The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1895-05-20
COIN AND LAUGHLIN.
HARYY, THE AUTHOR OF FINANCIAL
SCHOOL DEBATES FINANCE.
The Professor Argues for Gold-Chicago's
Business Men Turn Out to Hear the
Debate-Silvtr Has a Champion.

Chicago Ills, May 1.-THE much-talked-
of discussion on the silver question between
Professor j. L.. Laughlin, of the Univer-
sity of Chicago. and w. III. Harvey, author
of COINS Financial School," took place
tonight at the Illinois Club The assembly
room was crowded and many more were
turned away The audience was composed
of merchants, bankers and professional
men. The wording of the question debated
was:
Resolved. That the United States should
at once enter upon the free coinage of sill
yer at the ratio of 16 to l independently
of the action of any other nation"
The speakers were limited to one hour for
their main address. Mr.. Harvey opened in
the affirmative. He was also allowed thr-
ty minutes to close. Mr.. Harvey's argu-
ment was substantially as follows:
THE first reason why / am i'm favor of
Independent action by this country is that
we should not be subjected to the inilu-
ences of the governments of Europe. If
people can be ruined by hanging to the
policy of Europe, then we can be reduced
to the same financial legislation as a war
of contest would reduce us. The monomet-
allists mostly say, We admit bmetallsm
would be good if we could get international
bimetallism.' In other words they agree
that there is something radically wrong,
but claim we are tied to the financial poll
cy of Europe. If financial legislation is
one of the classes of class legislation by
which many are robbed and the few en-
riched by which the lemon is squeezed,
then il is one of the institutions OF Euro
pean governments that we, nation of
people, republican in FORM should declare
out independence Of They say, We must
have the same money that they have in
order to carry on business with them My
reply is The biggest business we ever did
20 rrsvr Will .
when they had gold and silver as money
and we had neither. We do not settle
our balances with Europe in coin except
on it's commercial value and by weight.
There is no such thing as an international
money. Silver is not d COM
modify to be measured in gold. 1t is an
object to be gored and kicked by bulls and
bears. 1t is shut out of the United States
minis 1t is token money. We would re-
store 10 it that unlimited demand it enjoy
ed prior to 1873. That would cause the VAL
ne Of silver to rise compared with gold.
This is what we want.
Make the silver Dollar the Unit.
1--WE would again make the standard sill
yer dollar the unit of value as it was be-
fore 1873 No man would take less for it
when he could have it coined at pleasure
into a dollar. Silver is the peoples money.
Gold was, and is the money of the rich.
Twice when the commercial ratio between
the TWO metals nltuS IL aQNlSaDlc TO Change
the legal ratio. the change was made by
recoining the gold coins. They were chang
ed in weight and size. No change was
ever made on the quantity of pure silver
in the silver unit We would make both
legal tender in the payment of all debts.
We would repeal the law of 1873 and the
Sherman law of 1890 authorizing contracts
to be taken payable in gold only y true
knowledge of bimetailism and the simplici-
~ of that system decided our ancestors.
The alternate use of silver with gold, which
is true bimetallism would give an elasticity
TO our primary money which is now alb
sent. We would give the debtor the op-
ton Of paying in either metal. Now the
creditor demands the dearer metal. Let US
have nothing more to do with Mr.. Cleve-
land, Mr.. Sherman and such men who have
assisted to tie the hands of this great ma
ton and deliver its financial policy TO the
gold gamblers of the world.
4 Princciy Commission.
'"The bank of the Rothschilds in England
is now behind the United States treasury.
They are our financial agents and mauag-
ers. We are paying them the princely sal
airy Of S, 00O00O for each six months of their
valuable services. We are now in the
hands of the pawnbrokers of Europe. There
is only one way to replenish our reserve
stock of gold. That is to borrow it from
those who have it, That means England.
having a gold standard means 1t is 4
money that is easily CCrnered. How are we
to pay our debts to England? Restore sill
ver the price of all our products will adj
vance and the balance of trade with Eng
land will double in our favor"
The Goldbug Argument.
Professor I.aughlin began his argument
by declaring that Mr.. Harvey had not
touched on the question under discussion.
He denied Mr.. Harvey's statistics and his
statements as to the parity of gold and
silver in 1873 THE falling of prices since
1873" he said, els not due 10 a lack of
money. There is no reason why there should
be more money. 1t is n fact that wages
have risen i'm sold since 1873. and the pur-
chasing power of the wagc-earner has dou-
bled. Pass a law for silver and gold
would be boarded quicker than n flash.
Free coinage would be legalized fraud. 1t
would give the sanction of the government
to cheating and approve the plan of Next
canizing our finances Free coinage would
cut off the workman's share by rise of
prices until by strikes he had forced his
wages up proportionately and would add
to social unrest and disorder. We cannot
believe that a special interest led by mill
Honaires will so on unchecked in their
plan of sacrificing the taxpayers in order
to heap up purchases of silver especially
when this is done on the most fallacioUs
of economic grounds The proposal for free
coinage is greenbackism, galvanized into
life. Under the cry for more money are the
Spectators who have hoodwinked the
people in certain parts of the country"
HAVE NOT BEEN CHANGED.