The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1895-08-01
THE DEBA TIE rs ENDED
LAST DAY OF THE HORR-HAnyEY
FORENSIC BATTLE.

The Days Attack Is Directed Mt tbe
Question OF the Feasibility Of Tn.
dependent Action by the United
States In the Free Coinage Of
Silver.
Chicago, July 3l.--The last day Of the
Harvey Horr silver siege opened this after
noon III the auditorium OF the Illinois club.
The days attack was directed at the cues
ton OF the feasibility Of independent action
Dy the United States for the remonetiza-
ton of silver and it's free and unlimited
coinage at 1atlo of sixteen to one with
gold, regardless Of the action of other
nations, Mr. Harvey arguing for such ac-
ton, Mr.. Horr against it.
Mr.. Horn, coming down to the question
In hand. declared it was useless to trv to
fix the relative value of any two substances
try to fix the relative value of bushel of
wheat and bushel of oats AS soon as
one OF them had large crop up would 20
the rates, and legislation by the nations OF
the whole world would not maintain the
ratio any more than it would make water
run up hill. The law of gravity would
stand In the way. It was so in the matter
OF the ratio between silver and gold. The
law OF supply and demand stepped in there
and the history of the worlds legislation
showed that 1T was impossible to maintain
nxed ratio between the precious metals
Mr.. Harvey said that when he reached
the matter contained in Mr. Horr's last
talk, he thought his (Harvey'O answer
would be satisfactory. Continuing his line
OF argument Mr. Harvey quoted estimates
as TO the consumption Of gold for ornament
IN the arts and otherwise, and for boarding
to the effect that these uses eaualled. If
they did not exceed, the production, SO that
the amount OF that metal for coinage was
at standstin decreasing.
Mr.. Harvey then took up the question as
70 what is becoming of the silver being
produced at present. He first quoted state,
ments by authorities that the increase Of
the use Of the metals in the arts had grown
so large that there was always ridiculous
~ small supply in Europe, and there was
demand for practically all of the output
OF the United States as produced.
Proceeding, Mr. Harvey said that gold
was irregularly produced and was boarded
by the few rich. Silver, on the contrary
when more valuable than gold, was boarded
by the mass of the people, thereby con.
rerrlng a general benefit. It was for this
reason that silver had been more stable
metal in the past than gold,
The Reduction of Debt.
Mr.. Horr said that Mr. Harvey had tho
unfortunate habit of comparing thinps
which had no relation. That was the mat
ter with his cube argument on gold and
silver. The cubic space which they would
occupy had nothing to do with their value.
Resuming his argument and referring to
Mr.. Harvey'S statement that the remoneti
cation OF silver would reduce debts by one
half, Mr.. Horr said that by far the largest
part OF the debts Of the United States were
less than one year old. The longtime
DEBTS were contracted under the existing
gold basis and to reduce them one-half
would be to repudiate that one-half. Mr.,
HarVey's proposition would simply result
in silver monometallism It had heen
tnought that 1T was possible to clip money
Without injuring anybody. That had been
proved fallacious. He declared that the
cheap money could not he substituted for
good money without injurng the mass of
the people. The people who would profit
by such change would not be the rich.
but the money changers. Mr.. Horr then
proceeded to enumerate the classes of peo-
pie who work for their living, arguing tina
they would be injured by cheap money.
Harvey's Cube, Argument.
Mr.. Harvey returned to his cube argu-
ment. declaring it was valuable object
lesson 1t showed that the Rothschilds
could corner the gold of the world in their
vaults. Who was it that clipped the coins
in 1873? Who was it that established q
robber standard? Resuming his argument,
Mr.. Harvey said that the gold advocates
feared that the debts contracted in gold
would be paid in silver and the man who
had stipulated to pay gold would have to
buy it at premium. This was fallacious.
AS soon as silver was remonetiZed no man
could stipulate for payment in gold; the
demand for gold would decrease, and soon
the difference between the metals would be
wiped out; soon the purchaser would be
able to get more in gold for what he had
to sell than now. He declared that it was
not the stamp on the coin which gave it
value, but the making Of a new use and
new demand for it, If, at the next general
election, bimetallic congress should be
elected, the Rubicon would be passed the
next day, silver would at once begin to ap-
preciate and gold to depreciate, and they
would be at a parity before the meeting of
congress, as the greenback dollar became
equal in value to the gold dollar before the
resumption act came into force.
Size and Value.
Mr.. Horr, resuming, reiterated the state
ment that size had nothing to do with
value. A diamond worth 81, 900, 600 could
be put into a quails egg. Mr.. Horr then
continued his enumeration of the classes
of people who, he declared, would be ruined
by cheapening the measure of value. They
included day laborers, clerks, stenogra-
piers, railway employees, domestic servants,
janitorS and scrub women, skilled labor Of
all sorts, agricultural laborers, miners and
the like, in the aggregate 22,735,661 in
number. In addition to these, he spoke
of the pensioners Of the government, max
| Ing touching reference in doing so to the
| empty sleeves Of the Veterans and the black
| robed widows, in number 1000, OOO 1t was
| proposed to cut down the pension rolls by
| destroying the value of the money in which
| they would be paid. If this law were
| passed their pensions must be doubled, or
| the nation disgraced. In addition to these,
| 4,78l, 695 people had their little savings in
| savings banks, whom it was proposed to
| defraud Of one-half of their little accumu-
| lations. ~.....- -
| Under Free Coinage. ~.
Referring to the advance in the wages
! OF domestic servants, Mr.. Harvey said that
since the demonstration women had been
forced to work. for their living because
their fathers and brothers were out OF
| work. This had reduced the number of
| women available for domestic service, and
| wages for such service had remained stiff
or advanced. Taking up his argument. Mr..
Harvey said that under free coinage gold
| would decline. while silver and everything
| would advance. It was claimed that if
| silver We're granted free coinage our secu.
rites would be thrown over. The rule
was that securities We're not thrown over
on advancing prices. Gold was the article
to be got rid Of, for 1t alone would decline
he declared. E@
| They say with silver only in circulation
we are on silver basis. They are wrong
/ When, under a law of land either meta