The Coconino weekly sun., 1895-08-01
PRIMARY MONEY.
The Chicago Debaters Farther Discuss the Financial Question.

l Financial Question.
 CHICAGO, July 24.--No evidences of fatigue or lack of breath were ap- parent in either the principals in the Horr- Harvey debate when time was called for the sixth round yesterday. Mir. Harvey led with a vindication of the importance of the debate, which he said rested upon five years prior to the demonstration of silver in 1873 silver was seeking the hints of the world for coinage into money; second, for 200 years prior to 1873 there was no variation between the commercial and the legal ratio of l5H to 1. During the twenty-two years since 1873, however, the two ratios had separated widely and gone from 1511 to one to about 33 to l; third, for 33S years prior to 1873 the quantity ratio be- tween silver and gold ranged from 56 of silver to i of gold to of silver to 1 of gold, but notwithstand- ing this wide variation the com mercial ratio had clung tenaciously to the legal ratio; fourth, the price of silver in the London market as measured in gold up to '73 was prac- tically steady, while since that date silver had declined from 60 pence per ounce to 2s.7 pence per ounce; fifth that this violent fiuctuation in the price of silver has been going on ever since its demonetization and is going on to-day.
 Mir. Horr did not reply directly to his opponent, but took Harvey's state- ment of yesterday that but one error had been found in his work, saying that there were myriads of mistakes, not in express statements of facts, but by false implication which any man of sense would repudiate on sight At this point Mir. Horr created some derision at the expense of Harvey by saying that he did not deny that his opponent believed all he had written.
 Mir. Harvey went back to the discus sion of primary money as measure of values. In 1867, he declared, all the money in circulation was $1s.2S per capita, and in 1872 it was Sl9 l9 per capita, and in those times all money was primary money, the measure of values being paper money itself. In 1894 we had per capita circulation of S24.93. He then said: Now, you will all say that the quantity of money In circulation affects prices. You have more money, primary and credit combined, in circulation in 1894, per capita, than you had in the two years named previous to 1s73, and yet prices were higher then than now. Why? Be- cause there was more primary money per capita in circulation at the two first named years than there is in tho last named year, 1894 Of the S24 per capita in circulation of all money in 1894, only about S6 is primary money, while in 1867 and 1872 there was SIS primary money in circulation per cap ita."
 Mir. Horr said Mir. Harvey's definition of primary money was money of re- demption. Greenbacks had to be re- deemed to make them good, and they could not, by any hook or crook, be construed into primary money. Mir. Horr then said: Now, in 1879, we did return to specie payment, we did make our green backs and all our money as good as the best, and Brother Harvey and his whole crowd of followers and adherents were going up and down this country stating that if we undertook to enforce that act we would ruin the business of the country. 1 know they said it, because I 'heard them do so. They believed it, just as Harvey does now"
 Mir. Harvey: You did not hear me say it."
 Mir. Horr: "Well, If you were old enough you did say it. A man consti- anything else."
 Mir. Horr declared that the ''stuff" he was preaching, as it had been de. nominated by Mir. Harvey, was upheld by every civilized nation on earth, and that only such countries as China, Mexico, and Japan favored the silver standard.
 Mir. Harvey denied that Mir. Horr was justified in calling him a green. packer, and said that he believed in gold and silver as primary money, to the fullest extent under the bimetallic laws that governed it prior to 1873. In relation to the claim of MT. Horr that all the civilized nations of the earth were in favor of the gold standard. Mir. Harvey said that alls the civilized nations of the earth were at one time slave holding nations and the individ- ual slave holder had made precisely the argument advanced by Mr. Horr. He then went back to credit and re- demption money, and declared that credit money may be issued by the government, with safety, only in such quantities as will not embarrass it in case a run is made on the government for re- demption. If the government requires redemption money it can float bonds among it's own people to the full amount necessary to obtain what pri- mary money it needs
 No government should ever borrow from the people of another nation. To do so was a confession of mon- etary weakness. No government, he declared, should issue credit money Al