Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1895-07-23

quantity-laws should be drawn to protect
the men who earn money as well as those
who owe money. man who works faith
fully and lives on his daily earnings should
never be sacrificed for the benefit Of men
who live on what they borrow. But all
these things will be more fully explained
as the contest progresses
"C0in's'' Statement.
The opening statement made by Mr.. Har-
vey follows:
II am here to defend the facts and prin-
siples Of Coins Financial School, l am
| aware that the illustrations in that book
are great aid In presenting clearly its
| views. We find this true In schools.
! Many scientific works rely on illustrations,
| and our newspapers find that illustrations
make plain many ideas that could not other
wise be clearly expressed, and yet am
| here to defend orally those same principles.
I expect to make good in this debate the
following propositions:
"Flrst-That gold and silver are the
| money of the constitution; that the silver
dollar was the unit Of value in our coinage
| system In this country from 1892 to 1873,
! just as the yardstick was the measure of
length. That gold was measured in this
| silver unit, and concurrent coinage given
to 1t (gold); that silver and gold combined
constituted the legal standard Of value in
this country till 1873; silver measured gold;
the two together measured all other proper
ty.
"Sccond-That the act of 1873 was sur
reptitiously passed.
'Third-That during the period of 1892 to
1913 the mints were open to the unlimited
coinage of both metals into primary or re-
demption money, and that both were trea ted
as such. That during that period people
h01 ri inl,f f, hovn NIT
full legal tender money, and that the option
was with the debtor to pay in coins Of
either metal.
''Fourth-That this bimctallic system
made an unlimited demand for both metals
to be coined into money, increased the de-
mand for these metals, and long as this
law authorizing any one to coin 371X grains
OF silver and 1872 grains Of gold into IL dol
lar there was no one willing to sell either
for less than dollar.
''Fifth-That the option to pay in either
metal caused the cheaper of the two metals
to be used. and transferred the demand
from the dcarer to the cheaper metal and
restored Its relative commercial value. We
arc for both gold and silver We Are called
silver men because we are defending the
metal that has been demonetized.
'Sixth-That 1t is to the interests Of the
United States to act independently il the
reconciliation of silver at the ratio Of IL
to l, without waiting for the action of any
other nation.
''Seventh-That recommendation consists in
the use Of the dearer of the two metals to
the exclusion of the other as primary or
redemption money; that monometallsm is
an experiment trial for the first time
In the history of the world, and began with
the period 1873; that 1t is Impracticable and
impossible as stable money measurement
OF values; is not based OH scientific financial
principles; Is in the interest of the money
lenders, and against the interest Of the
property owners and laborers.
Prices OF Property.
"Eighth-That the gold unit, as the meas
ure OF values, with no concurrent co:n'.c,
or another metal to assit it III performin.
the functions Of primary money, has caused
when the worlds prices Of property We're
measured in the money mass Of both
metals. That all prices Of property and
labor have declined accordingly as COM
pared with 1872, except when held up re-
latively by Increased demand or short sup.
ply OF combines and trusts or special rea-
sons affecting a particular service or prop
erty. That the average price of all pro-
duction except gold, will show this decline
Is adjusting itself to the gold standard.
And that when we include III labor the un-
employed and the time lost by those en-
ployed there is a fall in wages Of onehalf
as compared with 1872. That labor IS ad-
justing itself to the gold standard measure
ment Of values.
"Ninth-That the decline in prices cover
ing a period Of twenty-five years has as a
rule made all classes of productive mercan-
profitable. That falling market
covering a long period destroys the
prospective profits based on cost of pur-
chase and production and a majority of our
most aStute business men cannot avoid fail
ure or loss of capital under these condi-
tions.
'Tenth-That it has worked hardship
and injury to debtors. who. unconscious Of
tho causes that continuously reduced the
prices of their property, have contracted
debts during these twenty-five years. That
this fall in prices caused a sacrifice Of prop
erty to purchase the dollars with which 10
liquidate these debts. That this has caused
the renewal Of debts, the contraction ot
new debts to pay old debts. and an ell
larged volume of all debts. That this un-
justly takes from debtor his property and
emphasizes the Importance Of stable
money measurement of values.
"Eleventh-That in the end. 10 one Is
benefited by fall in price but the money
lender, the owner of money and securities
payable In money, fixed incomes.
"Twelfth-That the foregoing facts and
conditions produced by change iii our
money measurement of values will inpov-
erish the masses Of the people, and points
by reason of the disturbances that it will
produce to the overthrow of the republic.
'"To all unbiased men, and those who will
lay aside their prejudices during their read
ing of this debate, l expect to make good
all Of the foregoing propositions. Every
fact In the school that Mr.. Horr does not
attack shall take for granted that lie ad-
mits it's truth. I am now ready to pro-
ceed in the order indicated In Coins FL
nancial School, and as contemplated by the
rules of the debate
! :, s Second Day.
Mr. Horr: "The matter we were talking
about when we closed las. night was the
question whether the trainers of the bin
of 1902 intended to establish two measures
Of value. Mr.. Harvey criticised Judge vi
cent for having decided that case III his re-
marks yesterday, but very tamely In CON-
parison with the statements which he made
about him in print soon after he made the
decision. He even called him dishonest in
that criticism. Now, Judge Vincent is
reputable citizen, take 1t, Of Chicago.
Some private individuals submitted ques-
ton to him and he decided 1t as he honestly
believed was right, and there Is this pecu-
liarity about it, it is right Qaughter). Here
Is what Judge Vincent decided:
1T is undoubtedly true that the milled
dollar as it was then current the start
ing point, and the number of grains to COM
pose gold dollar was aScertained by diy1d-
ing the number of grains in the silver dol
lar by fifteen But this does not alter the
fact that the units were expressed in gold
and silver. On the contrary 1t seems to
show that both were made units of value.
The word unit was employed as the equiv
alent of dollar, and the dollar was to con-
sist of either one of two different things, one
tenth part Of 247H grains of gold or 371A
grains Of silver, just as equal values may
Z be- embodied IN given weights Of any two