Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1895-08-07

Il propose to show you during this
discussion that no law has ever been
passec by the American congress which
was freer from faint, which was more
carefully examined. and which was
more completely and fully understood
than the law OF 1878"
When one considers the people were
deprived OF one-half OF their primary
money without their knowledge or con-
sent in this. republican form OF gov
ernment, one can better understand
the unjust and immoral proposition
taken by the monometallsts who have
since stubbornly refused to allow the
people TO pass a verdict upon this
question. What Garfield. Blaine aud
others said on this subject will be
FOUND In the congressional records dur
ing the discussions to which my othdr
references given in the debate Will d.
rect the reader. A letter from ex-At-
torney-general Plerpont under Presl-
dent Grant to Hon. George Merrlck,
Denver, Col, stating that General
Grant told him that he was deceived
by the act OF 1873, Is In my possession
ind | viii cause It to be printed and
get general circulation.
o. That for all the time OF which we
have knowledge, gold and silver
We're treated equally as mony, both had
a right to enter the mints In all coun-
tries OF the world until 1916 when
England closed her mints TO silver,
and 1884 when the United states,
Germany, France and the Latin union
followed. And until 1S7S-74 the COM
mercial value OF the two metals were
substantially at parity with the legal
ratio, That this condition made both
metals available for use as primary,
money and the demand for primary
money was relieved by the volume OF
both metals.
6, That prices of all property is now
n - a @ rod In aral al
tantially at the present time one-half
what they would be under the BIZ
metallic system.
Mr.. Horr frequently in debate sub
stantially makes this admission.
4 That there was $l43.OOO,O0O in sill
yer coined at our mints prior to 1873,
all of which was coined prior to 1858,
was primary money, and since 1858. the
silver dollars were primary money.
through the medium OF silver dollars
the whole volume Of the silver supply,
which was behind our monetary sys-
TEN, was exertlng its influence as a
measure of value and stood ready TO
be coined and to share equally with
gold the demand for money. That
all the silver coined since February IL.
1873, has been token money represent
Ing gold is not exertinR the influence
as measure Of value, and is not per-
forming the functions of primary
money,
8. believe those who read and care
fully digest the debate Will say that /
have proved all the facts In NY OPEN
ing statement Mr. Horr found no err
ror's in Coins Financial School. ex-
cept the statement on page s. where It
is stated that the silver coined prior to
1872 was Si05. 900 900, which VIC both
agree should read Sii3,000.OO 900, This
was not an error affecting The merits
OF the book or the principle invoked,
and have stated II nj N14H OnO uOU
would have been more to the interest
of my cause than stating at l05,o00.
600.
Mr.. Horr said that jefferson did not
STOP the coinage of silver dollars In
1906 and direct that all silver seeking
mlnts should be coined into 80 cent
pieces and less because of the scarcity
of small money as stated in the
school" but virtually receded from
this claim on page l44.
The expectation of silver dollars
should never have been coupled by
me In connection with this school. The
reason for this expectation was not,
| however, on account OF premium ON
silver over gold, but because many OF
| our silver dollars circulated as money
in other nations where their familiarity
with the dollar would cause II to do so,
whereas, they were not familiar with
| our fractional coins and thus the latter
| more readily stayed with us. Mr..
| Horr said that when silver or gold was
the unit, the quantity In dollar could
| be worth either more or less than a
| dollar more or less than Itself and
| criticized my statement In the school,
| that It could be worth more. l passed
| II at the time as | did many other
| things that had no substantial bearing
on the subject under discussion
| refer him now to recent market quota
lions in New York when gold bullion
| was selling for n small premium which
| was accounted for at the time by pur-
chases by the bond syndicate to pre-
| vent gold from leaving the mints.
! refer him to the silver until gave him,
the old coin dealers quotation on which
is 81. Mr.. Horr's frequent references TO
| a change In the ratio prior to the for
nation of this gold is answered by
| stating this: That the changes We're
| not 10 make less money, but more
| money. In no instance Is Il known
| that silver was disturbed by increasing
the size OF the coins. The changes were
made in the gold coins and were made
| to make more money. When the
changes were made In the legal ratio.
the Commercial ratio soon conformed
10 the legal ratio. The great danger In
relying on bank credit to make DIP for
us the insufficient supply OF money
| aside from the heavy tax approx
mately 100000 900 on the people Ia the
/ power OF the banding fraternity CON
! trOlllnS tnlS circuit system 10 DrlnB on
| panics by shutting of this supply at
| pleasure as they did In 1857. 1873 and
notably In 1893 when they used Il to
assist Mr., Cleveland In what they
called Teaching the people an object
| lesson"
Mr. Harvey's reply to Mr.. Horr's
summary: II supported my proposition
/ that primary money only Is the meas
| ure OF values. as Will appear on pages
| 300 go and 276 as now published In the
| official report. ] made no statement as
| to the condition of the people OF the
! Fifteenth and sixteenth centuries.
read a statement from the report OF the
monetary commission OF 1876 to show
| what the preface In the School" was
! quoted for. More recent history was OF
more Information to the people. II /
| had seen 1T 10 defend the report, my
defense would have been complete. Mr..
Horr shows that he does not yet know
! what blmetallism Is. The cheaper
metal mostly in use does not mean
monometalllsm; because n metal IN
equally and constantly In circulation
does not mean that It is not regulating
| our currency. II he was right In that.
we are now on paper basis, for gold
is not in active circulation. Not as
much as silver was from 1884 TO 1852
He is exceedingly mixed as to the
order In which i have resented the
crime OF 1873. My claim was that the
bill was surrepetlliously passed not
that any one was bribed. This | fully
sustained. so strongly that no one can
reasonably doubt there Was corruption.
saNN -. -