The Mt. Sterling advocate. (Mt. Sterling, Ky.) 1890-current, 1895-08-06
nAllUS DISCUSSED.
Principal Subject Of the Fifth
Horn Harvey Talk.
"colN" STATES HIS CASE EXACTLY


and Measures Gold That Way, showing
Depreciation OF of the Yellow Mesai, Al
He Views the Case.
ICopyright 1895, by Azel +. Hatch ]
EThe fifth day Of the Harvey -Horr de
bate began with the chairman, Judge
Miller, ON the hoor. He simply requested
the audience to respect the rights OF the
debaters, there having been on the part
of a portion of the audience an inclina-
ton to interrupt occasionally. Horr then
began the debate by declaring that all
attempts to fix the ratio between silver
and gold had been failures A difference
between the legal and commercial ratios
of Il of per cent had been sufficient to
drive the dsarcr metal out of any civilized
country. IL had been so in this country.
Gold was the dearer money up to 1884
and IL left us; silver was the dearer after
1884 and it lett us, SO that in 1883 congress
had to pass law making the smaller
silver coins much less weight in silver.
Coin" had said in his book that France
had bid for our silver by establishing a
higher ratio therefor, but France had
made that ratio--15K to lin 1873 when
our ratio was 10 to ard she got no silver
from us up TO 1884 He gave a review OF
the history Of the ratio of France, and
said that gold had been made the stand
ard of the whole civilized world because
il was believed to be more stable in value
than silver and for other less important
reasons.
Harvey said that when he replied to the
above his answer would be complete, but
he desired TO talk further about the de-
monetization act. He quoted the Nor
rill letter read by Horr at the previous
debate. In Harv5y's quotation Morrill,
says: "None [silver dollarsl having
been coined for forty years, and Harvey
referred to the mint report showing that
Morrill, was mistaken, there having been
several millions of silver dollars coined in
the forty years prior to 1878. Harvey im-
puted falsehood to Morrill, because helwas
q bank stockholder and the truth would
not have served Morrilps interests.
Horr explained that Morrill, was not
writing an essay on the number of silver
dollars coined in that time, but denying
the talk Of fraud in the passage of this
demonstration act; there had been only
10000 600 of them coined while the amount
of gold was several hundred millions,
said Horn: Senator Morrill, simply used
the expression There were none coined
and Mr.. Harvey draws the conclusion
that because that Is not accurately true,
he canuot tell the truth about anything
else,"
He then went on: Doctor Linderman
gives the valuo of the silver dollar each
year from 1884 to 1875 in the Census Re-
port. According TO that table, at no
time was the silver dollar between 1874
and 1876 worth less than l002 cents, the
highest was in 1859 when in was worth
los. o. This "Coin" calls slight varia-
ton"
Harvey then began the discussion of BIZ
metallism and said: Scientific bimetaI-
ism is this; 81. Free and unlimited coin
age of both gold and silver; these two
metals TO constitute the primary or re-
demption money OF the government.
- That silver dollars of S7lh grains OF
pure silver with us) to be the unit of
value, and gold to be coined into money
at a ratio Co be changed if necessary from
time to time if the commercial parity to
the legal ratio shall be affected by the &C
ton of foreign countries.
80. The money coined from both metals
to be legal tender in the payment Of all
debts.
"A. The option as to which Of the two
moneys is TO DO paid in the liquidation OF
the debt TO rest with the debtor, and the
government also TO exercise that option
when desirable in paying out redemption
money.
"All of these conditions are necessary.
Like any useful mechanical construction
all the parts are necessary. First, as TO
unlimited coinage: When the mints are
open to unlimited coinage of the two
metals an unlimited demand is created
for them. The quantity is limited. When
these two metals seek a market they lind
a demand for their use in the arts and
which is limited. The
surplus finds an unlimited market at the
mints To be coined into money, the OBJ
ject for which all other products seek the
market They thus have an unlimited
market as the minis are open to all that
comes. 1t is a question of supply and de-
mand.
With limited supply ana unlimited
what stops their value risingf
1t is this: The law says, We coin
S71k grains pure silver and 23.s
grains pure gold, respec lively, into
dollars, and confer upon these coins
functions which make for them a
permanent and equal demand When
this Is the law people Will uOb tdho iesS
for their silver and gold, the quantities
above named, than a dollar in current
money, for they have the right to have it
coined into dollars.
This unlimited demand for the two
metals existed in all the world at ratios
one to the other up to 1914, when Eng
land closed her minis to silver The de-
mand thus made fixed the commercial
value Of the TWO metals ct the ratio fixed
by law. England closing her minis had
practically no effect. 1t was designed 70
do so and was the beginning OF the move-
ment intended to limit the quantity of
primary money to one of the metals and
correspondingly decrease the value Of the
other metal.
II now make part of my remarks 81
official table taken from page l0S OF
compiled laws and coinage statistics, an
official document from Washington,
showing the commercial ratio Of the 3
metals for 800 years, to which have a,
ed the commercial ratio for 1894 From
this table IL will be seen that under the
effect of unlimited coinage up TO 1873
parity between the two metals was main
tanned at the legal ratio. Cast your eyes
up and down these columns and see how
evenly the commercial ratio kept pace
with the legal ratio. The ratio of France,
&ha laroaat nathan oonl m n rcfallv during