The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1895-05-25


that were we as a nation alone 70 try 20
right the wrong. new and worse sorrows
would come 70 Us. So warned. while
not advocating any partisan move
ncnt We call upon our people not 70 be
again betrayed and TO prepare. II the sue
| lief. 10 resort 20 the peaceful exercise OF
| that right which belongs 20 liDerty-loving
| loyal men 70 defend themselves against in
| toierablc wrongs There Is but one way to
restore silver and that Is 10 restore II. This
great work can never be accomplished by
making high sounding declarations IN favor
OF silver and then elcctiug congress-
men. senator's and presidents who will
treat our wishes With contempt We there
fore urge every man who has the cause az
heart 70 use all honorable means to prevent
the nomination for the national once OF any
man who Is unqualnedly not ia favor OF free
coinage ana full legal tender OF both silver and
gold az the ratio OF 10 10 H.
CHICAGO, May 20.---The rooms OF the
Illinois Club building were packed Fri
day night by members and invited
guests TO listen TO joint debate be-
tween William II. Harvey, author of
Coins Financial School" and j. Lau-
renee Laughlin, professor Of political
economy in the University of Chicago,
on the following question::
'itesolved. That the United States should az
once enter upon the free coinage OF silver at
the ratio OF 10 70 1. independently OF the action
OF any other nation"
Mr.. Harvey maintained the ailirma-
tive of the proposition. while Prof.
Laughlin took the negative
The president, DIR. Thomas, in intro
ducing Col. Harvey, said:
There Is probably no question at the pres
ent day IN which there IS such widespread in
torest. such general study and thought as
that OF the financial problem Among the
many conflicting views and statements
which are presented for our consideration
there appears 10 the uninitiated an almost
hopeless mass OF statement OF facts and OF
theories. In this dilemma the Illinois club is
pleased 10 welcome 70 It's rooms two distin-
guished students OF finance Prof. Laughlin, OF
the Chicago university, and William II. Har-
yey, well known as a writer
Mr.. Harvey was received with round OF
I applause. and ~ cacc began a. address which
followed the line OF argument used in his
book, Coin" He held that silver and gold
had jointly been the primary money OF the
/ country from 1872 TO 1873, when silver was
stricken down THE crime or 1878" he said.
had been the cause OF our subsequent hnan-
cial aud industrial depression, resulting ia
the lowering OF prices and decrease Of wages.
He charged that all this had been brought
about by o syndicate OF European bankers and
concluded by attempting to show that silver
could be restored TO lis intrinsic value by fed
cral legislation
! Prof Laughlin won his first round OF APP
plause by declaring that silver had lost its
stability OF value. Silver. he said, was worth
no more than any other base metal.
and there was no way OF getting
rich by short cuts or radical leglsa-
tlon. There was no more virtue In the
argument that there was not "A sufficient
amount OF money per capita than there would
be In arguing that there was stringency OF
hearses, because there was not q hearse for
every man. woman and child. The professor
called attention 10 the charts upon the wall.
and that portion OF HIS address constituted
most interesting series OF object lessons
Free coinage OF silver, Prof Laughlin en-
phatlcall declared. would drive all gold out OF
the country. He proceeded TO show that,
while such a step would cause rise OF
price OF commodities. IL would not increase
wages, for the reason that wages are
always the last 10 rise and first TO fall A
rise In prices would. therefore, result In
dininution OF the comforts Of the laboring
classes No invading army, he declared, could
cause tho desOlntion and ruin which would
be accomplished by the free coinage OF
silver and consequent disarrangement OF
the whole financial commercial and industrial
system. The speaker said that free coinage
OF silver, which would enable men TO pay their
just indebtedness 90 80 cents on the dollar.
would DO cheating IL would be legalized
fraud.
In his flrst rejoindcr the champion OF FREQ
silver coinage declared that any attempt TO
dscredt the lawful money OF the country was
statutory treason.
prof Laughlln says the measure OF value
should not be tempered with said Mr. Har-
vey. II agree with him But in 1873 the meas
ure OF values was tempered with and the
American people are trying 10 restore thar
measure % value.
Mr.
burst OF applause by declaring that Prof.
Laughlins argument against double standard
was like arguing that man could
cross a river by one bridge, but could not cross
over IL II there we're two bridges Hearses.
the speaker said. were proper subjects OF IL
luStration by Prot Laughlin. for henrscs re-
minded one OF tho present condition Of this
country.
Prof Laughlln wasagiven fifteen minutes In
which 90 reply. HH challenged contradict
tlon OF his assertion that gold and sill
yer had never been maintained at % fixed
parity. In reply TO Mr.. Harvey'B assertion
that. In 1874, the money standard had been
tempered with. Prof. Lnughlin declared
that, at that date. there was neither gold
nor silver In circulation and consequent
~ there was no standard TO tamper with The
professor closed with the assertion that the
rapid and unceasinR invention and production
OF labor-saving machinery had done more than
anything else TO reduce the price OF commodi-
ties.
Mr.. Harvey was given i've minutes in which
TO close the discussion. This country, he said,
had but one financial bridge. Cleveland had
hold OF one end and the Rothschiids the other
The people had eisher TO wade or swim the
river
WASHINGTON, May 2l.--Secretary
Morton has written an answer on the
silver question In reply to James A.
Cherry, OF Denver, Col, with whom he
has been having good deal of argu-
ment The secretary reiterates the
statement that the only demonetiza-
ton of the 'silvcr dollar of the
fathers" was in the law OF 1858. and
charges Mr.. Cherry with failing to
answer questions, which he again asks.
CoyNoroN, Ky, May %. AT Central
garden Monday evening Secretary of
the Treasury Carlisle spoke on the silver
question. In substance he said:
The ouoeflon whether We shall ruafntaln a.