The Mt. Sterling advocate. (Mt. Sterling, Ky.) 1890-current, 1895-08-13

dollar Horr was quoted as rcpiyia
that the iden was $50 bsurd THAI / car
hardly treat il soberlyp Harvey said
the same reply would do for Horr's
idea.
In conclusion Harvey said "The gold
standard men are constantly pointing &C
the gold dollar as being worth 100 cents
as measured In itself Ieis self-evidenl
proposition. ~ measured In itself 1t Is
worth 100 cents
Horn said Harvey had not quoted the
Tribune reply fairly. only giving part
thereof. He said he was replying 90 a
man who did not believe in eithAr gold or
silver as money, but in ''nat" money
the old greenback idea WHAT he (Horr)
wrote about his correspondents theories
being absurd WAS not in reference TO his
measure Of value, but to his whole scheme
flat money. Here Horr charged Harry y
with being anarchistic and socialistic,
| Harvey Indignantly repudlated the
| charge.
Horr then took up the subject Of banks,
prefacing IL IL with the declaration that
no country in the world had been rs
| prosperous as the United States since
1873 Banks, he said. when we'll organ
lied, were a blessing to every community
In which they were located. BY thplr all
a dollar did more than twenty dollars
used to do. BY tt DIR aid exch inges were
made with the W., Of very little money.
less than five per cent. of exchanges ia
civilized countries Yves made with
money. He had Seen that fact es-
tablished in the New York Clearing
House.
Harvey In replying referred TO his esti-
4 70 ~ hn. Ms ~
"a 500 0o00OO) needed in the United
States, and now TO show the difference
between 'having the money in existence
and having the banks supply it, he pre-
sented table Of failures (Dun a. Co. -
| showing tho number per year and amount
OF liabilities from 1857 TO 1884 inclusive.
OF the table he said ut shows that dur
ing the years of the war, when there WAS
plenty of money, making about $40 per
capita, the number of business failures
was reduced TO minimum. See how the
contraction OF the currency, beginning in
1866 increased the failures. Follow iG
along down the years TO 1894, and note its
ravages as demonstration and bank
were substituted for real money. Notice
credit with their terrible tax on the people,
the failures prior TO 1861 When bank
credit was supplying the people with
money. Look aG its terrible ravages in
the last ten years; $4,000 business con-
Germs have gone into bankruptcy / do
not mean to say that all these ailures
are to be attributed to this cause, but do
mean to say that the credit system Of
money, with It's tax of 1870, 000 900 an
nually, will account for every dollar in
volved in those failures"
Pausing long enough to introduce ms
part OF the cussion q table on pages 186
TO 1884, American Statistical association
publication vol. ii, date lS9J-9l, giving
the total business population Of tho
United States and, the total number of
business firms dropping out of business,
Harvey gave figures showing the number
Of railways, july 20. 1895, in the hands of
receivers, the increase OF the number OF
tenant farmers between 1880 and 1890
and said that in 1880 20 81 per cent. and
in 1894 81 Is per cent of the farms
were cultivated by tenants; also a cen
sus bulletin giving the number OF tenant
families in New York city and inn
mediately surrounding municipalities at
81 81 per cent. and this be charged
TO the financial legislation he was oppos-
ing.
Horr returned to the bank question and
admitted chat the quantity OF gold in the
world had not Increased as fast as the
business of the world, but methods had
been devised by which 800 in. gold would
do now as much business as %, 900 used
to do. This diminished the demand for
the actual metal. II 0 illustrated this by
comparing the work done by water power
with one mill on a stream and an under
shot wheel, and that done by mills all
nj 81, folI
turbine wheels.
Turning to the subject OF debt he said
Harvey based "his new philosophy en-
tirely upon the theory that the people of
the world are mostly in debt. II does not
occur TO him that the debtors and credl-
tors, when you speak of sums Of indebted
ness, are always precisely the same"
Harvey replied TO the mill argument by
saying: Money Is a stream. Suppose
that along that stream manufactures
had been erected, and all had adjusted
themselves TO the quantity of water, and
suddenly one-half of that water is taken
out of the stream, what is the effectS
Let me draw another illustration from
the gentleman's figure; Suppose we were
by laws to give rights to men living
along the banks of that stream of water
to store IL away, draw it out aud put it
in great reservoirs and rent it to the
manufactures and business houses along |
that stream that Rad adjusted themselves
TO the use Of it, requiring them TO pay
toll for the use of that water-then
you would have our present banking
system"
Harvey then put in a table giving HON.
lcidal statistics of the country from 1882 |
TO 1870 inclusive, showing that they in.
creased from 1, 467 to 9o6; another table |
showing the immigration from 1882 to |
1894 inclusive; another giving the num-
Der OF inmates OF penitentiaries, iails, and |
insane asylums, and the number of sui |
oides, 1880 and 1870, and the number of |
suicides for each year from 1889 60 1894 in |
clusive-all showing great increase.
Commenting thereon he said history told |
us that all republics had fallen, and this |
would fall unless we taught ourselves |
to diagnose national disease When By a |
false money measure the people were de- |
prived Of their property, monarchy be- |
comes necessity
Horr took up the table os failures Har.
vey had put IN. He referred 60 1857 and |
1873; the former wear was one of faarF,,i |