The record-union., 1895-07-17

in the volume of money, which was also
without historical parallel. All other
attendant circumstances than these last
have occurred in other historical periods
unaccompanied and unfollowed by any
such mighty disasters. It is suggestive
coincidence that such conditions came
with invention Of bills of exchange ana
substitutes through which the scanty
stock OF the precious metals was IN
creased in efficiency. 1t needed the
heroic treatment of rising prices to en-
able society to reiight and upllfs the
almost extinguished torch of civilization.
That the disasters Of the dark ages were
caused by decreasing money and falling
prices, and that the recovery of the re-
form and the comparative prosperity
which followed the depression were due
to an increased supply of current metal
and rising prices, Will not seem surpris-
| ing or unreasonable, when the noble
| functions Of money are considered.
now pass the book to Mr.. HOrr.
Mr.. Horr-I desire to state that my
| friend has spent his whole time answer
! ing something that l never mentioned or
said anything about. l merely called his
attention ito the use OF passages of
| Scripture which he has not fully eX
| planed by saying that the passage does
not mean what it says; that the word
| which is translated "babes" really means
| honest. disinterested persons, and then
he informs us that he represents the
honesty OF America. Maybe there is
some excuse for the use Of the motto. 1t
seemed 10 me at the time little sacre
! ligious. | do not desire TO criticise him
for that, but / desire 10 say that that
motto is not susceptible Of that e1plana-
! tion.
| The next quotation l find is that All
money is q medium OF exchange, but
! primary money is only the measure OF
values | have stated my own position,
and l would like Nj. Harvey to tell me
in q word what he means by primary
money. 1t is not defined, as | can find,
anywhere in the book. What kind OF
money is primary money? Am l enti-
! tied 20 al answer?
MIR. Harvey you have finished
and sat down, Mr.. Horr, [ will go ahead.
| Mr.. HOrr-l submit that a question 80
| simple as that, which is at the basis Of
this question, should be answered as
readily. | will sit down and let you an
swer it.
Mr.. Harvey-The question asked is
part OF my argument lin the book, and
it would be out of place for me to answer
| this question now, and would disturb the
| logical arrangement OF the argument.
MIR. Horr-I have not succeeded in get
! ting very much information. If L did
! not mistake him in his previous remarks,
when he laid down the position he was
! going to occupy, be, tor the first time in
! those remarks, gave bis definition OF
! primary money. | submit to the re-
demption money" i'll course of the OK
planatlon. If | am right, then it IS
redemption money to which he refers in
the motto. If that is what he means,
then / call his attention 10 the fact that
the statement itself is not true. "All
money is a medium OF exchange" 1t is
true that far. But primary money, or
redemption money only, is not always
the measure OF values. The measure OF
value from 1865 to 1879 i'll the United
| States was the green back dollar. That
was not dollar OF primary money; it
was paper dollar, promise to some
time pay real dollar
MIR. harvey-MOney is medium of
! exchange and measure OF values. AS
a measure Of values. il is q thing repre-
sen;ing value. Whom we express prices
we have reference TO the unit of value
or its equivalent. With gold and silver
! in existence as primary money, there is
| double the quantity Of money, real
money, as there is when golC. only is in
existence as primary money. Money is
also medium OF exchange. What is
meant by that is this: Instead of ex-
| changing one property for another prop
erty, we exchange it for money, and
money being by law ard usage q COM
mon medium of exchange, we are thus
| able to exchange it for the other prop
| erty desired. We exchange property tor
money, and then exchange the money
! for the property or for service.
70 understand the value Of money,
we must consider the conditions that
would exist il we had no money. 1t
would then be q matter OF barter and eX-
change OF one kind OF property for an
other. The men Of to-day do not under
stand money and its relation to property
and society. Ii hey did we would not
be engaged in this discussion. Under
this last bead comes the question whether
all money should be issued by the Gov
| ernment, or all or part OF it should be is
! sued by private parties or corporations.
| The necessity for money, the TACT that it
| is the fluid OF society, should make it
solely the creation of the Government.
We regulate interstate commerce by
law, because it is q matter affecting So
! ciety. But ii IS not as important as
money. 1t should become fixed prin-
| ciple with US that the issuing of money
is an act of sovereignty. Our monetary
system should be fixed upon scientific
| principles, by which every dollar is as
! good as every other dollar. All money
should be legal tender i'll the payment
Of all debts. and no act of discrimination,
or nulliticaiion, or debasement of the
currency by anyone should be per
| mItted.