Pierre weekly free press. (Pierre, S.D.) 1889-19??, 1895-05-23
LEADERS OF OPPOSING VIEWS
MEET ON THE SAME PLATFORM.
j. Lawrence Lnughlin, Professor of
Political Economy I'm the Chicago
University, and William
Harvey, the Author of
"Coin.o
FREE COINAGE AT SIXTEEN TO ONE
And That without international
Agreement, Is the Proposition
Thnt liz Discussed.

versity. and William NJ. Harvey. au-
thor of Coins Financial School"
The question was. in effect, That the
United States should open its minis TO
the free coinage of silver ut the ratio
of lG to | without regard To the action
of any other nation Mr.. Harvey
spoke for an hour and half in the
affirmative. Mr.. Laughlin followed for
an hour and half and Mr.. Harvey
closed with Il half-hour rcjoindcr.
Mr.. Harvey. in opening for the af-
firmative. said: The first reason
why | am in favor of independent ac-
ton by this country is that we should
not he subjected to the influences of
the governments of Europe. When
our forefathers declared their political
Independence from Europe it was to
free themselves from the class legiSla-
ton of those governments. Justly
termed plutocracies. our friends. the
monometallists. mostly say. We admit
bimetallism.' but claim that we must
have the same money as other pow
ers. The biggest business we ever
carried on with the balance of the
world was when they had gold and
silver as money and we had neither.
| We do not settle our balances with
Europe in coin except on its CONNER
cial value and weight. our coinage
, has nothing to do with it. Primarily
balances of trade are settled With
| trade. The merchants can settle their
balances in gold for so much a penny
| weight. as measured in The money of
| their country or our country, or in so
| much silver or in so much copper or
in so much of any other merchandise
| al,
such thing rs an international money.
| The mintS are open 10 the fire. coinage
of .roid, and this was true of silver
also until 1873. Gold has an unlimited
| demand. but silver has limited de-
| mand. Silver is how IL commodity to
| he measured in gold. Ii is an object
To be sored by bulls and Kicked by
bears 1t has been deprived Of that
unlimited demand it enjoyed prior to
1873. We would restore ii To that I'M
limited demand Restoring it TO the
unlimited demand would cause the
value Of silver To rise as compared
| with gold. This is what we want.
Silver is the peoples money. 1t was
So regarded by our forefathcrs. Gold
| was and is the money of the rich. We
would make both legal tender in the
payment of all debts and the elastci
ty of our currency would be MAIN
tanned.
He said that Rothschilds We're our
financial managers. We are in the
hands of the pawnbrokers of Europe
This is what a gold standard means. Il
money that is easily cornered. With
| free silver in competition with gold
there could be no corneriny of money
metal.
Lnughlin Replies.
Prof. Laughlin. replying for the neg
alive. said:
There is no need of an amount of
money equal to all goods in existence
The measure of value is that in which
prices are stated and debts are paid
provided the measure of value is also
made Il legal tender in any country.
The absurdity of supposing that much
money is required in. order to have
something with which to measure
goods is as absurd as to suppose that
II community must have hearses in
number equal to the population. For
| the exchange of goods. therefore.
money is not needed in proportion to
the transactions. This function is
| that of the medium of exchange.
| From 81 To % per cent of the trans
actions are performed by this ma
| chincry without the use of money.
1 Prices since 1873 have not fallen be-
| cause OF the lack OF money. Silver has
| fallen about 30 per cent as compared
with Very modest fall in the price
of commodities. Silver does not have
the same purchasing price in 1885 as
| 1T had i'll 1873. hence free coinage can
| not be urged us Il just measure of
! paying debts. More So-called redemp-
| ton money by the amount of SlOy2,-
| Gts)On is in existence to-day as COM
! pared with 1913, and yet prices have
| fallen about one-half in value. al
though we have purchased about
SGUo.Wo.ooO worth. 1t is perfectly evil
| dent that there is no use in the United
States acting alone to bolster up the
| price of silver when we have failed
even i'll concert with the Latin union.
| Free coinage of silver at 16 to l means
the single silver standard or silver
recommendation. Free coinage of sill
Yer would not increase the quantity
of money. Since gold must inevitably
be driven out the free coinage of sill
yer would result in dimunition of
the quantity of money. To adopt free
coinage at 16 to l when the market
price is about 81 to l would mean the
instant retirement from circulation of
nearly S6D0,0OO.0OO of gold circulation.
LAS free coinage of silver would in
evitably result in Il rise of prices, so it
would Immediately result in fall of
wages. Are we willing to sacrifice the
interests of the laboring class to the
demands of certain owners of silver
mines who are trying to hoodwink the
people with the cry of more money?
1t is usually supposed that free coin
age of silver is in the interest of the
debtors. think it will be found quite
the contrary. Not only will it prevent
a person in distress from being able
to borrow money when he needs it.
but it will create conditions which will
make it impossible for the debtors to
meet their Indebtedness. But greater
than all objections is that of public
dishonor and reputation. Free coin
age would mean that every depositor
in a savings bank, every investor in a
loan association, every holder of life
Insurance, every recipient of pension