The herald., 1895-05-18
TWO 0RATOR|CAL GIANTS
Debate That Recalls the Time OF
Lincoln and Douglas
A POLITICAL ENCOUNTER
Harvey and Laughlin Debate the Finan.
cial Issue
Thousands Were TUNED Away From the
Doors of the Hall in Chicago.
The Arguments
A POLITICAL ENCOUNTER
Associated Press Special Wire.

aleled in the west since the famous
struggle Lbetween Lincoln and Douglas
just on the eve of the civil war.
Tonight's platform combatants were
two giants of opposing sides in the rag
ing financial controversy Lawrence
Laughlin, professor of political economy
in the Univerity of Chicago, the faovrite
authority of President Cleveland, and
William II. Harvey, author of Coin $
Financial School.
Not half the people camoring to get
in could have been admitted had the
Auditorium itself been secured fo- the
meeting of the two champions. The
spacious rooms of the Illinois club on
stately Ashley boulevard were crowded
to almost suffocation when the president
of the club, DR.. Homer M. Thomas. an
nounced all in readiness for the dress suit
gladiators.
The proposition to be discussed was
read as follows:
Resolved, That the United States
should at once enter upon the free c)in-
age OF silver at the ratio of IL to |, lnde-
pendently of the action of any other
nation.
Mr.. Harvey, it was stated. would speak
for an hour III the affirmative and Pro
fessor Laughln an hour and thirty
minutes IN the negative, then Harvey
thirty minutes for rejoinder. Bot1 men
were Literally appauded.
In opening the affirmative Mr.. Harvey
said: The first reason why am in favor
of independent action by this ountry. is
that we should not be subjected to the
influences OF governments of Europe.
When our fore.athers declared their
political independence from Europe it
was to free themselves from the class leg
Islation of those governments, Justly
termed plutocracies. If people can be le-
duced to poverty and the prosperity of
the Unitel States can be ruined by hang
ing to the financial policy of Europe
then we can be reduced to the same con-
dition by financial legislation as a war OF
conquest would reduce us. If we are
right and our friends the monometallists
mostly say I'VE admit bimetallism would
be good if we could get international oi-
metaism." In other words, they agrt G
that there is something wong, but claim
we are tied to the financial policy OF
Europe. So shat if war or contest in this
country by the monarchles of Europe
whose form of government is different
from ours would reduce us to the condi-
ton of the people of those governments,
and they can accomplish the same pur-
pose by financial legislation, then there
is necessity for independent action. When
The governments of Europe are plutocra-
cies. They squeeze the lemon OF the peo-
pie about every so often. The few control
class legislation and the masses are hew-
ers of wood and drawers OF water for til o
titled few Like the farmer who goes out
and robs the bees nests, they. rob the
people and then give them time to fill
the nests again before going out to rob
again. We have certainly not forgotten
the history giving the reasons why our
forefathers established this government
and that was the reason. Now. II imam
cial leg slation is one of the classes of
class legislation by which the many are
robbed and the few are enriched, by
which the lemon is squeezed, then it is
one OF the institutions of the European
governments that we as nation OF peo-
pie, republican in form. should declare
our independence of.
That is the first reason why independ-
ent financial action should be taken by
the United States. If they say; "We
must have the same money that they
have in order to carry on business with
them" my reply is that the biggest
business we ever did carry ON with the
balance 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 those peculiar arguments tnat
wears It's way into a mans brains when
reiterated and monotonously given out
by the daily press that we must have the
same money that the great CONNIE rcial
nations have. We never stop to investi-
gate. This nation can have an independ-
ent financial system without any refer
ence whatever to the balance OF the world
and can carry on its own commerce by
ocean and land with the other govern
ments of the world Notwithstanding. We
do not now settle our balances with
Europe with coin on its commercial value
and weight. Our coinage has nothing to
do with 1T. Primarily balances of trade
are settled with trade. We give them our
gol DIS and we take their silks. and the bal
ance that we may owe them or that they
may owe us will be settled Just as the
merchant between the importing points
may agree to settle. They can settle it III
gold for so much penny weight as meas
ured in the money of their country or
ouI country, or in so much silver or in
SO much copper, or SO much of any other
merchandise, which may be agreed upon
between them sand their relations. There
is no such thing as an International
money. What we are contending for is
the opening of the mints to the free coin
age OF silver (they are now open TO the
free and unlimited coinage OF gold) aud
have never been closed to that metal, and
the establishment of bimetallism on those
simpler principles that were adopted by
those statesmen who had in view not the
interest OF one class but all the people.
What we want is bin etalllsm. and sci
citizen mctallism is this:
Free and unlimited coinage OF both gold
and silver. these two metals to constitute
the primary Or redemption money OF the
government.
Seoond--1he silver dollar OF 37lM grains
OF pure silver to be the unit OF value and
gold to be coined into money at ratio
to be changed if necessary from uime
to time If the commercial parity to the
legal ratio shalt be affected by the relation
OF foreign countries.
1hird-The' money coined from both
moneys to be legal tender in the payment
of all debts.
Fourth-The option as to which of the
two moneys is to be paid in liquidation
OF Il debt to rest with the debtor and the
government also to exercise that option
when desirable when paying out redemp-
ton money.
Silver is the peoples money. 1t was so
regarded by our forefathers and was the
faVorite money of the two. The promo
sition OF homer in the coinage OF our two
metals by having the unit OF value made
from it and gold, its companion metal.
measured in it. Gold was and Is the