The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1895-08-08

mission as TO the great value of banking
faculties which refutes ell his other as
lsertlons against such systems.
AFTER portraying the bad conditions
leHlsting IN the Roman empire, he says
it Is a significant coincidence that the
nrst giimmer of light only came with the
invention of bills of exchange and paper
as substitutes through which the scanty
in efficiency eN
HE said THAT In connection with THE
statement that at that time the metal
money OF the Roman empire had shrunken
from S1SOOO,O00,000 to 5000 600 600
IStrange at did not occur to him that this
IS an entire give away of his whole rant
against banks 1t would seem from his
own statement that the few devices which
. Mere IN use at THAT time and which took
fI.e pTace or metallic money did wonders
Lur the business of the world. What
6hen can We expect from the sysiems Of
omlihlng @ or the present day, when there
are more than thousand times tho ociE-
ties Tor doing business than during that
tlne! Ihis admission at once soves mo
from using another word in ,lefaose of tha
banking systems of the present century
correctly analyzed the financial condition
ol ulIs counTy has improved greatly dur-
az ~ lne Iast 20 Years, in the face of the
|
vey. The condition of the masses of tha
people i'm the United States las imnroyad
more rapidly since 1873 than durr1c onT
sliilhl!lr mlmber of years since tho nation
was born. Indeed, the improvement has
been FAR greater than any other nat;on
on une ace of the earth during an emal
llullLDef 81 years ait any period in tEe whole
MorIu history, as Mulhall has conclnS-
lively Shown. N''''''''-
Mr Harvey, in this debate. as in Coins
rahsencNl School, miseads thc people by
,"l tiai STATEMENTS which lead 20 false
concillsions, when fhe whole statement
would have been perfectly clear 70 any
Gne, T ms IS statement in reference TO Hhe
1allks OF S'hlcago and the amount of Tn YES
methods ol hH
.hr. Harvey quotes the Europeon
seo4ogist Suess to show that the world
can produce only about MS nudb cold -.
Is required for consumption each 5o,u roa'. ua
OUTSIDE or coinage. He conceals the foci
unal ouesS wrote ,his essay several years
Iso, ana that the production ana ooinag.
1l gold In the last six years proves ahso.
inmMIely that Suess was entirely vronc
me facts are that during the iast tbree
Seils the world has produced $40 600 000
OIL eoid and during these wears If has
100000. '"e' o'er @ooo'-
MIR. Harvey should have known tbeso
shctS. shc.sI, why did he quote Suess when he
the Statements of Suess TO be forso9 '0'e
MI Harvey endeavors TO prove do
I1Soe'aSing IozS e wages In the United States since
io'4. lie introduced only one stotemant
III support of his position; that was tbe
| evidence OF a single man from ono fro do
IN the city of Omaha. On the other hond
TO prove that they are advancing. I intro'
SSuceu the investigation of the limited
| states commissioner of labor and NIulhall
10 snow that the average annual wages
from $3.50 in 1870 to S.. .69 for each irse.l 11er
sons in 1890 He was unable TO nrodnco
1870. '' ''''0"' I" lam SINCE
Alr. Harvey, in the latter part off tbe
deDate, dries to show the falsity of INV No.
sitlon that in fixing the original mea SIRE
or value human toll was largely taken
INTO calculation. Did he succeed? No
=, Durlng the fifth day of the debate
Alr. Harvey challenged me DO name more
Lnah the one error in his book which I
1ad pointed out and which he admitted.
On the sixth day pointed out eight glar-
ing measurements, none of which he sue
cessfully denied.
| MIR. Harvey gave the foreign idebted
ness of this country as more than three
times the real amount. He has been re-
peatedly called upon to tell when and how
| that vast sum reached u.s. No such
| enormous amount can have come without
| some record of the transaction. He has
utterly failed to account for the move.
ment of this vast sum, which is q confess
sion that his statement is groundless
and only used to misrepresent the condi-
ton of his country. His entire table of
debts is composed of a doubling up of
real debts and is n slander on the actual
condition of the American people.
Mr.. Harvey virtually admits that. the
action which he proposes will put this
Nation on silver basis and drive gold
out of this country. His statement that
the gold dollar should be cut down until
its real value be no more than the COM
mercial value of the silver in the standard
dollar is q complete admission of this
point. Hence, / have right to assume
that his plan contemplates such result.
L showed conclusively that this would
work INJURY to 100000 people who
work for wages. I showed that the in
| jury would extend to all pensioners. saw
ings and other bank depositors and the
holders of insurance policies, aggregat-
| ing 12,0O0.000 of people, and to every
person in the United States who has any
money except gold coin. What has Mr..
Harvey said to disprove my statements?
| Not one word.
! con the contrary, he has shown that
benefits will come ito no people except sill
yer mine owners and insolvent debtors.
Mr.. Harvey said nothing to Offset my
proposition that such action would de-
stroy the credit of our people and lead to
| business disaster in every community in
| the United States. Good money may
rightly be called the life blood Of the Ma
tion, but credit is the atmosphere of the
business life. The perfection Of credit is
the theory of modern business methods.
Reputation in any form is abhorrent to
honorable men. On this account the bust
ness men are almost a unit against this
scheme. Go wherever you will, mer-
chants, bankers, managers Of great en-
terprises, successful farmers, intelligent
mechanics and workingmen are opposed
to iujuring the course themselves simply
| 10 benefit few. l have from the first ar
raigned this scheme as being class and
sectional legislation Of the most obnoxious
kind. What has Mr.. Harvey said to
disprove me? Absolutely nothing. / sub
NIT to the people of this republic that
they should meyer permit threats of revo-
luton to induce them to adopt wholesale
| ranudia fion Tho civiizad world ig clearly