The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1895-07-17
ON THE OTHER SIDE.
Statement Made by Mr. Harvey at Il
Opening of tho Debate.

ON THE OTHER SIDE.
Statement Made by Mr. Harvey at the
Opening of tho Debate.
[Copy right secured by Azel f. Hatch, of
Chicago.l
am here to defend the facts and
principles in Coins Financial School.
am aware that the illustrations in
that book are a great aid in presenting
clearly it's views. We find this true in
our schools. Many scientific works
rely largely on illustrations, and our
newspapers find that illustrations make
plain many ideas that could not other
wise be clearly expressed, and yet am
here to defend orally those same prin-
ciples l expect to make good, in this
debate,
The Following Propositions:
/. That silver and gold are the
money of the constitution; that the
silver dollar was the unit of value in
Our coinage system in this country
from 1892 to 1878, just as the yard
stick was tn measure of length. That
gold was measured in this silver unit,
and concurrent coinage given to it
(gold); that silver and gold combined
in this county till 1868; silver measured
gold; the two together measured all
other property.
2. That the act of 1878 was surrep-
titiously passed.
3. That during the period 1792 to 1893
The mints were open to the unlimited
coinage of both metals into primary or
redemption money, and that both were
treated as such. That during that
period people had a right to have either
metal coined into full legal tender
money, and that the option was with
the debtor to pay i'll coins of either
metal.
4. That this bimetallic system made
an unlimited demand for both metals
to be coined into money, increased the
demand for these metals, and SO long
as this law authorizing anyone to coin
37ll4 grains of silver and % 2-10 grains
OF gold into a dollar, there was no one
willing to sell either for less than a
dollar
5. That the option to pay in either
metal caused the cheaper Of the two
metals to be used, and transferred the
demand from the dearer to the cheaper
metal, and restored its relative COM
mercial value. We are for both silver
and gold. We are called silver men
because we are defending the metal
that has been demonetized.
g. That it is to the interest of the
United States to act Independently in
the remonetization of silver at the ratio
to gold Of 16 to /, without waiting for
the action of any other nation.
Z. That monometallism consists in
the use of the dearer Of the two metals
to the exclusion of the other, as pri-
mary or redemption money. That mon
Ometallism is an experiment on trial
for the first time in the history of the
world, aud began with the period 1873.
That it is impractical and impossible
as stable money measurement of val
ues; is not based ON scientific financial
principles; is in the interest of the
money lenders, and against the inter-
est OF the property owners and laborers.
=. That the gold unit, as the meas
age, or another metal to assist it in
performing the functions of primary
money, has caused the fall in prices, as
compared with 1872, when the worlds
prices OF property were measured in the
money mass of both metals. That all
prices of property and labor have de-
clined accordingly as compared with
1872, except when held up relatively by
increased demand or short supply, or
| combines and trusts, or special reasons
! affecting a particular service or prop
erty, That the average price of all
production, except gold, will show this
decline is adjusting itself to the gold
standard. And that when we include
in labor the unemployed and time lost
by those employed, there is a fall in
wages of one-half as compared with
1872. That labor is adjusting itself to
the gold standard measurement OF
| values.
8. That the decline in prices cover.
ing a period of % years has as a rule
made all classes of productive mercan.
tile and manufacturing business un'
profitable. That falling market GOV.
ering long period destroys the pros.
pective profits based on cost Of purchase
and production and majority of oul
| most astute business men cannot avoid
failure or loss Of capital, under these
conditions.
10. That it has worked hardship
and injury to debtors who, unconscious
of the causes that continuously reduced
the prices of their property, have con
tracted debts during these 90 years
That this fall in prices caused q sacri
fee of property to purchase the dollars
with which to liquidate these debts
That this has caused the renewal OF
debts, the contraction Of new debts tt
pay old debts, and an enlarged volume
of all debts. That this unjustly takes
from debtor his property and empha
sizes the Importance of a stable money
measurement of values.
IL. That in the end no one is bene
fitted by a fall in price but the money
lender. the owner of money and Sc
curities payable in money, fixed in
Il