Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1895-08-06

: & E&s
s;::sa1ne Mr. Harvey then distributed 1 tablas
]. Sowing the production Of gold and silver.
i 3lonls 1902 TO $50. and proceeded to argue
i that In spite of wide relative fluctuations
In production, there had been no. huctuation
i IN relative value till after the demonetiza-
tion act in 1873. He then proceeded to.
argue that, except In the legal relation or
weight, there should be no difference In the
treatment of silver and gold. He said that.
the government was the creator Of money!
ana had the right to- regulate the thing
| created to the extent Of, fixing relative ra-.
tios, but 1t had no right to take from tue:
legal tender quality Of any money created.
Mr.. Horr continued his objections to Mr..
Harveys statement In his books. He took
up the supposition that the government
! wanted 100, 600 horses. Its competition
would increase the value Of horses; that
free coinage Of silver would increase the
value of the bullion. Mr. Horr said that
all the government did to silver was to put
stamp on the bullion and return 1t to the
owner. Suppose the government should
merely call for 100000 horses for the pur-
pose of affixing a brand to them, and
| having done so, should return them to the
owners, would that Increase the value OF
the horses. Of the country? The horse ar.
gument, Mr.. Horn declared. was fraud.
Tie speaker then took up the matter of the
elements which govern the price OF wheat,
arguing that Mr.. Harvey's deductions were
faliGciCus. ~ J.. 49,. .r
Mr. Harvey said ira tl's government had
fxCd tn. pr CO Of god, AID al :ha fr ends
| of silver wanted vas for 1t to fix the ice
of silver, in the belief that the nation }uld
better keep. out Of the hands II the pawn
broker with Two M t Is tEan IN.
Rcturnis 10 b $ a.. UNI ut OH bimetalli IN,
Mr.. Harvey sail th:t the o .;ti,n of the
debtor to pay In the che per II e a! sh) uld
not be impaired. Thi, would always main
tain party II the <r di or re given
the opt'on OF the money in whic., he should
be paid. he Won d demand tie dearer
money. til reby In re, / G til d maud for
| that metal and dec: cas- ny til" other. there.
| by wth ming Instead Of mar ON ing III dis
| patty. Continuing MIR Ha We. lccla, ell
that all nature was bimetall Man had
| two legs, two arms, two eyes. two cars.
He declared th: re were ava laLl. for coin
| age III the word about sxt en- ounces of
! silver to one ounce Of gold.
Quotes minnesota Statistics.
Replying, Mr.. Horr took up the question
OF farm tenancy. whose grow tn Mr.. Harvey
ut an earlier stage Of the debate had ad-
verified to as a bad sign in our national life.
Mr.. Horr declared it good sign, and
quoted from sta list cs 90 here.l by the State
| OF MINES ota, show ng tle sea ly evo,u ion
OF the tenant into the land owner. and
from o:her stat sites showsd that the i'll
| crease III the number of tenants had been
accompanied by deere as, In the number
| OF farm day labar>r:. The increase In fen
ahcy had not been at the expense Of the
farm owners, but ut the expense Of tho
| day labOrers. WV
Mr.. Harvey declined to discuss what he
called the tenant business" but nrom,se,l
that he would take 1t up when he rot to It.
lie then went on to say that there were
Two Kinds OF money in the general sense In
E.S!ch the word Is used, .,ne being nrima ~
money and the other representative money,
or ms ne would call 1t, for the purposes Of
| the debate, 'credit money" This lotter
kind of money is divided Into paper money
| and token money, which includes conner
| cents and nickel Scent pieces No attempt
| Is made to maintain the commercial parity
| OF these metals ut any ratio with the metal
out of which primary money is made,
Token money Is used to pay for articles
| whose value is less than that ut which we
coin primary money. Primary money il the
measure of value. Gold, Mr.. Harvey said
| Is now our measure of values, ana our rep
resentative money Is tied to it as the tail
OF Kite. lie then made short argument
| showing that supply and demand regulate
the value of money, the same as Of all 9TH
er property.
Mr.. Horr announced that before proceed
Ing to the question of the production of
silver he wanted to say a few words on the
| misleading nature Of some of Mr.. Harvey's
| statements on finance. He then attacked
assertions made by Mr.. Harvey us to the as
sessed valuation of national banks He
then declared that Mr.. Harvey was wander
Ing from the question In debate, because he
had several times I. Jared that If the mints
| Of the world woulu give
Free Coinage of Silver
on a certain ratio 1t could be maintained
Mr. Horr said that was not the question to
be considered at all, but whether, II the
| entire civilized world has refused to use
silver as money Of final redemption and
still refuses to use 1t, can the United
States. single-handcd and alone, afford to
| put itself Oh a silver basis and join Mex
leo, China and 4Tripoli upon the subject.
He then submitted the table Of gold and
silver since 1874, taken from Mr.. lIaryey's
books, and added to 1t the miEt reports
Of the years 1893 and 1874. This table
showed, Mr.. Horr declared, nat. Stree
1874 the production Of silver has bt en-
steadily OH the increase, and hat gs.,l as
since 1915 been also Oh the increase Tut
while silver had Increased III ':uau,ity three
times during that period gold raj only
doubled in quantity.
Mr. Harvey Went back to The :scussion
of primary money as Il measure Of Value
In 1867, he declared. all the money in cir
culation was $1S.2S per capita, and in 1872
| 1t was $40. ID per capita, and in those TIRES
all money WAS primary money. the measure
OF value being paper money itself. in 1854
we nad per capita circulation 1t SD %
He then said:
"Now, you will say that tho ,,:,ar:l+y 1T
money i'll circulation affects PRICES. You
have more money, primary and credit COM
bined, In circulation III 1884, per capita,
than 20" had III the two years named Ere
vious to 1873, and yet prices w.re higher
then than now. Why? Because there was
more primary money per capita Ia cire,,la-
ton at the two first named years :hal-
there Is III the last NAMED wear. 1904 uf
the S24 per capita in tcircu:a:i III IT all
money in 1874, only about Sc is primary
money, while in 1851 and 1879 there was
SIS primary money III circulate ?cr cap
ita.'' ~
Specie Payment.
Mr. Horr$ sa d Mr.. yHarvcys de ion Of
primary nOay wa: money of ;ede .nDtion
Greenbacks had to b. re'e III d o make
them good, and til v c i'll d no hy any hook
| or crook be construed In rrin ~ Money.
Mr.. @Horr tlcn sl:l:
"Now. in 1879 W ai r trn t, Spec.c
payment; We DID Ill k. our gree backs anu
NIL our money Us good as he ST. and
Brother Harvey and his wnoe G owl Of adj
try stating that IL We. un crtook 20 enforce
that act we would r IL the business Of the
country know t:ev slid it because I
heard them 10 80 dozcls and dozens OF
times. They bs lie cd =, jus IS Harvey
does now - -, :.
Mr.. Harvey: 'tYcu dill NJ. Il. n m !. soy
it, :, : :. : - '''' :.
Mr. H,:rr: .N.c.l, Try u We e old nough.
you dii say IT,. \ I'm con s;itnte,, lis. you
are cou:d no. hay, 81. anything els ,:''4=zsl
MI. Horr q rc:;.rc;s t nit TIL. s - he
was prc:c s, a. = nd bcei demon M tel
by Mr. 81 :rves was <upSe!:l by ever: civil
Led mate 50 %'ll % rt., ~. nd hat only
such cn'lil, n, SIS J. NJ NJ xico AMI Japan
favored s Tie .v,r 50: IRA. .4s.s# !. s5. :