The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-07-24

the past forty years silver has been stead
lily coined. IN spite of the assertion 20 the
contrary. and thai. Dy a table copied from
the reports OF the mints. the commercial
ratio between gold and silver had been
maintained at about the French coinage
ratio. I517 TO I, for 81 years: that during
the twenty-five years since 1873, A re-
suit Of demonetiZation. the commercial
ratio had declined to 20 10 l. and that in
g5s years prior 10 1873 the commercial ratio
clung closely 10 the legal ratio. During
all that time the commercial price OF sill
yer bullion had remained steady. Since
1873 II had steadily and rapidly decreased
II was the dominating influence OF London
on exchange to all parts OF the world
which led TO gold being recogn nized b. tho
world as the standard in all commercial
transactions.
Herr, in his opening remarks proceeded
10 call attention 10 what he called mis-
leading statements In Harveys book For
instance, he declared untrue the state
ment that IL was believed the cost of pro-
dueing all the silver in the world was
about 81 cents an ounce while soma put
IL much higher. Horr pointed out that
there mas been vastly increased pros1uc-
ton al greatly reduced prices. At rhe cost
Harvey spoke OF. the silver mines in three
years would have lost over s1ooeDO 90.
Again. Harvey had put the aggregate
amount OF silver In the world al about
was aoout $500. 10000. Harvey had said
the debts of the United States amounted
20 <N.uoon.ono. That was an absuriity
The statement of the amount OF interest
the United states paid annually 10 Europe
was also untrue
silver referred 20 by him in his book
was the amount available for coinage
FOR the rest, he proposed TO pursue the
order OF the discussion and answer the
questions when he came TO hem. Mr.
Harvey then distributed a table showing
the production OF gold and silver from
1872 10 1892. and proceeded 10 argue that
In spite of wide relative fuctuatio tions in
production there had been no fiuctua-
tions in the relative value till after the
demonetization act I'm 1873 He then pro-
eeeded TO argue that. except in the legal
ratio of weight. there should be no diff
ference In the treatment of silver and
gold.
Mr.. Horr continued his objections TO
Mr.. Hsrvey's statements IN his book
lie took up the supposition that the gov
ernment wanted 10000 horses, and it's
competition would increase the value Of
horses. and that the free coinage Of sill
Yer would increase the value of the bull
lion. Mr.. Horr said that all that the
government had 10 do to silver was to
put a stamp on the bullion and return
should merely call for 10000 horses for
the purpose of affixing a brand to them.
and having done so and returned them TO
the owner. would that increase The value
OF the horses of the country The
horse argument Mr.. Horr declared, was
a fraud. The speaker then took up the
matter of the elements which govern the
price or wheat. arguing that Mr.. Har-
vey's deductions were fallacious.
IE.r ha ant
had fixed the price Of gold. and all he
friends OF silver wanted was for II TO
fix the price Of silver. in the belief that
the nation could better keep out OF the
hands OF the pawnbroker With two metals
than one Returning 20 his argument on
hi-metalism. Nr. Harvey said hat the
option OF the debtor TO pay IN the cheaper
metal should not he impaired. This
would always maintain a parity. II the
creditor were given the option of the
money IN which he should be paid. he
would demand the dearer money. there
hv increas sing the demand for that metal
and decreasing the other. thereby Wild n
ing Instead Of narrowing The disparity
Continuing. Mr. Harvey declared that all
nature was hi-metallic Man rad two
legs. two arms two eyes. Two tars- lie
declared that there were available for
coinage IN the world about sixteen ounces
o., silver 20 one Of gold.
Renivlng. Mr. Horr took NJ the ques-
,ior ~ farm tenancy whose growth Mr..
Harvey AT an earlier stage OF the debate
"a adverfsd 20 as a had thing in ma
,to,.f pfe Mr.. Horr declared IL more
~ good sign. and quoted from stats
,f-s gathered hy the state of Minnesota
shoorirr tho steady evolution ~ he ten
at into the land ow-er, and from other
st,ttstirs showed that the Increase IN
sha number 81 tenants had been accom-
raniaa ny a decrease in the number OF
-, sav laborers The increase IN ten
ancv had not been at the expense oi iaFm
owners bu, at the expense OF day labor
ers. ss-...- -. 5, ,
sts ".he tenant business" hut pron-
"a shat ne would lake X up when hs got
80 TIe then went on 20 say mat lheFe
sra tN7, kinds of money. IN the general
$40 In which the word IS USED, one be-
es'se --.-,,srS money and fhe other repro
-, ts,-a money. or. as he would caN Il
-. t9,a pur-oose Of debate. credit money
Trfs 1after kind Of money Is divided nio
,ar.er money and token money, which IN
r{tssas copper cents and ntekel 9-Teui
- No attempt IS made 10 ma4Dt ain
-, ,,,,ar,-ial ratios OF these metals az
- ~sftn with the metal ont Of which
-. - made Token money Is used 20
- Tor articles the price OF which IS less
thzn che value AZ which We coin primary
money Primary money - ffle measure 81
,-afs,ss Gold Mr. Harvey said. Is NOW oar
,,,,-,s,,-, ~ values and oar representative
-.o-ay "a tgN8 "a fl "a ne tail OF kIse is
,s-ses,,3 70 the kite. He then made a
sno~f argument showing that supply and
demand regulate the value of money the
same as all other property.
NJ Ho-r announced that before p-Q-
letting % the aueSg lon - production u
SILVER h. wanted - SAY q few words ca
~. MISLEADING nature 0f some ~ Mr..
Ega~vavtz statements ou finance. lie al
Ta~k@4 sre assertions uaaS by Mr F{ar-
yev as ~ he measured valuation - The
vsfgavat hanks He then declared -aa-
NJ Harvey VAS wandering rom ire QaeS-
tt1rs I'm debate because 10 ha6 several
zines declare that '1f the niots - tne
wartF' would give - ara unlt1sit q
.>osraEa ~ silver "a "a certain ratio .t
could - maintained Mr. Horr said thst
Sas rot ne question % Ae cor nSaern3 at
All hgt whether after gre entire rtvil,zei
we~fa nAS refused - use silver as mon ~
81 Hral redemption. and setN refuses 70
ssas. f. - rhs tuit@a States SnEle-haasai 4
zus slo~~ ccutA a~orf % put sfsnif agpon 4
sisVar hssss ard icin Nextoo. Ehioa arf
TrrpeH He aheu submitted he tzhle ~
ne x,rpsis-t of gold sr3 silver since 1874
t.kefa from NJ Harrey's BOOK arr al
rs.4s "a, n tAe Tuint ra7~A~fs - thc product
of fSu auS iSss Tsls fSt}e showed Ar
F4arr aeclares rhat Stnce 5s-4 tte proslus,-
rsor - silver Raj S~sn stes3saY cn sas
a a