Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1895-08-08

HafSey-Horr silver siege opened this gfter~
moon In the auditorium OF the Illinois club.
Tn days attack was directed at the cues.
ton OF the feasibility of independent action
by the United States for the remonetlza-
tion OF silver and its free and unlimited
coinage at q Iatio Of sixteen to one. with
gold. regardless of the action of other
nations, Mr.. Harvey arguing for such ac-
ton, Mr.. Horr against IL.
Mr.. Horr, coming down to the question
In hand, declared 1t was useless to try to
fix the relative value of any two substances
by legislation. Suppose congress should
try TO hx the relative value of a bushel of
wheat and q bushel of oats. As soon as
one Of them had a large crop up would 20
the rates. and legislation by the nations of
the whole world would not maintain the
ratio any more than IL would make water
run up hill. The law of gravity would
stand in the way. 1t was so In the matter
OF the ratio between silver and gold. The
law OF supply and demand stepped In there
and the history OF the worlds legislation
showed that 1t was impossible to maintain
n fixed ratio between the precious metals.
Mr. Harvey said that when he reached
the matter contaiDed In Mr.. Hnrr's last
talk, he thought bis Harvey's) answer
would be satisfactory. Continuing his line
OF argument. Mr.. Harvey quoted estimates
as to the consumption Of gold for orna INT nt,
Ia the arts and otherwise, and for boarding,
w Az ShNSk that THESE uses eQualleu, TX
they did not exceed, the production. so that
the amount Of that metal for coinage was
at a standstiIl or decreasing.
Mr.. Harvey then took up the question as
to what is becoming of the silver being
produced at present. He first quoted state
ments by authorities that the Increase Of
the use OF the metals In the arts had grown
so large that there was always a ridiculous
iy small supply In Europe, and there was
a demand Tor practically all of the output
OF the United States as produced.
Proceeding. Mr.. Harvey said that gold
was irregularly produced and was boarded
by the few rich. Silver. on the contrary,
when more valuable than gold, was boarded
by the mass OF the people, thereby con-
ferring a general benefit. 1t was for this
reason that silver had been a more stable
metal in the past than gold.
The Reduction Of Debt.
Mr.. Horn said that Mr.. Harvey had the
unfortunate habit OF comparing things
which had no relation. That was the mat
ter with his cube argument on gold and
silver. The cubic space which they would
occupy had nothing to do with their value.
Resuming his argument and referring to
Mr.. Harvey's statement that the remoneti-
cation Of silver would reduce debts by one
half. Mr.. Horn said that by far the largest
part Of the debts OF the United States were
less than one yNar old. The longtime
debts were contracted under the existing
gold basis and TO reduce them one-haIf
would be TO repudiate that one half. Mr..
Harvey's proposition would simply result
In silver monOmetallism. 1t had been
thought that 1t was possible TO clip money
without injuring anybody. That had been
proved fallaciouS. He DECLARED that the
cheap money could not he substituted for
s9od ,r money ,E without na6, %iniuEITng the pass St
by such a change would not be the rich,
but the money changers. Mr.. Horr then
proceeded TO enumerate the classes of peo-
pie who work for their living, arguing that
they would be injured by cheap money.
Harvey's Cube Argument.
Mr.. Harvey returned to his cube argu-
ment. declaring II was a valuable object
lesson. Ii showed that the Rothschilds
could corner the gold of the world in their
vaults. Who was 1t that clipped the coins
in 1873? Who was II that established a
robber standard? Resuming his argument,
Mr.. Harvey said that the gold advocates
feared that the debts contracted In gold
would be paid In silver and the man who
had stipulated TO pay gold would have to
buy 1t at a premium. This was fallacious.
As soon as silver was remonetized no man
could stipulate for payment In gold: the
demand for gold would decrease. and soon
the difference between the metals would be
wiped out; soon the purchaser would be
able to get more In gold for what he had
20 sell than now. He declared that 1t was
not the stamp on the coin which gave II
value, but the making of a new use and
new demand for II. II. at the next general
election, a bimetallic congress should be
elected. the Rubicon would be passed the
next day, silver would at once begin to ap-
preciate and gold to depreciate, and they
would be at a parity before the meeting Of
congress, as the greenback dollar became
equal In value TO the gold dollar before the
act came into force
Size and Value.
Mr.. Horr. resuming, reiterated the state
ment that size had nothing to do with
value. A diamond worth s 1,Ooo,o00 could
be put into a quail's egg. Mr.. Horr then
continued his enumeration Of the classes
of people who, he declared, would be ruined
by cheapening the measure of value. They
included Cay iaborers, clerks, stenogra-
piers, railway employees, domestic servants,
~tanitors and scrub women. skilled labor OF
all sorts. agricultural laborers, miners and
the Ike, In the aggregate %, T35,66 in
number. In addition to these, he spoke
of the pensioners OF the government, max
Ing a touching reference In doing so to the
empty sleeves Of the veterans and the black
ROBBED widows, In number 1000, 900. 1t was
proposed to cut down the pension rolls by
destroying the value of the money In which
they would be paid. IL this law were
passed their pensions must be doubled, or
the nation disgraced. In addition TO these,
4,IS1 $50 people had their little savings IN
savings banks, whom II was proposed to
defraud Of one-half Of their little accumu-
fations.
Under Free Coinage.
Referring to the advance In the wages
of domestic servants, Mir. Harvey said that
since the characterization women had been
forced 10 work for their living because
their fathers and brothers were out Of
work. This had reduced the number OF
women available for domestic service, and
wages for such service had remained stlff
or advanced. Taking up his argument. MI.
Harvey said that under free coinage gold
would decline, while silver and everything
would advance. 1t was claimed that IL
silver were granted free coinage our secu-
rifles would be thrown over. The rule
was that securities were not thrown over
on advancing prices. Gold was the article
TO be got rid of, for It alone would decline.
he declared.
They say with silver only In circulation
we are on a silver basis. They are wrong.
When, under a law Of q land either metal
has a right to enter the mints and be
coined into money. that nation Is a bimetal-
lie nation. The fact that the people have
a right to use the cheaper metal Is their
salvation, and secures to them q stable cur
rency that will register an exchange value
between property over a long period that
AZ equitable. The metal that Is not In cir