The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1895-07-27

case Of nations, corporations and individuals
What our people need is good money, good cred
1t. good principles and sound business sense.
Visionary schemes and debased money never
yet made a nation prosperous. The quality OF
the money used in any country is far more i'm
portant than the quantity. Laws should be
drawn to protect the men who earn money as
well as those who own money. A man who
works faithfully aid lives on his daily earn
ings should never be sacrificed for the benefit
Of men who live on what they borrow. But all
these things will be more fully explained as
the contest progresses
The following is the opening state
ment of Wm. H. Harvey:
WIN. II. HARTEY's OPENING ADDRESS.
Copyright secured by Aze1 F. Hatch. of Chi.
cago.i
am here to defend the facts and principles
In Coins Financial School" l am aware
that the illustrations in tina book are a great
aid in presenting clearly its views. We find
this true in our schools. Many scientific works
rely largely on Illustrations. aud our newSpa-
pers find that Illustrations mike plain many
ideas that could not otherwise be clearly ey-
pressed; and yet, l am here to defend orally
those same principles. Iexpect to make good
In this debate the following propositions:
l. That silver and gold are the money Of the
constitution. That the silver dollar was the
unit OF value in our coinage system in this
country from i7D2 to 1923. just as the yardStick
was the measure of length. That gold was
measured in this silver unit. and Concurrent
coinage given TO it gold. That silver and
gold combined constituted the legal standard
of value in this country till 1873.
>. That the act OF 1873 was SurreptitiouSly
passed.
3. That during the period from 1872 to 1873 the
minis were open to the unlimited coinage Of
both metals into primary or redemption money.
and that both were treated as such. Tha; dur
ing that period people had a right to nave
either metal coined into full legal-t&nder
money, and that the option was with the Gabtor
to pay in coins OF either metal.
4. That this bimetallic system made al I'M
limited demand for both metals to be coined
into money, increased the demand for these
metals. and so long as this law. authc-izing
anyone to coin 37l4 grains of silver and 3 Ito
grains Of gold into a dollar, was in force here
was no one willing TO sell either for les; than
a dollar.
5. That the option to pay in either metal
caused the cheaper OF the two metals to be
used, and transferred the demand fr.n the
dearer to the cheaper metal, and restored its
relative commercial value. We are tor both
silver and gold. We are called silver men,"
because we are defending the metal that has
been demOnetiZed.
g. That it is to the interest Of the United
States to act independently in the rerroneti-
cation OF silver at the ratio to gold OF 10 to I
without waiting for the action OF any other IA
tion.
.. That recommendation consists in tho use of
the dearer OF the two metals to the exclusion
OF the other as primary or redemption money.
That recommendation is an experiment en- trial
for the first time in the history OF the world,
and began with the period 1873. That il is i'm
possible and Impractical as a stable money
measurement OF values: Is not based on scien-
tific financial principles: is in the interest OF
the money lenders. and against the interest OF
the property owners and laborerS.
8. That the gold unit as the measure OF
values. with no concurrent coinage OF aaother
metal to assist it IN performing their functions
OF primary money. has caused the fail in prices
as compared with 1872 when the worlds prices
Of property were measured in the money mass
Of both metals. That all prices Of property
and labor have declined accordingly as
compared with 1872. except when held up rela-
lively by Increased demand or short supply. or
combines and trusts or special reasons affect
Ing a Particular service or property. That
the average price Of all production. except
gold, will show this decline is adjusting itself
to the gold standard: and that when We iacluds
in labor the unemployed and the time lost by
those employed, there is q fall in wages OF
one-half as compared with 1872. That labor is
adjusting itself to the the gold standard meas
urement Of values.
3. That the deadline in prices covering q Pc
riod Of twenty-five years has. as a rule, made
all classes OF productive. mercantile and man
ufacturing business Improbable: that a fall
ing market. covering a long period. destroys
the prospective profits based on cost Of pro-
duction, and a majority Of our most aStute bus
mess men can not avoid failure or loss of cap
ital under these conditions.
10. That ii has worked a hardship and injury
to debtors. who. unconscious of the causes that
continually reduced the prices OF their prop.
erty, have contracted debts during these TWEEN
ty-twO yearS-that this fall in prices causes a
sacrifice OF property to purchase the dollars
with which to l~iquidate these debts: that this
has caused the renewal of debts; the cOntrsc-
ton OF new debts to pay old debts, and an en-
larGcd volume OF old debts; that this unjuslly
takes from a debtor his property and en-
phasizeS the Importance OF a stable money
measurement of values.
II. That in the end no one is benefited by a
fall in prices but the money lender. the owner
OF money and securities payable In money
fixed incomes.
l.. That the foregoing facts and conditions
produced by a change in our money measure
ment of values will impoverish the masses Of
the people and points by reason Of the dis
turbanceS it will produce. to the overthrow Of
the republic.
To all unbiased men. and those who will lay
aside their prejudices during their reading >.
this debate. l expect to make good all Of ths
foregoing propositions. Every fact in tka
school" that Mr.. Horr does not attack, 1 shall
take for granted that he admits as a truth. [
am now ready to proceed in the order ind:.
Gated in Coins Financial School. and as cor-
templated by the rules Of the debate.
THE debate is expected to cover
about $50, 900 words, and will make