make
blood, but blood makes life. ->~
oAcy III savings Banks.
mr.. Horr, resuming his argument after
aa tae.'e paalhage, SAID that the savings bank
deposltors had $1,712 100000 on denosit
which 1t was proposed to cut in two
bulldlng and loan associations had .725. 600
deposltors, with an aggregate of $500. $50.
IVY que them. In addition to these there
were the trust companies and state banks
ana lie insurance companies, all Of which
were to be allowed to pay in deprecated
money. And the money in the pockets Of
every man and woman in the United
States was to be halved in value. All of
this Tor the benefit Of 10000 silver men.
why, their output was not worth half as
much as the eggs yearly laid by the hens
OF the United States, and was about eotal
In value to the peanut crop
But the worst feature, he asserted would
De the destruction of all credit 1t would
bring about the worst panic the nation ever
saw. The paralysis of business would be
complete, for 50 per cent of the business of
the world was done on credit
MT. Harvey, replying, said that thou
sands OF men had been financially wrecked
by their inability to keep up their life
insurance payments. He declared that
there was but one worse crime than that
of 1873, and that was of the man who
claimed that the defenders of silver meant
reputation. He thanked Mr.. Horr for the
illustration as to the small amount of silver
in the United States. That was the claim
Of the silver men. There was no danger
but that the demands of business would
absorb it. This nation could take all of the
silver which the nations of the world bring
to us in exchange for products in q single
year; we could reproduce those products
and ask them to come again. We could
thus absorb all Of the silver in the world
II necessary. The history of nations showed
that the more primary money it had the
more prosperous 1t was. AS long as the
United States could make an unlimited
demand for silver at fixed ratio, the hold
ers Of silver would not part with it for
any less. 1t would give US the trade of the
silver using nations of the world, and the
control Of commerce would be transferred
from London to New York. It would in
crease our trade with the gold standard
nations of Europe through our control of
the products Of the silver standard nations.
"It will take time to break the hold that
England has on the world, with her gold
standard debts. But in this we shall have
the sympathy of all the nations that are
now paying her tribute, from poor little
Nicaragua to republican France. We should
Immediately exert our influence to save
Japan and other nations from going over
to the gold standard and stop the conquest
Of the world that is being made by the
money power of England. She is heartless
and cruel in the extreme. She enforces
the debts due her citizens from the citizens
of other nations by laying tribute, impos-
ing smart money and taking possession
of custom houses. She has taken possess
sion of Egypt in the interest Of her credi-
tor citizens and imposes and collects taxes
upon those people, who are her bonded
slaves. She is the bully Of the seas and
financial octopus Of the world. Its tenacles
reach into every nation in the world in
Guiding our own. sucking from them their
life blood. We bow our heads in humilia-
ton and admit that her great banking
house is now behind this government: that
we are at its mercy to sustain the credit
of this nation and have paid in the last
six months 100000 tribute to get money
which we could create by our own soyer-
eign act.'
Silver and Eggs.
Mr.. Horr, in turn, said he spoke before,
not of the quantity of silver in the country
| in comparison with eggs, but of the amount
OF output of silver There was a consider
able difference in the staying qualities Of
silver and eggs. The trouble, Mr.. Horr de-
clared, was that, with free silver coinage,
gold would leave the country and our bust
ness would be on a basis different from
the rest Of the world.
He argued that there was enough gold in
the world for the transaction of the legiti-
mate business, and the annual output Of the
mines of the world was large enough to
! meet the increase of the worlds business.
LII pIOOI VI ILLS Nc NuOlCu TIC 1uCCedSlUS
production Of Africa, Russia, India, Aus
| tralia and the United States and the open
ing of new and rich mines.
Since 1850 the supply of gold in the world
had increased from about $1,000, 900. 600 to
over So. 600 OO0, 600, with indications Of con-
tinued rapid increase, New processes and
| new mechanisms. he declared, were being de-
| veloped rapidly to cheaply furnish the gold
cure for Mr.. Harvey's silver Jim jams.
| Mr.. Harvey said that the more rapidly the
blood coursed through the body the more
| blood was needed So, with the higher
| civilization, the more rapid the exchange Of
commodities, the more money those ex-
| changes required for their accomplishment.
| Mr.. Harvey said that anyone who had oc-
| casion to look into the question of reports
| of the output of mines would not be
startled by Mr.. Horr's big figures. He then
| quoted the statistics Of India under the
silver standard, showing a steady growth
| till the balance Of trade turned in her
| favor in 1873. He declared that to their
use of silver and our comparative disuse of
it which had given such an impetus to
India, Japan and Mexico.
! He declared he was in favor of indie
pendent action by this country, because 1t
| would right a great wrong; because its
| continuance would inspire worse; because
| this nation should be independent Of Eu-
rope; because we should be free from
| tribute-paying to Great Britain: because
our power is sufficient to compel Europe to
1 I~~ r1x~,1 - 10 yN,,eS