The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-07-30
the world. Money In circulation made ousi-
ness, he said. just as life does not make
blood. but blood makes life.
IRT SAVINGS HANKS.

depositors had N1z.ooo.ooo on deposit.
which 1t was proposed TO cus in two Build
ing and loan associations had 1.725.0oo de-
positors. with an aggregate OF So. 5.S2.oo9
due them. In addition TO those were the
trust companies, life insurance ompanies
and State banks. all OF which were 70 be
allowed to pay In deprecated money And
and women oney In In ,h fhs SET Of every mse
halved In value All of this was for the
benefit Of 2o.ooo silver men. Why. their
much as the eggs yearly laid by the hene
OF the United States, and was about equal
IN value to the peanut crop
be the destruction of all credit IL would
oring ABOUT the worst panic the Nation ever
saw, Inc paraiysis OF business would %
the world VAS done on credit.
NJ. Harvey. replying. said that thou
sanes of men had been financially wrecked
by their inability to keep up their life in
surance payments He declared that there
was but one worse crime than that Of 1873,
ana that was that OF the man who Claimed
that the defenders OF silver meant repudia-
tion- He thanked Mr. Horr for the iiiustra-
United @ States TSn mss tho Si caim Of the
silver men. There was no danger but that
the demands of business would absorb u.
This Nation could take all the silver which
US in exchange for products. In single
year We could reproduce these goods
thus absorb ali of the silver in the world il
necessary. The history OF nations SHOWED
that the more primary money. II had the
more prosperous IL was. AS long as the
United States could make unlimited de-
mand for silver at a fixed ratio, the hold
ers OF silver would not part with It for any
ver-using nations OF the world, and control
OF commerce would be transferred from
our trade with the gold-standsrd nations of
Europe through our control OF the products
OF the silver-standard nations
He argued that there enough gold I'm
the world for the transaction OF legitimate
business and the annual output of the
meet the increase of the worlds business.
In proof OF this he quoted the increasing
production of Africa, Russia. India. Aus
ing of new and rich mines. Since 1850 the
supply of gold in the world had increased
with Indications OF continued rapid increase
New processes and new machines he de-
clared, were being developed rapidly to
Harvey's silver jim Jams
Mr.. Harvey said that the more rapidly
the blood courses through the body. the
more blood was needed. So the higher
the civilization, the more rapid the ex-
change OF commodities, the more money
complishment. Mr.. Harvey said that any
one who had occasion to look into the
question OF reports OF the output of mines
figures. % T He % then % Quoted d. the M statistics OF Of
India under the silver standard, showing
a steady growth till the balances of trade
that to their use of silver, and our com
parative disuse Of il had given such an
impetus to India, Japan and Mexico
FAVOR INDEPENDENT ACTION.
He declared he was in favor of inde-
pendent action by this country because IL
would right a great wrong: because its
continuance would injure more; because
this Nation should be independent of Eu-
rope; because we should be free from tri-
bute-paying to Great Britain; because our
power is sufficient to compel Europe TO
come to our standard In order TO do busi-
ness with u.s. International balances were
settled by weight, anyhow. There was no
such thing as International money.
Mr.. Horr. resuming. said that there
was no such general lack OF prosperity In
this country r ,a as M Mr.; .r,a h,arvey had claimed
of actual contact with the people of the
country. Since 1873 he had travelled over
five hundred thousand miles, covering
Why, during the last year these people
who Mr.. Harvey said were on the verge
10000 bicycles. These were not strictly
articles of necessity They were. he said.
used somewhat for business, but mostly
for recreation, and an artistic view of the
human form divine.
Mr. Horr then proceeded to argue in be-
that it's chief ms ana
stable measure could not be maintained
with two standards. Why" he asked.
claimed. the value of all prosperity? Why
not go back to the standard Of Rameses
III, to Is? The whole theory was fallacious.
face
Mr. Harvey said that money could not be
classed with weights and measures. The
that standard 1t was more stable than a
single standard. As the pendulem OF the
clock was made Of two metals TO counter
act each other. so the standard OF money
should be double acting each on the other
and preventing fluctuations. Free coinage
in the United States would establish a
The man abroad who had not silver would
have gold. II the United States would take
its stand 1t would prove itself stronger
to stand by us. Mexico and South America
would be with us: combined they would
Enr0Pe to Mr. to
pensioners. Mr.. Harvey declared that that
appeal to the old soldiers would not AFFECT
them them They were n patriots; and ry they would ,h
people Of the Nation and would be forgetfui
of themselves.
Mr.. Horr said that sirer had its day as
the money Of final redemption. 1t would
| continue, however to be used subsidiary
money. Gold was the standard Of the world,
to sn! Mr.. T Harvey. then Said he wanted to rss re
| ciprocate the courtesy of Mr.. Harvey In
presenting him (Mr. Horn with a silver
| dollar. Mr.. Horr said he proposed 10 pre-
/ metals. because Mr.. Harvey was blmetal-
| list.
| Mr.. Horr then handed over two Chinese
| coins. one of silver. worth 20 cents. and
one of copper. worth l mill. and proceeded
| to say that the nation which struck these
| coins had silver standard. It's laborers
| we're paid g per month; its people did not
| ride in carriages; its civilization had gone
| to sleep. The silver coin presented him by
| Mr. Harvey was struck by progressive na-
| ton. II did very well then. but the growth
| of civilization and commerce had since de-
/ manded a change Ia the standard. That
! standard should be gold. Mr.. Horr closed by
| thanking Mr.. Harvey for the uniformly
| courteous treatment which he mad received
| from his opponent during the discussion.
| Mr. Harvey. rising for his closing ad-
| dress, said he accepted the present from
! Mr.. Horr OF the coins. He objected how
| ever to the references OF NJ. Horr TO the
| silver coin The United States was the
| chief producer OF silver until 1873. IL was
| the most sacred metal of our coinage: II
| was the measure OF all values In 1875 II
| was struck down as Caesar was. by the
1 dagger of an assassin. The gold standard
| men had set up standard founded on a
crime as a standard for the moral OF the
Nation. The metal in the coin given him
| by Mr.. Horr symbolized purity. virtue and
! grand honesty
yey said he wanted TO encourage the
| despondent men who contemplated suicide
| TO forego the deed: relief was at hand and
/ prosperity would again come 10 the Ma
| ton. He declared that. with the growth