The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1895-07-20

n. HARVEY continued.
DO not understand money and it> relation To
property and TO society; n they did we would
not be engaged IN this discussion Under this
last head comes the question whether all
money should be issued BY the governments,
or ali or part OF Il should be issued by private
parties or corporations The necessity for
money. the fact that it Is the organic ruid OF
society should make Il solely creation OF the
government We regulate Interstate COM
morce by laws. because IL Is q matter Affecting
society Nothing 10 80 Intimately connected
with the organization OF society rs money,
and yet We have school OF tnanceers who adj
vocate that Il should be the creation OF private
parties and corporations and be regulated by
them. ~ should become q nxed principle with
as that the issuing OF money Is an act OF
sovereignty. Our monetary system shoulc DO
! fixed upon scientific principles BY which every
dollar is as good as every other dollar All
money should be legal tender In tho pay
ment Of all debts and no net OF Discrimination
| or notification OF or debasement OF the our
/ rency by any one should be permitted
Horr Makes AN Admission.
Mr. Horr said that there was more truth In
Mr.. Harvey's statement just made than could
/ be found in the whole OF coins school" IL
was true that money was the blood OF COM
merce ana business, but II was not true that
money could exist only when created by
law. Money was used and well understood
before there were any laws on the subject IL
make IL good money As rule legal tender
laws are not needed except TO make
somebody take money that " poor.
Except In times OF national calamity
legal tender laws are not needed TO enforce
the circulation OF good money. Our national
bank notes and our silver certificates are not
legal tender for debts or anything,
and yet they are taken as readily as
/ any OF our money, because tho peo-
pie have confidence In them and know
4 they good. He would not dispute the fact
| that the government should regulate money.
| The first law ever passed in the United States
on the subject OF money was whom
| congress on July O. 1855. directed
that the money unit should be one
dollar. and that smallest coin should be OF
copper, OF which 200 pieces should pass for one
| dollar That congress did not state at all
what the dollar should consist OF except that
200 copper half cents should be dollar. and
that was the first unit OF measure that con-
gress estnbiished-200h half cent coppers That
IS all the law there has ever been on the SUBJ
iect and all that has ever been said about IL
anywhere. So we had first the money OF
the daddles" OF copper
Tits was the next important legislatlon:
Resolved. that the standards OF the United
States OF America for gold and silver shall be
eleven parts fine and one part alloy" Origin
ally that was the weight of alloy In all the
coins OF the United States Afterwards wo
t'uoNNu estN SAi'9 ~ ~ Psaf
Thinks 1t Too Trivial.
Mr. Harvey In reply said that what Mr.
Horr had said about copper being used no
money during the continental days preceding
the adoption OF the constitutions Is too trivial
10 be used In this argument He quoted the
action OF the constitutional conventions at the
end OF the colonial days In the adoption OF Sec
tion 10 which says: mo state shall coin mon
ey or make anything but gold and silver coin
tender in payment OF debts" IL says gold
and silver, not gold or silver This ~
the constitution. IL took away from the
states the power TO coin money or
TO make anything tender In payment OF debts
except those two metals. II Is reserved 20 con-
Rress the exclusive right to coin money The
states we're TO have these two metals for legal
tender money, but congress would coin II for
them Copper OF other metals could DO
coined into money by congress, but the states
could not make them legal tender. Congress
In good faith with the states has no more right
TO dcmonetze one OF these metals than IL has
to dcmonotize both OF them without the consent
OF the states There was no discrimination
made In the use OF the two metals except that
the unit OF value was TO reside in the silver
dollar and that gold coins we're TO be OF the
value OF so many silver dollars This Is the
exact language OF the statute, OF the men who
framed the constitution and knew the con-
str,.ctioa that II was intended that II should
have"
the organization OF q monetary system, estab-
lishment OF mints, etc, by the statesmen OF
early days and finally Mr. Harvey after quot
ing extensively from the idens set forth by
Alexander Hamilton and Thomas Jefferson
claimed that Jcrersons recommendation that
the unit or dollar should contain 37l 4-l6 grains
OF pure or 40 grains OF standard silver
was adopted, the statute 80 reads, and the gold
coins are valued In that silver unit. and Ham
ilton's suggestion for two units. gold unit
ana u silver unit. was not accepted by congress
and only silver unit was provided for ia the
act o. l792
IIorr Comedies the Silver Unit.
MI Horg conceded that there was no doubt
but that 6ongrens In ises established unit OF
value and liked ~ IA silver at aTit grains pure
silver. but what they also did WAS TO attempt
TO establish bimetaliism. They aimed TO INK
Il so that we would use both measures OF value
and both coins as money He then read letter
from jefferson 70 Hamilton. In which the for
mer said he thought the unit should stand on
both metals and tho two statesmen nnally
agreed that the exact ratio between the two
metals thould be Is 20 l. We did have the sill
yer standard In this country up TO 1894 In 1888
a new ratio was fixed. the gold unit
that Is the eage-was reduced. After that
gold commenced TO circulate and We lost our
silver, and the people OF this country, when
they talked about dollar after that. always
meant gold dollar; they never meant silver
dollar.
silver was worth all the way from two 10
Eve cents premium during the time from 1884
| 60 1879 IL was not the measure OF value In
this country at all after 1887, after we had had
time TO get our gold into circulation. When
ever you see any coin OF any country quoted at
| n premium that coin is never used as the meas
ure OF values In that country In tho tables
In Coins School silver Is always quoted az q
premium from 1884 TO 1874 That shows that
we were measuring Ia this country by the
gold dollar
WAGES ADVANCED.