The Kinsley graphic. [volume] (Kinsley, Kan.) 1890-1940, 1895-07-26

60 It the mint reorts of the product Of
1898 and 1894. This BILE showed, Mr..
Horn declared, that since 1874, the pro-
duction of silver had been steadily on
the increase, and that gold has since
1875 been also on the increase; but
while silver had increased in quantity
! three times during that period gold had
only doubled in quantity.
Mr.. Harvey went back to the discus
! sion OF primary money as a measure Of
values. In 1857, he declared, all the
money in circulation was s1S2S per cap
| ita and in 1872 it was 1919 per capita
and in those times all money was pri-
mary money, the measure of value be-
ing paper money itself. In 1894 we had
a per capita circulation of s2423. He
then said:
Now you will all say that the guam
tity 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 1873 and yet
prices We're higher then than now.
Why? Because there was more pri-
mary money per capita in circula ton
in the first two named years than there
is in the last named year 1894. OF the
S24 per capita in circulation of all
money in 1894. only about Sc is primary
money while in 1867 and 1872 there was
SIS primary money in circulation Der
capita"
Mr.. Horn said Mr. Harvey's defini-
ton of primary money was money OF
redemption. Greenbacks had to be re-
deemed to make them good and they
could not by any hook or crook be con-
strued into primary money. Mr.. Horn
then said:
Now in 1879 we did return to specie
payment; we did make our greenba cks
and all our money as good as the best
and brother Harvey and his whole
n nd a6h ant c VOL
going up and down this country stat
ing 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
Mr.. Harvey: You do not hear me
say it,"
Mr.. Horn: Well. if you were old
enough you did say it. A man consti-
tuted as you are could not have said
anything else
Mr.. Horn declared that the stuff he
was preaching, as it had been demon
strated by Mr.. Harvey, was upheld by
every civilized nation on the earth and
only such countries as China, Mexico
and Japan favored the silver standard.
Mr.. Harvey denied that Mr.. Horn was
justified in calling him greenbacker
and said that he believed in gold and
silver as primary money. to the fullest
extent under the binetallic laws that
governed it prior to 1873. In relation to
the claim of Mr.. Horn that all the civil
lied nations of the earth were in favor
of the gold Standard Mr.. Harvey said
that all the civilized nations of the
earth were at one time slave holding
nations and the individual slave holder
had made precisely the argument ad-
vanced by Mr.. Horn. He then went
back to credit and redemption money
and declared that credit money may be
issued by the government. with safety
only in such quantities as will not en-
barrass it in case a run is made on the
government for redemption. If the gov
eminent requires redemption money il
can float bonds among it's people to the
full amount necessary to obtain what
primary money it needs. No govern
ment should ever borrow from the peo
pie of another nation. To do SO was a
confession of monetary weakness. M
government he declared should issue
credit money in quantities beyond tho
amount of primary money among its
own people. and it should have no
money in the treasury except for its
current expenses and improvements.
The money should be among the peo-
pie.
This closed the debate for today and
adjournment was taken until Thurs
day.