Marshall County independent. (Plymouth, Marshall County, Ind.) 1894-1895, 1895-05-24
COMBAT WITH "COIN."
GREAT DEBATE ON THE CUR
RENCY QUESTION.
". TX. Harvey vs.. Pror. LauEIlin-Ecr-
mer Champions Free Silver, the Lat
ter Opposing It-Thousnnds Hear the
Discussion in Chicago.
Silver Question Discussed.

took place in Chicago the other night be
tween J. Lawrence Laughlin. professor
of political economy in the University Of
Chicago, and William III. Harvey. author
of Coins Financial School" upon the
question whether the United States should
at once enter upon the free coinage Of
silver at the ratio OF Is To |. independently
of the action of any other nation. DIR.
Homer J. Thomas presided. and the spa
cious rooms of the Illinois Club were
crowded to suffocation.
DIR. Thomas read the proposition TO be
discussed as follows: Resolved. that the
United States should ut once enter upon
free coinage of silver at ratio OF IL 10 |.
independently OF the action of any other
nations" Harvey. it was stated. would
speak for Gn hour iii the affirmative and
Prof. Laughin IN hour and half in the
negative, Harvey then having thirty min
utes for rcjoinder. Both men were lib
orally applaudcd In opening for the
affirmative. Harvey SAID:
The first reason why am in favor OF in
dependent action 10y this country is that We
should not be subjected t. the Influences of
the governments of Europe. When or fore
fathers declared their independence from
Europe. II was 10 free themselves of the
class legislation OF hose governments, justly
termed plutucraciCS. II the people can be re
duced To poveTty ana the prosperity of the
United States can he ruined by hanging to
the financial policy of Europe. then We can
be reduced To the same conditions oI imam
cial legislation as Il war conquest would re
duce us If we are right. and our friends,
the mono -metalliSts mostly say: We admit
bi-metalliSm would be good il We could get
International bi-mctalliSm: in other words.
they agree that there Is something radically
I'M f.iD g
financial policy Of Europe. 80, that II there
was war of conquest i'm this country 10y the
rnonarchics of Europe, whose form of gov
ernment is different from ours. II Woulu re
ducc us to Il condition that the people of
those governments are in, 9nd they can ar-
complish the same purpose hy nnanclal leg
islation. then there is necessity for indepen-
dent action. Where there is necessity. there
IL a remedy. The governments of Europe
are plutocracies. They squeeze TIE lemon
for the people about every so often. n Few
control class legislation and the masses are
the hewers Of wood and the drawers of
water for the titled few. Like the farmer
who goes ont and robS III" bees nest. they
rob the people and then give them time 10
I'LL the nest again before going ont To rob ii
again. We have certainly not forgotten his
tory giving reasons why our forefathers es-
tablishcd this government ana that was the
reason.
Now as financial legislation is one of the
classes of class le gisation 10y which many
are robbed and n few are enriched. then 1t
Is one of the Institutions of the European
governments that we as IL nation should he
clare our independence Of. That lS the llrst
reason why indendenpent financial action
should be taken by the United States. If
they say: we must have the same money
they have in order to carry on business with
them my reply is. that the biggest bust
ness we ever carried on with the balance OF
the world. and particularly with Europe.
was the time when they had silver as
money and we had neither.
This nation can nave an Independent
financial system without any reference what
ever to the balance of the world. ana can
carry on its own commerce by ocean and hy
land with the other governments OF the
world Notwithstanding. We do not now set
tie our balances with Europe In coin except
on it's commercial value ana 10y weight. Our
coinage has nothing to do with II. primarily
the balances of trade arc settled 10y trade
We give them our whea. and we take their
silks and the balance that We may owe them
or they may owe us Will be settled just as
merchants between importing points may
agree to settle il. They can settle ii in gold
for so much per pcnnywclSht as measured
I'm the money of either country or our co,ln-
try or fin SO much silver or SO much copper
or so much Of any other merchandise may
be agreed upon between them in their trade
relations. There is no such thing as an in
terna tional money.
what we are contendins for is the open
ing Of the minis To free coinage or silver
(they are now open To free and unlimited
coinage of gold and have never been closed
to that metaD. and the establishment Of BIZ
inetalliSm on these simple and fixed prin-
clples that were adopted by those statesmen
who had In view the interests of ns class,
but of all the people. What we want is BIZ
metallism. And scientific bimetallsm Is
this:
gold and silver; these two metals tn cOnStl-
tute the primary or redemption money OF
the government
90 The silver dollar of 3711i grains OF pure
silver to be the unit Of value ana gold to be
coined into money and the ratio TO be
changed If necessary from time 10 time, IL
commercial parity 10 legal ratio shall be
affected by the action of foreign countries.
- The money coined from both metals
TO be legal tender in the payment of all
debts.
moneys is to be paid in liquidation of debt
to rest with the debtor. and the government
also to exercise that option when desirable
when paying out redemption money"
Harvey closed as follows: This is 4 cues
ton OF capital on one side and humanity on
the other. OF sound. the sound of the clod
on the coffin. on one side and sound money.
peoples money In 1t, on the other side. 1t
Is a question of an English policy or an
American policy. Which shall it be-
Prof. Lau,:hlin's Argument.
Prof. LaGghlin. replying for the negative
said in part: There Is no need OF an
amount of money equal To all the goods In
existence. The measure of value is that in
which the prices are stated and debts are
paid, provided the measure * also the legal
lender in any country. 1t is evident that
the quantity of measures is not SO material
as the unvarying stability of the standard
The necessity of an increasing quantity of
money Is growing less important with the
development OF the system of exchanges.
From % to o. per cent. of the transactions
are performed 10y this machinery without the
use of money and Investigations by the comp
troler of the currcn " show that ~ per cent
of the retail transactions are similarly per-
formed without the use of the money.
but some enc might say that this vast
system must be Iiqudated in actual coin
and money, so our business system rests like
an inverted pyramid yerteX small
reserve of coin. This is wholly untrue We
express the value of goods in terms of money
but then we really exchange them almost
entirely by means Of a deposit of currency
1t is not true that this system is unstable
like the inverted pyramid. Checks and de-
posts are not reason for the existence of a
transaction The redemption is ultimately
In goods, not coin. Coin IL only the means
of going from one set Of goods to another
THE prices since 1873 have not fallen be-
cause OF lack of money. Silver has fallen
about 30 per cent, compared with the very
modest fall in the price OF commodities
silver does not have the same purchasing
price as In 1873. Hence free coinage can
not be urged a just means of paying a
debt. More so-called redemption money, by
the amount of 81 O92, 100000 is in existence
to-day compared with 1873. and yet prices
fol I'll -tfI I,f.