St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-07-24
HORR SHOWS IT'S UNSAFE TO,
SWEAR BY EECoIN,Sv FINAN-
CIAL SCHOOL.
MINNESOTA IN EVIDENCE.
III
EXHIBITED BY OUR STA
TISTICS. il
81
His Opponent Again Endeavors
2I
to Hold Him Down to the l..
Questions in Debate.

CHICAGO, July 23.-The seating
| capacity Of the rooms of the Illinois
club was all taken up when the
Horr-Harvey debate was resumed
today. While the size of the rooms
do not permit a large audience, the
officers of the club are compelled
every day to refuse many appIica-
tons for seats. The days talk was
opened by Mr.. Harvey. He said the
debate of the last session was Of
value as showing that during the
steadily coined in spite of the asser-
ton to the contrary; that by the
table copied from the reports of
the minis the commercial ratio be-
tween gold and silver had been
maintained at about the French
coinage ratio of 15k to 1 for two
hundred years; that during the
years since 1878, as the result of
decentralization, the commercial ratio
had declined to 80 to 1 that in the
1888 years prior to 1873 the quantity
or ratio between gold and silver had
ranged from Sc of silver to one of
gold, to four Of silver to one Of
gold, and that during all that time
the commercial ratio had chung
closely to the legal ratio. During all
that time the commercial price of
silver bullion had remained steady.
Since 1873 it had steadily and rap
idly decreased. 1t was the domi-
mating influence of London in ex-
change to all parts of the world
which led to gold being recognized
by the world as the standard in alt
commercial transactions.
Mr.. Horn, in his opening remarks,
proceeded to call attention to what
he called misleading statements in
Mr.. Harvey's book. For instance,
he declared to be untrue the state
ment that it was believed that the
cost of producing all of the gold in
the world was about 50 per ounce,
while some put it much higher. Mr..
Horn pointed out that there had
been a vastly increased production
at greatly reduced prices. At the
cost which Mr.. Harvey spoke of the
silver miners in three years would
have lost over s100,O00,O0O Again,
Mr.. Harvey had put the aggregate
amount of silver in the world at
about $9,000,00O,000. 1t was esti-
mated that there was about six bill
lions. Mr.. Harvey had said the
RI oh Of
to about forty billion dollars. That
was an absurdity. The statement
of the amount of interest which the
United States paid annually to Eu-
rope was also untrue.
TREAT BOTH ALIKE.
Mr.. Harvey said that the amount of
silver referred to by him in his book
was the amount available for coinage
For the rest, he proposed to pursue the
ordinary course and answer the ques-
tons as they came. Mr.. Harvey then
distributed a table showing the pro-
duction of gold and silver from 1892 to
1892, and proceeded to argue that, III
spite of wide relative fiuctua lions in
production, there had been no huctua-
ton in relative value till after the
demonstration act in 1873. He went
on to argue that, except in the legal
ratio or weight, there should be no
difference in the treatment of silver
and gold. He said that the govern
ment was the creator of money, and
had the right to regulate the thing
created to the extent of fixing relative
ratios, but it had no right to take from
the legal tender quality of any money
created.
Mr.. Horn continued his objections
to Mr.. Harvey'S statements in his
books. He took up the supposition
that if the government wanted 100000
horses it's competition would increase
the value of horses, and that free COIN
age of silver would increase the value
Of the bullion. Mr.. Horn said that all
the government did to silver was to
put stamp on the bullion and return
1t to the owner. Suppose the govern
ment should merely call for 100000
horses for the purpose of afhXing a
brand to them, and, having done so,
should return them to the owners,
would that increase the value of the
horses of the country? The horse
argument, Mr., Horn declared, was a
fraud. The speaker then took up the
matter of the elements which govern
the price of wheat, arguing that Mr..
Harvey's deductions were fallaeious.
BETTER TWO METALS THAN ONE
Mr. Harvey said this government
had fixed the price of gold and all the
friends of silver wanted was for it to
fix the price of silver, in the belief
that the nation could better keep out
of the hands of the pawnbroker with
two metals than one. Returning to
his argument on bimetallism, Mr.. Har-
vey said the option of the debtor to
pay in the cheaper metal should not
be impaired. This would always main-i
tain a parity. If the creditor were
given the option of the money in
which he should be paid, he would
demand the dearer money, thereby in
creasing the demand for that metal
and decreasing the other, thereby
widening instead of narrowing the dis
parity. Continuing, Mr.. Harvey de-
clared that all nature was bimetallic.
Man had two legs, two arms, two
eyes, two ears. He declared there
were available for coinage in the
world about sixteen ounces of silver
to one ounce of gold.
Replying, Mr.. Horn took I'D the
|. question of farm tenancy, whose
growth Mr.. Harvey at an earlier stage
of the debate had adverted~ to as
bad sign in our national life. Mr..
Horn declared it a good sign, and
quoted from statistics gathered by the
state of Minnesota showing the steady
evolution of the tenant into the land
owner, and from other statistics
showed that the increase in the num-
Der of tenants had been accompanied
by decrease in the number of farm
day 1aborers. The increase in tenancy
had not been at the expense of farm
owners, but at the expense of day
laborers.
HARVEY STEERS CLEAR.
Mr.. Harvey declined to discuss what
he called the tenant business but
promised that he would take 1t up
when he got to it. He then went on
to say that Their are two kinds of
money in the general sense in which
the word is used, one being primary
| money, and the other representative