The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-08-21


ward in making up>the New York Month
| ly it was copied into that, and from that
l read. (Applause)
L now come says Mr.. Horr, to the
real gist of Mr.. Browns letter. It will be
| found in his statement that a days wOIk
| may readily form the measuring unit Of
| the medium of exchange, and by contrac-
| ton he would call it a dollar. That will
| not do. 1t would lead to confusion. The
| word dollar has now we'll defined
| meaning What dollar shall consist of
| is fixed by the laws of congress. The
word has been used so long to mean a
certain amount of gold or silver that to
| make it also mean a days work would
give it double meaning which would
| confuse common, ordinary people, Fur
| Their on he says: 'Candidly, Mr.. Brown,
your entire system seems to me so alb
surd that 1 can hardly treat it soberly.'
| (Applause) l pass Mr.. Horr's article to
| him now. daughter and applause)
ut is ridiculous to an intelligent man
| to have this financial argument confused
| with a confusing proposition of the hui
| man toll unit. Human toll sells its SER
vices for medium of exchange which it
| can exchange for the substance and nee
essit'ss of life. And I can only reply to
| Mr.. Horr's argument on that question in
! the language he used to Mr.. Brown him.
| self, that it is so absurd as to not be con-
| sidered soberly. (Applause.) The gold
| standard men are constantly pointing
| to the gold dollar as being worth 100
cents as measured in itself-of course it
| is. 1t is a self-evident proposition, as
measured in itself it is worth 100 cents.
What we want to consider is theexchange-
| able value of the money with property
and the exchangeable value of property
| with money. And from these combined
| tables that are now part Of this debate
| you learn that lesson, and you learn it I'M
| a way that no confused argument that
| can be put into controversy can effect
YOU
Mr.. Horr-"Mr. Harvey is at his old
| tricks quoting one sentence from an ar
| ticle and assuming that that shows the
gist of the whole article. have not had
| time to re-read my article, but 1 will
agree if Brother Harvey will read the
| whole of it that he will get more finan-
| cial sense into his head, if he will digest
| it, than he has ever had up to the pres
| ent day. applause and laughter.)
II was writing in reply to man who
thought that we ought not to have either
| gold or silver, man who believed as my
| friend Harvey used to teach only little
while ago-that every kind of money
should be a piece of paper stamped by
the government anybody that will
read the article will see that he was not
| only greenbacker of the old sort but his
theories were absolutely so ridiculous
| that they were contemplate. What 1 said
in reference to his theories being ridicul-
| GUS was not in reference to his measure
of value at all. 1t was his whole attempt
to substantiate paper dollar, based on
| nothing, with which to do the business
of this country. That is where Harvey
| will land yet. The disease that he has
got never dies out. He hasn't reached
the last stages of it. That is the trouble
What he wants and what these people
are after is to destroy all values and to
destroy all property and put this nation
on socialistic and anarchistic basis
(Cries Of INC" "No.'O That is right;
knew you would understand that"
Mr.. Harvey-I submit right here
there is not one scintilla in this debate
that authorizes you to say that" ZAP
plause)
Mr.. Horr-'1 say there is one scintilla
in it, and I say that up to date you have
| got applause from this audience, your
part of it only, when your arguments
| have tended to show that you think the
whole society of this country ought to be-
destroyed (Cries of mo" "No.'O
Mr.. HORT know what am talking
about"
Mr.. Harvey-"Mr. Horr-"
Mr.. Horr-"Well, never mind, don't both
| err. Now as to banks. Why is it that Mr..
Harvey feels called upon to enter into a
| TRADE against banks and to indulge in
| such torrent of abuse against bankers?
The picture that he drew of our country
| is a sad one; it would indeed be very sad
| If it were true. I can hardly conceive of
a greater, more wicked misrepresenta-
| ton of facts than have crept into the talk
| he has given us up to the present mo-
| ment. Why do you keep insisting that
this country hasn't anything left? That
! all we have in this world, in the United
States 1 mean, we owe to foreigners. Why
do you try to prove to the people of the
| country that we are on the brink of a
| precipice-he tells, just hanging over fu-
ture ruin? Why, look at the facts. No
nation on the face of the earth, 1 don't
care what one you name, has been as
prosperous as the United States of Amer
| lea since 1873. Look at the railroads we
have built within the last 20 years. look
at the enormous amount of savings which
have accumulated in the various banking
and loan institutions Of this country:
look at the new farms which have been
| opened; at the millions of new homes
which have been built and beautified.
| Banks are natural Outgrowth of civ
| ilization. They have been continually
improved to meet the growing business
of the world. No nation can economical
| ly do it's business without the aid of
banks. When we'll managed they bless
all Of the people in any and every coun-
| try they are located. (Applause) They
add business power to every dollar of the
standard money in existence. They make
a dollar in gold do more than $40 used to
do.
| "The commerce of the world-all of it
is an exchange of commodities. When
money enters into the transaction it per-
forms one or both of two objects. 1t al
| ways is used as the measure of value. It
is sometimes also used as the medium of
| exchange. In civilized countries it is sell
dom used asa circulating medium. By
the aid of banks exchanges are made
with the use of very little actual money.
In the business Of the United States less
than per cent of the exchanges are
made in money. The balance is done
| with checks: drafts, bills of exchange
shipping receipts, promissory notes and
every other conceivable kind of credit
and always with very little money.
II spent day in the clearing house in
the city of New York and saw them settle
in three hours $3.50, 100000 of that bust