The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-08-07
The GREET DEBaIE.
Silver and Gold Face
to Face.
A Historical Discussion
Read Both Sides.
Harvey Recites History, Law and
Tabulated Statements to Prove
the Doctrine of Bimetal-
liSm.
FULL REPORT FOR MONDAY, JULY @

FULL REPORT FOR MONDAY, JULY q.
At the opening of the days debate on
Monday, July %, Judge Miller, the chair
man, admonished the audience in kind
~ and courteous manner that while 1t
was desirable to manifest approval In
the usual way, it was quite offensive to
either of the speakers as we'll as the
chairman to receive demonstrations of
adverse approval, such as had been in
dulged in on previous occasions. Judge
Miller therefore hoped for the credit of
the city and for the credit of the discus
sion that rules of courtesy would here
after be observed" The discussion then
proceed as follows:
Mr.. Horr-At the close Of the debate on
Saturday had given the facts as to the
constant depreciation of silver as COM
pared with gold since the dawn of civil
izatiOn. The civilized nations of the
world have at some time or other all of
them tried to fix a ration so as to give
free coinage to both metals. Through all
ages the market or commercial value of
the two metals has been a changing
quantity, hence the ratio has been vari-
able. A difference between the legal ra-
ito and the commercial ratio of one
fourth Of per cent has been enough to
drive the dearer metal out of any civil
lied country on the face of the earth.
During the nineteenth century all the
great civilized and commercial nations on
the lace OF the SlODe nave adopted the
gold standard, and have done so without
discounting silver as money, but every
one Of them refused free coinage to sill
yer on any ratio. They have done this
because they believed gold to be the best
metal fOD money purposes. They con-
sidered 1T less deStructible. They have
all Of them claimed that it fiuctuates less
in value than any other commodity; that
1t has much more value in a smaller
space than silver. Hence it is much more
easily transported, especially in large
sums, than is silver. Now, what is the
use of our taking up time in examining
long tables to see whether any nation
ever succeeded in establishing any ratios
and keeping such legal ratios in harmony
with the market ratios? The table Of
ratios given by Coin himself on page
"a Of his book shows that from 1903, when
France established the ratio of 1914 to 1,
up to 1874, when she stopped the free
coinage of silver, in only one instance and
that was in 1861, did the commercial and
legal ratios between the two metals
agree. In only instance was the ratio
of silver at 151h to l."
HARVEY TAKES UP THE ACT OF 1873
AGAIN.
Mr.. Harvey-When 1 reply to the essay
which Mr.. Horn has Just read my answer
will be full and complete. But 1 must
pause for a moment to deal with a queS-
ton which you will recognize the i'm
pOrtanCe II. 1t is Dy Way OIL summary
of the debate at the last session. l have
had many requests, both orally and by
letter and by kilograms, since the last
session, to put into the record what
Blaine, Garfield, Senator Beck of Ken>
lucky, Senator ingalls, of Kansas and
many others have said officially. either to
the effect that the act of 1873 was the re-
allt of gross ignorance on the subject or
that 1t was the result of fraud.
but in view Of the important topics
yet before us and the limited number of
words remaining at my disposal will not
do so, but will try to find space for this
matter in my 2,500-word summary at the
close Of the debate to do So
In response to the profit adduced by Mr..
Horn citing Senator Morrill,, of Vermont,
as authority that prior to 1873 for 40
years no silver dollar had been coined"
Harvey promptly produced a tabulated
statment taken from the reports of the
United States treasurer wherein it was
shown that the entire coinage of silver
dollars during the period named by
Horr had exceeded $4,000, 000-the amount
coined each year from 1889 to 1872 in
elusive varying from $4,000 in 1868 to
$1,11S,OO0 in 1872 Concerning this table
Mr.. Harvey remarked:
Look at them, Mr.. Horn See that in
1859 there were 636, 900 of them coined, in
1860, 1000 of them coined. and in 1871
LII 900 Of them, in 1872 1, us, GEO. and in all
3
quantities were coined, except in six
years, and when you answer me, Mr..
Horn, tell us why Senator Morrill, said
there were none coined; and If he was
not truthful about that what Importance
should be attached to what he said about
the silver dollar being purposely omitted
in the bill?
QUANTITY OF SILVER BEFORE 1873.
Mr.. Harvey-In raising the question OF
the quantity of silver coined in 80 or 40
years prior to 1873 do it to establish the
landmark in the financial discussion in
the United States. The people have been
misled, and at each step in this discussion
when we can set them right the debate
has been of value, because the gold men
are represented here by Mr.. Horn, and
when / show him and you that silver was
copiously coined during the 40 years
prior to 1873, and he admits it, as he must,
then that question is settled. And when
Prof Laughlin or any other gold-stand-
ard advocate represents that nothing but
gold was being used prior to 1878, and
that no silver was in circulation, as they
have persistently been misrepresenting
this question, you now have the answer
to 1t, and you have it in such an en-
phatic way with the other side here rep
resented that it eliminates that question
from the futrue of financial discussion.
Il do not mean to reflect upon the in
tegrity of any man because he is banker
are all students of human nature and this
financial controversy is an excellent field
for this tudy and when a man makes an
avowed misrepresentation, such as Mr..
Morrill, did, 1t is not improper for me to
call your attention to the fact that when
= man is personally interested in polit-
ical issue he is not good authority, and
that men from the highest walks of life
to the lowest are swerved in their opin-
ions as in their expressions of facts by
their personal interests.
HARVEY DEFENDS BIMETALLISM
IT now begin the discussion of bimetal-
ism. Scientific bimetallsm is this:
Il. Free and unlimited coinage of both
gold and silver; these two metals to con-
stitute the primary or redemption money
of the government.
'2. That silver dollars of BIN grains of
pure silver with us) to be the unit Of
value and gold to be coined into money
at ratio to be changed If necessary from
time to time if the commercial parity to
the legal ratio shall be affected by the ac-
ton of foreign countries.
80. The money coined from both metals
to be legal tender in the payment of all
debts.
"A. The option as to which of the two
moneys is to be paid in the liquidation
of the debt to rest with the debtor, and
the government also to exercise that op-
tion when desirable in paying out re-
demption money. (Applause.)
'All of these conditions are necessary
Like any useful mechanical construction
all the parts are necessary.
s"First, as to unlimited coinage: When
the minis are open to unlimited coinage
of the two metals, an unlimited demand
is created for them. The quantity is linn
fled. When these two metals seek mar
ket they find a demand for their use in
\ the arts and manufactures which is linn
tied. The surplus finds an unlimited
market at the minis to be coined into