The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-07-17


dempton money. That monometaIlism is
| an experiment on trial for the first time
/ III the history Of the world. and began with
| the period Of 1S73 That 1t is impossible
| and impracticable as a stable money meas
/ urement OF values; Is not based on scien-
tine financial principles; is in the interest
| OF the money lenders and against the in
/ terest of the property owners and labOrers.
| 8 Ihat the gold unit as the measure
l OF values, with no concurrent coinage of
another metal to assist il in performing
| the functions of primary money, has
| caused the fall in prices as compared with
/ l6i2 when the worlds prices of property
were measured In the money mass of
both metals. That all prices of property
and labor have declined accordingly as
| compared with 1872 except when held up
| relatively by demand or short supply
| or combines and trusts, or special rea-
sons affecting a particular service or
! property. That the average price of all
| production except gold will show this de-
| cline is adjusting itself to the gold stand
| ard. And that when we include in labor
| the unemployed and the time lost by
| those employed, there is q fall in wages
Of one-half as compared with 1872.
80. That labor is adjusting itself TO the
| gold standard measurement of vaules-
the decline in prices covering a period
of p years, has, as a rule, made all classes
| of productive. mercantile and manufac-
| turing business Improbable; that a fall
| ing market, covering a long period, de-
| stroys the prospective profits based on
cost of production and a majority of our
| most astute business men cannot avoid
failure or loss OF capital under these
conditions
10. That it has worked a hardship and
in jury to the debtors who, unconscious of
the causes that continuously reduced the
prices of their property, have contracted
debts during these twenty-five years; that
| this fall in prices caused a sacrifice of
property to purchase the dollars with
which to liquidate these debts; that this
has caused renewal of debts, the contrac-
| ton of new debts to pay old debts and the
| enlarged volume of all debts. That this un-
| Justly takes from a debtor his property
and emphasizes the Importance of stable
money measurement of values.
I'll. That in the end no one Is benefited
by a fall in prices. but the money lender,
the owner of money and securities pay
| able in money-fixed incomes,
'l2. That the foregoing facts and con-
| ditions produced by a change in our money
measure of values will impoverish the
masses of the people and points by reason
| of the disturbance 1t will produce TO the
overthrow of the republic.
"To all unbiased men and those who will
lay aside their prejudices during the pas
sage of this debate l expect to make good
all of the foregoing propositions Every
| fact in the school that Mr.. Horr does not
| attack, shall take for granted that he ad-
mits its truth. l am now ready to proceed
in the order indicated in Coins Financial
School and as contemplated by the rules
of the debate" ...,
In opening his side OF the question Mr..
| Horr said: 1T is agreed between Mr.. Har-
vey and myself that previous to entering
upon the general discussion, each of us
shall make a brief statement defining in
a general way the positions he proposes
to occupy in this debate. The question
which we are about to discuss is one that
is not only receiving very great attention
among the people of the United States,
but it is one that is also receiving some
attention from the nations of the old
world. The question involves the kind Of
money that shall be used by the people of
the United States, and has to do with the
laws which will affect the great business
interests of this nation.
1.-The foundation of the discussion upon
which we are about to enter is a small
book published by Mr.. Harvey, my oppo-
nent, and entitled Coins Financial School.
The main 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 sill
yer upon the old ratio of 16 to l. The wis
dom of such course l dispute. Mr.. Har-
vey 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 a proposition made to
which give my assent. l propose to con-
trovert many things which are stated as
facts and shall attempt to prove that the
entire theory, set forth by its author,
If adopted by the people of this country
would lead only to business disaster and
financial ruin. I do not remember ever
ina n
which acknowledge so few statements
that consider worthy of belief, and l GER
tainly never saw so many absolute errors
crammed into so few pages.
"I am not here as an opponent of BIZ
metallism / believe in the use of gold
and silver as money, to the fullest ex-
tent 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. / believe that both gold and
| silver are the natural money of the world
| that in the largest transactions gold is
better adapted to the business needs Of
the people than silver, that all the smaller
| business transactions of the human family
for many years have been, and always
should be- conducted with silver. l also
believe that in all transactions of the
nations of the world between themselves
the two metals should be used in the
| settlement of balances, but only at their
| commercial value. 1 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 commercial value. 1 have always
| entertained the hope that the business
men of the world would yet come to-
| gether in an international convention AMI
| agree upon a basis whereby gold and silver
| can both be used as the money Of final
settlement among the people of the en-
| tire world l am very clear in my idea
| that. until some such arrangement shall
be made, it would be simply suicide for
| this nation to adopt a system of the free
| coinage of silver upon the old ratio,
| ratio which all the civilized nations of the
world have long since discarded. I co
mot believe that any one government can
| fix the ratio upon any two metals, and
name a ratio which will be accepted by the
| people of the world or of the country
| Itself. so that the two metals will be
| used side by side. Consequently, If our
national one should demand any such ac-
ton 1t would simply place our country