Idaho County free press. [volume] (Grangeville, Idaho Territory) 1886-current, 1895-08-02
ONE NE tai OR TWO?
"Coin's" Financial Theories the
Basis Of a Discussion.
THE GREAT DEBATE NOW ON
Mr.. HOrr Claims lie Will Disproye Every
Argument in the Widely Read
Book.

Chicago, July 29.-The last day Of the
Harvey-Horr silver debate opened this
afternoon. The days attacks were di-
rected at the question of the feasibility
of independent action of the United
states on reconciliation of silver and
free and unlimited coinage at the ratio
OF 16 to with gold, regardless of the
action of other nations. The discussion
was opened by Horn with the state
ment that the figures and prices of coin
referred to by Harvey on former day
showed the fluctuations for a series of
years to have been normal ones in view
OF the supply and demand and showed
that silver legislation had nothing to
do with the matter. In fact, 1t was i'm
possible to show that silver legislation
had affected the price of agricultural
products. Harvey's figures. Horr de-
clared, were made up from English
and not American prices. On the SUBJ
ject of city and farm tenancy, Horr
said Harvey quoted only part of the
paragraph. Horn said the question at
issue was not one Of city. but one OF
farm tenancy. This tenancy. Horr
averred, was misquoted by Harvey to
show an increase, whereas there was
| an actual decrease as shown by the
census tables. Harvey quoted this
statement in one of his books as COM
ing from Carroll d. Wright. He, Horr,
had written Wright about 1t and he
replied that he made no such state
ment.
Replying, Harvey said he had taken
the figures as published and attributed
to Wright. He asked the labor leaders
whether 1t could be relied on and they
| said it could. Since then he made direct
inquiries and finding the quotation err
roneous he had erased it from the
| plates of the book
THE COINAGE OF METALS.
Taking up the regular discussion.
Harvey presented a table showing the
| coinage of gold and silver from 1892
to 1873. He did this to show that gold
| did not seek the minis for the first SO
years of the nation and silver did not
| from that time till 1876. Harvey then
| quoted from his book the total amount
| of gold and silver in the world for COIN
| age uses in view of the fact that the
| amount diverted from coinage for the
use in arts had greatly increased with
in the past few years.
Mr.. Horn, coming down to the ques-
ton in hand, declared 1t was useless;
to try to fix the relative value of any
two substances by legislation The law
| of supply and demand stepped in and
in the history of the worlds legislation
| showed that it was impossible to main
| tain fixed ratio between the precious
| metals.
Mr.. Harvey said that when he reach
| ed the matter contained in Mr. Horr's
last talk he thought his (Harvey's) an
swer would be satisfactory. Continu-
ing his line of argument, Mr.. Harvey
| quoted estimates as to the consump-
| ton of gold for use in the arts and
| otherwise, and for boarding to the eff
| feet that these uses eQualed If they
did not exceed the production, SO that
the amount of that metal for coinage
| was at a standstill.
| Mr.. Harvey then took M the question
as to what is becoming of the silver
produced at present. He first quoted
| statements by authorities that the In
| crease of the use of the metals in the
arts had grown so large that there
was always a ridiculously small supply
in Europe and there was a demand for
| practically all of the article the United
States produced.
| THE PEOPLES MONEY.
| Proceeding, Mr.. Harvey said that
gold was irregularly produced and was
boarded by the few rich. Silver on
| the contrary, was more valuable than
| gold when gold was boarded by the
masses of the people, thereby confer
| ring general benefit 1t was for this
| reason that silver had been a more
stable metal in the past than gold
| Mr.. Horn said Mr.. Harvey had the
| unfortunate habit of comparing things
| which had no relation. That was the
| matter with his cube argument on gold
| and silver. The cubic space which they
would occupy had nothing to do with
their value. Referring to Mr.. Harvey's
| statement that the reconciliation of
silver would reduce the debts by half,
Mr.. Horn said that by far the largest
part of the debts of the United States
were less than year old. Consider
ing the short time in which debts were
contracted under the existing gold
basis, to reduce 1t one-half would be to
repudiate that one-half. Mr.. Harvey's
proposition would simply result in sill
yer monometaliism. He declared that
cheap money could not be substituted
for good money without injuring the
mass of the people. Who would profit
by such change? 1t would not be
the rich, but the money changers.