Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1895-08-08

eliminates that question from the
future OF financial discussion.
II DO not mean 70 reflect upon the
integrity of any man because he is a
banker 10y what l said of Mr.. Morril,
out we are all students of human nat
ure and this financial controversy is
an excellent field for this study, and
when a man makes an ayowed misre
presentation, such as Mr.. Morrill, did,
1t Is not improper for me to call your
attention to the fact that when a man
Is ACKNOWLEDGEMENTS in a political
issue he is not good authority, and
that men from the highest walks of
life to the lowest are swerved in their
opinions as in their expressions of
facts by their personal interests.
HARVEY DEFENDS BIMETALLIsM
IL now begin the discussion of Bimet-
allism. Scientific bimetallism is this:
II. Free and unlimited coinage of
both gold and silver; these two metals
to constitute the primary or redemp-
ton money of the government.
80. That silver dollars of371L grains
of pure silver with us) to be the unit
OF value and gold to be coined into
money at q ratio to be changed if nee
essary from time to time If the COM
mercial party to the legal ratio shall
be affected by the action of foreign
countries,
"3. The money coined from both
metals to be legal tender in the pay
ment of all debts.
Il. The option as to which of the
two moneys is to be paid in the liqui-
dation of the debt to rest with the
debtor, and the government also to ex-
ercise that option when desirable in
paying out redemption money. ZAP
plause,)
"All of these conditions are neces-
sary. Like any useful mechanical
construction all the parts are neces-
sary.
"First, as to unlimited coinage:
When the mines are open to unlimited
coinage of the two metal, an unlimited
demand is created for them. The
quantity is limited. When these two
metals seek a market they find a de-
mand for their use in the arts and
manufactures which is limited. The
surplus finds an unlimited market at
the minis to be coined into money, the
object for which all other products
seek the market. They thus have an
unlimited market, as the minis are
open to all that comes. 1t is a ques-
ton of supply and demand. Supply of
precious metals is limited. When the
minis are open in unlimited demand is
created. This demand is limited only
by the capacity of the business OF the
country to absorb money.
"With the limited supply and un-
limited demand what stops their value
rising? 1t is this: The law says, we
coin 37l4 grains pure silver and 90
grains pure gold, respectively, into
dollars. and confer upon these coins
functions which make for them a
permanent and equal demand" When
this is the law people will not take less
for their silver and gold-the quanti-
ties above named-than a dollar of
current money, for they have the right
to have it coined into dollars. The
law fixes the quantity in the dollar
and the unlimited demand holds it
firmly to that point. In this respect
money is a creation of law. Without
this law there is a demand for q
metal. The law adds a new use and q
new demand for it. (Applause.ll
'This unlimited demand for the W
metals existed in all the world at
ratios n to the other up to 1916,
when England closed her minis to sill
YER. The demand thus made fixed the
commercial value of the two metals at
the ratio fixed by law. England clos
Ing her minis had practically no ef-
feet. She was at that time the great
est commercial nation in the world,
but the commerce and trade OF the
other nations were sufficient to absorb
all the surplus of both metals, and the
closing of the English mints to silver
made no difference. 1t vas designed
to do so. and was the beginning, OF the
movement intended to limit the guam
tity of primary money to one Of the
metals and correspondfngly decrease
the value of the other metal.
.In 1854 Germany and Austria closed
their minis to gold, but it had no ef-
feet on the relative commercial value
of the two metals, as the demand for
these metals for money in the y
tries whose mints were open was q
sufficient demand to hold them rela-
lively steady.
at is not necessary to speak OF the
influences thas were at work to get rid
of one of the metals. We are dealing
with the question of unlimited demand
as created by the open mints OF n or
more, great COMMITTEES whose use Tor
money is sufficient to absorb all the
surplus, of any, Of these two metals.
COMMERCIAL RATIO OF SILVER TO GOLD.
81 now make q part of my remarks
an official table taken from page lOo,
Compiled Laws and Coinage Stats
tics an official document from Wash
ington, showing the commercial ratio
of the two metals for 200 years. TO
which / have added the commercial
ratio for 1894. / now hand the book
to Mr.. Horr. l wish to give those
present an opportunity to see this
table. and now distribute copies OF 1t
in the audience. From this table it
Will be seen that under the effect OF
unlimited coinage up to 1879 parity
between the two metals was main.
tanned ct the legal ratio. England
closing her mints in 1810kt0 silver and
Germeny and Austria Id 1854 to gold
had no perceptible effect. Cast your
eyes up and down these columns and
- how evenly the commercial ratio
kept pace with the legal ratio. The
ratio Of France, the largest nation
commercially during that period hay