Baxter Springs news. [volume] (Baxter Springs, Kan.) 1882-1919, 1895-07-27
THE RATIO.
Points In the Horr-Harvey Debate
at Chicago.
no Science Of Bimssaiiism Defined By llr
Harvsy-Mr norr Argues Against
Free Coinage Of Biivsr-Tha
Real Oasssioa 81 lsssa


Heal 0assstoo - lssua
Ths esivss Dsbass.
CHICAGO, July sa-ln the financial
debate between Messra Horr and Hsr.
vey yesterday Mr.. Horr opened the
dispute with written argument touch
Ing the impossibility Of maintaining
fred ratio between gold and silver.
A the result Of experience oil tho civ
ilised nations Of tho globe had dis
carded silver - standard money. II
was useless 10 exploit long tables Of
ratios 70 show whether . double stand.
ard could be maintained. The world
had pronounced against silver.
Mr.. Harvey defined scientific bimet-
allism TO be the FREQ coinage Of both
gold and silver ct an assumed ratio;
o change In the siss Of the gold dollar
whenever the parity between gold
and silver coins should require; the
option to both individuals and the gov.
ernment TO pay In the cheaper metal
lie held that under these circum.
stances silver would not dcpreciste. be-
cause there would be an unlimited de.
mand at the ratio fixed by law. and
no man would sell his bullion below
the price at which he could
have II coined Mr.. Harvey submitted
table TO show that from 1857 up TO
1878 the commercial ratio had re-
manned remarkably close to the legal
ratio. Notwithstanding the demonetiza-
ton of silver by England and other Of
the great nations of the old world.
Mr.. lIorr said this matter of ratio has
little or nothing to do with the ques-
ton. The fact was that all Of the civil
lized nations Of the world refused TO
recognize silver except at Its bullion
value For US 70 attempt free coinage
alone was another matter. Mr.. Horr
then took mp the proposition Of Mr.
Harvey's book that making the dollar
OF one-half present value would double
the value Of everything In the United
States except debta Mr.. Horr pro.
nounced this absurd saying we might
ss we'll say that II we cut our yard
sticks In two Il would double the
amount Of cloth In the country. He
said Mr.. Harvey seemed TO be stuck
on" sweet "I8 70 l." In his book he
proposed to keep metal values at .
parity by reducing the amount Of gold
in the gold dollar. Carried TO Its le-
Ultimate results, the ratio would be.
come 10 TO " or 90 to l.
Mr.. Harvey proceeded to argue that
both gold and silver were the measure
Of value until 1879. Referring TO the
cutting Of the yardstick In two, Mr.
Harvey said that the gold men had
doubled the yardstick In 1893
Mr.. Horr, in reply TO the charge that
the demonstration Of silver cut the
value OF products In two, said that
II that were true prices would have
at once dropped so per cent The
fact was that they did not II the
destruction of half the wheat crop
would raise prices four.fold, the de.
monetization ofsilver did not destroy
Il. Returning to the attack, Mr.. Horr
said that Mr.. Harvey did not care for
ratio. What he wanted was cheap
dollar, and the cheapening Of the
emoluments Of labor. That was the
most prosperous country in which Its
workingmen were best paid.
Mr.. Horr said II was in 1875 that we
resumed specie payment, and the only
money of final redemption was gold.
He asked: "Was distress abroad In the
land from that on?" The fact Is the
years from 1879 to 1892 found our peo-
pie better employed and ut better
wages than In any other same number
of years since this government was
formed"
Mr.. Harvey: "As TO the prosperity
OF this country between 1870 and 1872,
you could not break down great
nation like this In one year. II has
taken q short period TO bring us TO the
bitter cup Of disappointment and
distress" Continuing. MIR. Harvey
asked Mr.. Ilorr not 70 refer
10 the prosperity" Of the
country from 1879 TO 1907 The WORD
tramp was coined in 1879, and the
United States census shows that de-
preston has been increasing ut q dis
proportionate ratio. So has the num-
Der of penitentiary convicts, persons
confined In aims houses, insane asylums
and Of suicides. The prosperity that
has built up millionaires and multi
millionaires and strewn this country
with millions Of tramps and paupers
and men who don't know how they are
going to provide for their families In
the coming year. A change In relative
production had no effect as long rs the
mints were open 70 the two metals"
Mr.. Horr: II have never said that
the cheap price Of silver was not on &C
count of It's over production. Silver
has become cheap In this world just
precisely the same ~ wheat, and iron,
and zinc. and lead. and other articles
have been cheapened, just pnecisely for
the same reason. AL Of these articles,
rs we'll as gold, have been cheapened
by the natural laws which govern the
production Of every substance known
70 the producers of the world"
This ended the debate for the day.
Primary Money.
CHICAGO. July 24.-The silver debate
between MessrS Horr and Harvey yes
isrday was ON the subject Of primary
money.