The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-07-17
Preliminary Statements Made by the
Ex-Congressman and the Author
Of Coins Financial School.
UNIT OF VALUE DISCUSSED
FIRST DAYS DEBATE DEVOTED AL
MOST WHOLLY TO THE SUBJECT.
Much Old Straw Thrushed Over
Used in the Bible and by Coin.

CHICAGO. July 1.-THE long heralded
financial debate between Roswell S. Horr
and William H. Harvey (Coin) began this
afternoon. 1t was about d. m. when the
witty ex-Congressman from Michigan, now
resident of New York, and the sharp Col
orado newspaper man. now citizen of Chi
cago, signified to the judges and the Sc
lect audience present by invitation at the
Illinois Club. on Ashland avenue, that all
in readiness for the successive word
broadsdes that were to last three hours a
day for ten successive days. The judges
were Hon. III. G. Miller and Judge w. A.
Vincent.
Mr.. Horr spoke first. He said:
MIR. Horr's Opening Statement.
"Gentlemen-It is agreed between Mr..
Harvey and myself that previous to enter
ing on the general discussion, each of US
shall make a brief statement defining, in
general way, the position he proposes to
occupy in this debate. The question which
we are about to discuss is not only receiv-
ing very great attention among the people
of the United States, but it is one that is
also receiving some attention from the ma
tions of the old world. The question in
wolves the kind of money that shall be
used by the. people of the. United States
and has to do with laws which will affect
the business interests of this Nation. The
question of finance is very complicated of Gated
which the ablest men of the world have
been differing for years.
'srhe foundation of the discussion on
which we are about to enter is small
book published by Mr. Harvey. my oppon-
ent, and entitled Coins Financial School,
The real aim and object of that book is to
convince the people Of the United States
| that this government alone should at once
| enter upon the free and unlimited coinage
of silver upon the ola ratio Of 16 to /. The
| wisdom of such a course / dispute; Mr..
Harvey will still maintain the affirmative
of that issue. l will state in the outset that
| from the beginning to the end of the book
| there is hardly proposition made TO which
l give my assent. propose TO controvert
many things which are stated as facts and
| set forth by. it's author, if adopted by the
| people of this country, would lead only to
| business disaster and financial ruin do
| not now remember ever to have examined
| book carefully in which 1 found so few
| statements that consider worthy Of belief
and 1 certainly never saw SO many abso-
| lutte errors crammed into so few pages.
| II am not here as an opponent of BIZ
| metallism. believe In the use of gold and
| silver as money to the fullest extent that
| can be done on sound business principles.
| My position on this question has been too
frequently stated within the last five years
to be misunderstood by any one. i believe
| that both gold and silver are the natural
money of the world; that in all the larger
| transactions gold is better adapted to the
| needs of the people than silver; that all
| the smaller business transactions of the
| human family for many years have been
4
yer. 1 also believe that in all transactions
| of the nations of the world between them
selves. the two metals should be used in the
| settling of balances, but only at their COM
mercial value. / also believe that In the
business of our Nation the people should
| never attempt to use either metal except
| at its actual value, only in cases where one
| metal may be used as token money and
| be made redeemable in metal at its COM
mercial value.
Il have always entertained the hope that
the business men of the world would yet
come together in an international conven-
| tion and agree on some basis whereby
gold and silver can both be used as the
| money OF final settlement among the peo-
| pie of the entire world. L am very clear
| in my idea that until some such arrange
| ment shall be made it would be simply
| suicide for this Nation to adopt a sys-
tern of the free coinage of silver upon the
| old. ratio, a ratio which all the civilized
! nations of the world have long since dis
| carded. do not believe that any one gov
| ernment can fix the value upon any two
1 metals and name ratio which will be ac-
| cepted by the people of the world or of
| the country itself. that the two metals
| will be used side by side. Consequently, If
| our Nation alone should attempt any such
| action it would simply place our country
upon a silver basis and the attempt would
end in silver monometallism II we are
metailism and silver monometailism then
/ am decidedly in favor of adopting the
| standard used by the civilized nations of
| the world
81 do not believe that silver has ever
| been demonetized anywhere in the world.
| believe that the law of 1873, which Mr..
| Harvey's book denounces as crime was
honestly conceived, openly advocated and
| passed by the American Congress. after
| full deliberation, and because the people at
| that time who held seats in the American
| Congress believed that such a law ought
| TO be enacted. 1 do not believe in the
| teachings of the book, that this Nation is
on the verge OF financial ruin; or that
| face. l believe If our Nation should adopt
| the course advocated in this book 1t would
| seriously injure the entire wage earners
| of the United states. I believe would
| destroy the confidence of the business men
! of the world In our integrity as nation
and we would precipitate such financial
panic as our country has never before seen.
| shall deny most emphetically that the
| great majority of the people of this coun-
try are in debt and shall insist that three
| fourths of the American people are to-day
| creditors and not debtors and that con-
| sequently the system which Mr.. Harvey
advocates would work great injury TO the
| vast majority of American citizens.
IT will state. further, that If this book
| about which we are going TO debate is
true. then am all wrong It seems to me
to be devoid of business sense from begin
| ming TO end, and / shall enter upon the
work of attempting to prove that. and
hope to be able to do 1t in language that
| shall he so plain and explicit that my fell
| low-citizens will be satisfied that 1 have
accomplished my task-understand me in a
| few words.
should have just as good money as any
! nation uses on the face OF the earth. I
believe that every dollar paid TO poor
| man for his daily toll shall be worth as
| much as the dollars paid to men who are
rich. ! would have the money which meas
ures values the most stable that can be
! desired, and would insist that buyers and
sellers, lenders and debtors shall. as near
as possible, be required TO use the same
measure of values and shall insist that
repudation in all forms is disgraceful and
dishonorable in the case of nations. cor
| porations individuals. What our peo-
pie need is good credit. good money. good
principles and sound business sense. Vision
| airy schemes and debased money never yet
made nation prosperous. The quality OF
the money used in any country is far more
important than the quantity. Laws should
be drawn to protect the men who earn
| money as well as those who owe money.
The man who works faithfully and lives
| on his daily earnings should be
| sacrificed for the benefit of mon who live
on what they borrow. But al these things
will be moro fully explained as the con-
test progresses"
Mr. Harvey's Propositions.