The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-05-18
JOINT DEBATE AT CHICAGO
BANKERS VIGOROUSLY DENOUNCED
BN THE SILVER ADVOCATE.
Effects of Deprecated Dollar ON the
shown by The sound Money Man.

CHICAGO May 1.-THE spacious rooms
OF the Illinois Club. on Ashland boulevard.
were crowded almost TO suffocation tonight
when the president. DR.. Homer NJ. Thomas.
announced all i'm readiness for the joint de-
bate between J. Lawrence Laughlin. pro-
fessor OF political economy in the University
of Chicago. the favorite authority of Presi-
dent Cleveland, and William II. Harvey,
author OF Coins Financial school" Most
Of the people in attendance were business
and professional men. The proposition 10 5e
discussed was read as follows:
Resolved. That the United States shoull
at once enter upon the free coinage OF sil-
yer at the ratio OF rs to /. independently
OF the action of any other nation"
Mr. Harvey. it was stated would speak
for hour in the affirmative. and Professor
Laughlin an hour and thirty minutes in the
negative. Mr.. Harvey then having thirty
minutes for rejoinder. MIR. Harvey Is A
rather tall. spare dark-complexioned man,
of engaging presence. but nervous tempers-
ment. He was, evidently. full OF suppressed
excitement when he came forth TO begin
his address. but he steadied himself
admirably. Professor Laughins wiry frame,
blended by stern appearance. is suggestive
OF less emotional makeup. and he had
the advantage of not being the first to
speak. Both men were literally appIsuded.
In opening for the affirmative. dr. Harvey
said:
''The first reason why | am in favor OF
independent action by this country is that
we should not be subjected 10 the influences
CT the governments of Europe; When our
rendence from Europe II was 10 free them
selves from the class legislation of those
seoeie csn S rsdyces 10 ndyerty and ,be
prosperity of the United States be
ruined by hanging 10 the financial policy OF
Europe, then We can be reduced 10 the
same condition by financial legislation as
war OF conquest would reduce us Our
friends the monometallists say we admit
bmetaIlism would be good IL we could get
International bimetaliism;' in other words.
they agree that there is something radically
wrong. but claim that are tied 10 the
financial policy of Europe. SO. that IL a war
of conquest in this country by the monarch
is different from ours would reduce us 10
the condition that the people OF those gov
ernments are in, and they can accomplish
the same purpose by financial legislation,
then there is a necessity for independent
action. Whtre there is a necessity there Is
an remeaS of POss sense We arc cempeed
to adopt the financial policy OF Europe.
and he replied: The, country Is going TO
waste, and ruin and desolation Is spreading
| from ocean to ocean. and demonstrated
that the cause OF i is our adoption of ne
| to him: 1T makes no difference, We are
compelled 10 adopt the hnarcial policy ot
E.urODe.'
| able 10 the hard-headed citizen of this
country.
THE ROBBERS" OF EUROPE.
'"The governments of Europe are plu-
| tocracies. They squeeze the lemon for the
| people about every so often. The few
| troll class legislation. and the masses are
| hewers of wood and drawers OF water for
| the titled few. Like the farmer who goes
out and robs the bees nest. they rob the
| people and then give them time to fill the
| nest again before going out 10 rob IL again.
| Wo have certainly not forgotten the his
| tory giving the reasons why our forefathers
| established this government-and that was
| the reason. Now, if financial legislation is
one of the classes of class legislation, by
which the many robbed and the Few
are enriched by the lemon squeezers. then
| il is one CT the institutions OF the European
| Republican i'm form. should declare our in
| dependence of. That is the first reason why
independent financial action should be taken
| by the United states. liz they say We must
| have the same money that they have in
| order to carry business with them. my
| did carry on with the remainder OF the
| world. and particularly Europe. was the
| time when they had gold and silver as
| money and We had neither.
| 1T is one Of these peculiar arguments
| that wears its way into mans brain when
| reiterated and monotonously given out by
| the daily press that We must have The
| same money that the other great COM
| mercial nations have. We never stop to
investigate. Ii belongs to the catalogue OF
| arguments that existed prior 10 1892. when
| a majority of the people OF the world said
| the world WAS fiat and few men, includ-
| ing Columbus. contended that IL was round.
| Those interested in purposeiy cultivating
| through ages international money on
| lines marked out by them have the same
| possession of the public mind the critics
| of Columbus had, and those who contend
| for financial independence from Europe can
| be cIassed with the followers OF that great
| M Wis uhO minds advance
| the age in which they lived.
| This Nation have an independent
| financial system without any reference
| whatever TO the remainder OF the world.
| and can carry on it's own commerce by ocean
and by land with the other soyernments
| now settle our balances with Europe I'm coin,
| except on its commercial value and by
! weight. our coinage has nothing 10 DO with
| H. Primarily, balances OF trade are settled
| with trade. We give them our wheat and
| We take their silks. and the balance that
| we may owe them or they may owe US will
| be settled just as the merchant between
the importing points may agree 10 settle IL
| They can settle il in gold for so much A
pennyweight as measured I'm the money OF
their country or our country. or I'm 20
much silver or in so much copper. or 80
much OF any other merchandise as may be
| agreed on between them In their trade re-
lstions. There is no such thing as an In
| ternational money.
WHAT SIIvERITES WANT
| What we are contending for is the OPEN
|
| yer (they are now open TO the free and un-
| limited coinage OF gold. and never have
| been closed TO that metaD, and the estab-
| lishment OF bimetallism on those simple and
! fixed principles that were adopted by those
statesmen who had I'm view the interest OF
no class, but OF all the people. What we
want is binletallism. and scientific bimetai-
| lism is this:
'.First-Free and unlimited coinage OF both
| gold and silver these two metals 10 consti-
| tute the primary or redemption money Of
| the government.
''Second-The silver dollar Of s7il. grains OF
| pure silver TO be the unit OF value and gold
20 be coined into money at a ratio TO be
| changed III necessary from time 10 time IL
| the commercial parity to the legal ratio
shall be affected by the action OF foreign
| countries.
''Third-The money coined from both
metals TO be legal tender I'm the payment OF
| all debts.
| "F0urth-The option as TO which OF the
two moneys is to be paid In the liquidation
| OF debt 10 rest with the debtor and the
government also TO exercise that option
| when desirable when paying out redemption
/ money.
THE mints are now open TO the unlimited
coinage OF gold. Such portion OF the product
/ OF that metal does not find an immsdiate =
! demand TO De used in the arts and manu-
| factures is taken 10 the mints and coined