The Kootenai herald. [volume] (Kootenai, Idaho) 1891-1904, 1895-08-03
LONE METAL OR TWO?
"Coin's" Financial Theories the
Basis of a Discussion.
THE GREAT DEBATE NOW ON
Mr. Horr Claims lie VIII Disprove Every
Argument in the Widely Read
BOOK

Chicago, July 29.-The last day of the
Harvey-Horr silver debate opened this
afternoon. The days attacks were di-
rected at the question of the feasibility
of Independent action of the United
States on reconciliation of silver and
free and unlimited coinage at the ratio
of Is to l with gold, regardless of the
action of other nations. The discussion
was opened by Horn with the state
ment that the figures and prices of coin
referred to by Harvey on former day
showed the fluctuations for a series of
p years to have been normal ones in view
of the supply and demand and showed
that silver legislation had nothing to
do with the matter. In 1act, it was i'm
possible to show that silver legislation
had affected the price of agricultural
products. Harvey's figures, Horn de-
clared, were made up from English
and not American prices. On the sub
ject of city and farm tenancy, Horn
said Harvey quoted only part of the
paragraph. Horn said the question at
issue was not one of city, but one of
farm tenancy. This tenancy, Horn
averred, was misquoted by Harvey to
show an increase, whereas there was
an actual decrease as shown by the
census tables. Harvey quoted this
statement in one of his books as COM
ing from Carroll ID. Wright. He, Horn,
had written Wright about it and he
replied that he made no such state
ment.
Replying, Harvey said he had taken
the figures as published and attributed
to Wright He asked the labor leaders
whether it could be relied on and they
said it could. Since then ne made direct
inquiries and finding the quotation err
roneous he had erased it from the
plates of the book
Taking up the regular discussion,
Xdarvey presented a table showing the
JAeinage of gold and silver from 1892
to 1873 He did this to show that gold
did not seek the minis for the first so
years of the nation and silver did not
from that time till 1876. Harvey then
quoted from his book the total amount
of gold and silver in the world for coin
age uses in view of the fact that the
amount diverted from coinage for the
use in arts had greatly increased with
in the past few years.
Mr.. Horn, coming down to the Ques-
ton in hand, declared 1t was useless
to try to fix the relative value of any
two substances by legislation. The law
of supply and demand stepped in and
in the history of the worlds legislation
showed that it was impossible to main
tain a fixed ratio between the precious
metals.
Mr.. Harvey said that when he reach
ed the matter contained in Mr.. Horn
last talk he thought his TIarvey's) an
swer would be satisfactory. Continu-
ing his line of argument, Mr.. Harvey
quoted estimates as to the consump-
ton of gold for use in the arts and
otherwise, and for boarding to the eff
feet that these uses equaled if they
did not exceed the production, so that
the amount of that metal for coinage
WAS at a standstill.
:" Mr.. Harvey then took M the question
as to what is becoming of the silver
produced at present. He first quoted
statements by authorities that the in
crease of the use of the metals in the
arts had grown so large that there
was always a ridiculously small supply
in Europe and there was a demand for
practically all of the article the United
States produced.
Proceeding, Mr.. Harvey said that
gold was irregularly produced and was
boarded by the few rich. Silver, on
the contrary, was more valuable than
gold when gold was boarded by the
masses of the people, thereby confer
ring a general benefit 1t was for this
reason that silver had been a more
stable metal in the past than gold.
Mr.. Horr said Mr.. Harvey had the
unfortunate habit of comparing things
which had no relation. That was the
matter with his cube argument on gold
and silver. The cubic space which they
would occupy had nothing to do with
their value. Referring to Mr.. Harvey's
statement that the reconciliation of
silver would reduce the debts by half,
Mr. Horn said that by far the largest
part of the debts of the United States
q were less than a year old. Consider
Wing the short time in which debts were
contracted under the existing gold
basis, to reduce it one-half would be to
repudiate that one-half. Mr.. Harvey
proposition would simply result in sill
yer recommendation. He declared that
cheap money could not be substituted
for good money without injuring the
mass of the people. Who would profit
by such a change? 1t would not be
the rich, but the money changers.
INNCLEn AN AGEn col OPEN MAN