The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-08-07

! of my cause than stated at s1O5, OO0,-
900 Cnotes on the debate.)
Suspension of Silver Coinage.
Mr.. Horr stated that Jefferson did
not stop the coinage of silver dollars
in 1906 and direct that all silver seek
ing the minis be coined into 80 cent
pieces and less, because of the /5arcity
| of small money, as stated in the
School, but virtually receded from this
claim on page IA. The expectation OF
| silver dollars should have also been
coupled by me with this statement in
the School. The reason for this ex-
portation was not, however, on ac-
count of premium on silver over
gold, but because our silver dollars
circulated as money in other nations.
whose familiarity with the dollar
would cause it to do so, whereas
those nations are not familiar with our
fractional coins and thus the latter
more readily stayed with us.
Mr.. Horn said that when gold or silver
was the unit the quantity in dollar
! could not be worth either more or less
| than a dollar, more or less than itself
ana criticised my statement in the School
that it could be worth more. / passed it
at the time as I did many other things
| that had no substantial bearing on the
SUBJECT under discussion. / now refer to
recent market quotations in New York
When gold bullion was selling at a small
premium which was accounted for at the
time as purchases made by a gold syndi-
cate to prevent gold from seeking the
mlnts. | also refer to him the silver unit
| gave him, the old coin dollars quota
! ton, which was ST.
Mr.. Horr's frequent references to a.
! change in the ratio prior to the formation
| or this government is answered by this:
! That those changes were not to make
! less money but to make more money. In
! no instance is it known that silver was
disturbed by increasing the size of the
coins. These changes We're made in the
/
When these changes were made in the
legal ratio, the commercial ratio soon
conformed to the legal ratio.
If Mr.. Horn had followed me in the
logical arrangements of the debate as in
dicated by the book we are discussing, 1
would have been enabled to furnish data
attacked by him. And 1 had so intended,
but after the discussion of the crime Of
1873 he seemed TO wholly abandon the reg
ular order of debate and went to all parts
of the School, and at one time went to
another book 1 had written, up to Date"
and hurled propositions at me that were
clearly out of the regular order of the de-
bate. This required me to use up words in
the many brief answers that L made to
him. did so because l did not want his
statements to so wholly unanswered at
the time and risk later an opportunity 10
answer him fully. / would, however.
have answered all of them fully as I did
some of them afterwards if he had let
them come in their proper order. One of
these topics was debts. The reader knows
how I abbreviated my answers. can now
only say that it was admitted by the
ing national state, municipal, corporate,
and including farm and home mortgages,
amount in round figures to s20.060 900, ono.
1t is also admitted that this does not ln-
clude current business accounts and notes
nor the enormous sum that hangs over
the army of debtors who have gone out
of bnuSineSs since the repeal of the last
bankrupt law and that may still be with
| in the statutes of limitations. Neither
does it include debts from individuals
that are not on record and that cannot
be classed as debts coming under the
head of business or traders debts. Nor
does it include debts under the following
partial payment sales, maritime debts,
overdraftS. judgments and taxes.
If / had time in the debate I would
have justified by details with authorities
the $40, 1000 050, 600 at which had estimated
the aggregate Indebtedness of the people
of the United States.
Danger of Bank Credit.
The great danger in relying on bank
credit to make up for us the insufficient
supply of money aside from the heavy
tax approximately 500. 10000 annually on
the people, is the power of the banking
fraternity controlling this credit system
supply at pleasure, as they did in 1857
1873, and notably in 1893, when they used
it to assist Mr.. Cleveland in what they
called teaching the people an object les
son."
In conclusion:
An now excepting 500 words shall use
to reply to Mr.. Horr's summary, 1 am
closing this debate. The object sought by
discussing questions affecting the welfare
of the human race is TO see wherein we
can advance the general conditions of the
people and detect errors in civilization
The world, time out of mind had bust
ness panicS and most men and womenS
lives have been full of troubles in acqulr-
ing the necessities and comforts of life.
That our present civilization has not re-
moved the possibility of these recurring
panics and that to large majority OF
the people on this earth their almost ex-
elusive labors and attentions are given to
acquiring living with, in some instances,
Indifferent and discouragine results, Will
be admitted by every one.
I once supposed that labor saving I'M
provements and inventions would lessen
the necessary toll of man and was
promise of day to come when with lit
tie labor all would be provided for and
humanity as a whole would be benefited.
Has it had that result?
All will answer that it has not. The
lines of demarkation between the rich and
the poor are more marked than ever, and
the percentage of people who devote all
their time in struggle for existence is
greater now than at any time known to
modern history. This will not be dFlied
by any but the selfish few. whose wants
being supplied know nothing CT the wants
of others.
And yet if there were no defect in our
civilization inventions would have the eff
1ecI lnlSnQeQ IOr lnSID. we are
sufficiently advanced now in this respect
to provide all the people of the world
with the comforts of life by one hour
work a day by each indi0idual while the
remaining hours not devoted to sleep
would be used in the promotion of human
happiness and the advancement of the
human race. That the passa geway to a
new era is blocked by a defect in our civ
ilization should be admitted by all.
In my judgment the discussion of the
financial subject can be made TO remove
the obstacle in the way and with its re-
moval will come discoveries that will lift
the human race to a higher plane not
now dreamed of.
SeIfshness an Obstacle.
The first obstacle in the way is selfish
ness. The promotion of self and personal
interests at the expense of others per-
vades nearly the whole of mankind AS
a natural result we are in the midst of a
commercial age. Mans object in life is
commerce-the acquisition of property
hence property has come to be in our
laws our habits and our morals the thing
of first Importance.
Under such teachings we can see men
and women suffer from hunger and pass
them by without concern. Even little
children will thus suffer without attract
ing public notice. A little boy was found
under one of the bridges in Chicago the
c-fe y-xyof ion 1a