The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1895-08-01
HARVEY AND HORR.
THE FIFTH DAY.
The Debate Getting Down to the Present
Time.

The Debate Getting Down to the Present
Time.
CHICAGO, July 23.-''Back dates"
were thrown to the dogs during the
day in the debate between Horn and
Harvey. It was more than ever case
of Greek meets Greek, and interest IN
the tug of war heightened at once
when it was seen that the days OF
Pericles, as we'll as 1892, 1916, 1878 and
other wears, no matter how historic or
important, were all barred more or less
in favor of 1895. The early part OF the
DAYS debate was taken up with dis
cussion of some remarks of Senator
Morrill, and had but little bearing on
the question. Mr.. Harvey then defined
scientific bimetallism to be the free
coin age of both gold and silver at an
assumed ratio; change in the size OF
the gold dollar whenever the parity be-
tween the gold and silver coins should
REQUIRE; the option to both individuals
and the government to pay IN the
cheaper money. He held that, under
these circumstances. silver would not
depreciate, because there would be an
unlimited demand at the ratio fixed by
law. and no man would sell his bullion
below the price at which he could have
it coined.
Not a Question of Ratio.
Mr.. Horn said this matter OF ratio
had little or nothing to do with the
question. The fact was that all OF the
civilized nations of the world refused
to recognize silver and would only re-
ceive it at its bullion value, measured
in gold. What might be if the other
nations should join in admitting silver
to free coinage was one thing; for US
to attempt it alone was another.
Mr.. Harvey said that dear dollar
and cheap dollar were comparative
terms to be measured by mans cir
cumstances. If gold dollar were
worth more than silver dollar, some
more costly substance might be found
out of which to make dollars He said
he did not propose to allow Mr.. Horn to
pose as the friend of the laboring man.
Mr.. Horn said it was in 1879 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 tact is the
years from 1879 to 1892 found our peO-
pie better employed and at better wages
than in any other same number OF
years since the government was formed.
THE SIXTH DAY.
Harvey Claims That Some Good Has Been
Accomplished by the Debate.
CHICAGO, July 24.-The seating ca.
pacity of the rooms of the Illinois club
was all taken up when the Horn ar-
vey debate opened. While the size of
the rooms do not permit large audi
ence, the officers of the club are COM
PEELED every day to refuse many appli-
cations for seats.
In opening the debate Mr.. Harvey
said that the debate of the last session
was OF value as showing that during
the past 40 years, silver had been
steadily coined in spite of the assertion
to the contrary, that by the table
copied from the reports of the minis
the commercial ratio between gold and
silver had been maintained at about
the French coinage ratio of 151s to l,
for 200 years, that during the two
years since 1878, as the result of de-
monitization the commercial ratio had
declined to 81 to l, that in the
1888 years prior to 1878, the guam
tity, or ratio, between gold and sill
yer had ranged from Sc Of silver to
Of gold to of silver to of gold, and
tIot oil Sl,o% 81,
cial ratio had chung closely to the legal
ratio. During all that time the COM
mercial price of silver bullion had re-
manned steady. Since 1878 it had
steadily and rapidly decreased. 1t was
the dominating influence of London in
Exchange to all parts of the world,
which led to gold being recognized by
the world as the standard in all CON-
mercial transactions.
Horn Answers Back.
Mr.. Horn in his opening remarks,
proceeded to call attention to what he
called misleading statements in Mr..
Harvey's book. For instance he de-
clared to be untrue the statement that
it was believed that the cost
OIL pTOuuCluS oil VI Guo SOlu
in the world was about
So per ounce, while some put it much
higher. Mr.. Horr pointed out that
there had been vastly increased pro-
duction at greatly reduced prices At
the cost which Mr.. Harvey spoke of
the silver miners in three years would
have lost over 500, 600. 600.
Again, Mr.. Harvey had put the ag-
gregate amount of silver in the world
at about $4,000, 600, 900. It was esti-
mated that there was about Sc, 900, 900, >
600. Mr.. Harvey had said the debts of
the United States amounted to $40, OOO,-
100000. That was an absurdity. The
amount Of interest which the United
States paid to Europe was also untrue.
Mr.. Harvey said that the amount OF
silver referred to by him in his book
was the amount available for coinage.
He then distributed table showing
the production of gold and silver from
1892 to 1892 and proceeded to argue
that in spite of wide relative fluctua