Western Kansas world. [volume] (WaKeeney, Kan.) 1885-current, 1895-07-27
PRIMARY MONEY.
The Chicago Debaters Further Discuss the
Financial Question.

The Chicago Debaters Further Discuss the
Financial Question.
CHICAGO, July 24.-No eviden ces of
fatigue or lack of breath were APP
parent in either the principals in the
Horr-Harvey debate when time was
called for the sixth round yesterday.
Mr.. Harvey led with vindication of
the Importance of the debate.
which he said rested upon five
historical reasons: First, for 200
years prior to the demonstration
of silver in 1873 silver was seeking the
minis of the world for coinage into
money; second, for 200 years prior to
1873 there was no variation between
the commercial and the legal ratio of
1519 to 1. During the twenty-five years
since 1878, however, the two ratios had
separated widely, and gone from 1515
to one to about 80 to /; third, for 333
years prior to 1873 the quantity ratio be-
tween silver and gold ranged from Sc
of silver to / of gold to 4 of silver
to l of gold, but notwithstand-
ing this wide variation the COM
mercial ratio had chung tenaciously
to the legal ratio; fourth, the price
of silver in the London market as
measured in gold up to '73 was prac-
tically steady, while since that date
silver had declined from 60 pence per
ounce to 2S.7 pence per ounce; fifth
that this violent fiuctuation in the
price of silver has been going on ever
since it's decentralization and is going
% to-day.
Mr.. Horn did not reply directly to
his opponent, but took Harvey's state
ment of yesterday that but one error
had been found in his work, saying
that there were myriads of mistakes,
not in express statements of facts,
but by false implication which any man
of sense would repudiate on sight.
At this point Mr.. Horn created some
derision at the expense of Harvey by
saying that he did not deny that his
opponent believed all he had written.
Mr.. Harvey went back to the discus
sion of primary money as measure OF
values. In 1867, he declared, all the
money in circulation was $1S.28 per
capita, and in 1872 it was $40. 10 per
capita, and in those times all money
was primary money, the measure
of values being paper money itself.
In 1894 we had per capita
circulation of $24. %. He then
said: Nov, you will all say that
the quantity of money IN circulation
affects prices. You have more money,
primary and credit combined, in
circulation in 1894, per capita, than
you had in the two years named
previous to 1879, and yet prices were
higher then than now. Why? Be-
cause there was more primary money
per capita in circulation at the two
first named years than there is in the
last named year, 1894. OF the 1924 per
capita in circulation of all money in
1894, only about So is primary money,
while in 1867 and 1872 there was SIS
primary money in circulation per cap
ita.''
Mr.. Horn said Mr.. Harvey's definition
of primary money was money of re-
q demption. Greenbacks had to be re-
deemed to make them good, and they
could not, by any hook or crook, be
construed into primary money. Mr..
Horn then said: Now, in 1879, we did
return to specie payment, we did make
our green backs and all our money as
good as the best, and Brother Harvey
and his whole crowd of followers and
adherents were going up and down this
country stating that if we undertook
to enforce that act we would ruin the
business of the country. / know they
said it, because I heard them do so.
They believed it, just as Harvey does
now"
Mr.. Harvey: "You did not hear me
say it,
Mr.. Horn: "Well, if you were old
enough you did say it. A man consti-
tuted as you are could not have said
anything else. !"
Mr.. Horn declared that the stuff he
was preaching, as it had been de-
nominated by Mr.. Harvey, was upheld
by every civilized nation on earth, and
that only such countries as China,
Mexico, and Japan favored the silver
standard.
Mr.. Harvey denied that Mr.. Horn
was justified in calling him a green
hacker, and said that he believed in
gold and silver as primary money, to
the fullest extent under the bimetallic
laws that governed it prior to 1878. In
relation to the claim of Mr.. Horn that all
the civilized nations of the earth were
in favor of the gold standard. Mr..
Harvey said that all the civilized
nations of the earth were at one time
slave holding nations and the individ-
ual slave holder had made precisely
the argument advanced by Mr.. Horr.
He then went back to credit and re-
demption money, and declared that
credit money may be issued
by the government, with safety,
only in such quantities as
will not embarrass it in case a run
is made on the government for re-
demption. If the government requires
redemption money it can float bonds
among its own people to the full
amount necessary to obtain what pri-
mary money it needs.
No government should ever borrow
from the neople of another nation