The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-07-24
pense of farm owners but at the ex-
DenSe cf dav IaborarS

| the word is used, one being primary
money and the other representative
money, or as he would call it for the
purpose of debate credit money.
This latter kind of money IS
divided into paper money and
token money. which includes copper
cents and five-cent pieces. No attempt
is made to maintain the commercial
ratios of these metals at any ratio
with the metal out of which they are
made. Token money is used 20 pay Tor
articles the price of which is less than
values at which we coin primary
money. Primary money is the meas
ure of values Gold, Mr.. Harvey said,
is now our measure of values and our
representa- tive money is tied to it as
the tail of a kite is fastened to the
kite. He then made d short argument
showing that supply and demand reg
ulate the value of money the same as
of all other property.
Says Harvey Wanders.
Mr.. HoTr announced that before pro-
ceeding TO the question Of the produc-
ton of silver, he wanted to say d few
words on the misleading nature of
some of Mr.. Harvey'S statements On
finance. He then attacked assertions
made by Mr.. Harvey as 10 the meas
ured valuation of the national banks.
He then declared that Mr.. Harvey was
wandering from the question in debate
because he had several times declared
that IF the minis of the world" would
give free and unlimited coinage of ST.
yer at a certain ratio it could be main
tanned. Mr.. Horn said that was not
the question: to be considered at all,
but whether after the entire civiliza-
ton of the world has refused to use
silver as money of final redemption
and still refuses to use it, if the United
States, single handed and alone. could
afford to put itself upon a silver basis
and join Mexico, Chill and Mexico.
He then submits the table of the pro-
duct of gold and silver since 1874 taken
from Mr.. HarVeyS book and added to
it the mint reports of the product Of
1898 and 1894. This table showed, Mr..
Horr declared, that since 1874 the pro-
duction OF silver had been steadily on
the increase and that gold has since
1875 been also on the increase, but
where silver had increased in quantity
three times during that period, gold
had only doubled in quantity.
Primary Money.
Mr.. Harvey went back to the dis
cusSiOn OF primary money as a measure
of values. In 1867, he declared. all the
money in circulation was $1S.2S per
capita, and in 1872 it was $1919 per
capita, and in those times all money
was primary money, the measure of
value being paper money itself. In
1894 we had d per capita of $24.25. He
then said:
Nov you will all say that the guam
tity of money in circulation affects
prices. You have more money. primary
and credit combined, in circulation in
1894 per capita than you had in the
two years named previous to 1873, and
L.
Why? Because there was more pri-
mary money per capita in circulation
in the first two named years than there
is in the last named year 1894. Of the
$24 per capita in circulation, of all
money in 1894 only about S. is primary
money. while in 1867 and 1872 there
was SIS primary money in circulation
per capita"
Specie Payment.
Mr.. Horn said Mr.. Harvey's definition
of primary money was money Of re-
demption. Greenbacks had to be re-
deemed to make them good and they,
cannot by any hook or crook be con-
strued into primary money. Mr.. Horr
then said:
Now, in 1879 we did return to specie
payment; we did make our greenbacks
and all our money as good as the best
and Brother Harvey and his whole
going up and down this country stat
ing that if we undertook to enforce
that act we would ruin the business
of the country. l know they said it
because 1 heard them do So They be-
lieved just as Mr.. Harvey does now.
Mr. Harvey-You did not hear me
say it.
Mr.. Horr-well, if you were old
enough, you did say it. \ man con-
stituted as you are could not have said
anything else.
Mr.. Horr declared that the stuff
he was preaching, as 1t had been de-
nominated by Mr.. Harvey, was upheld
by every civilized nation on the earth
and that only such countries as China,
Mexico and Japan favored the silver
standard.
Coin Hits Back.
Mr.. Harvey denied that Mr.. Horr
was justified in calling him a green
hacker and said he believed in gold
and silver as primary money to the
fullest extent under the bimetalllc
laws that governed it prior ito 1873. IN
relation to the claim Of Mr.. Horn that
all the civilized nations of the earth
were in favor Of THE gold standard,
Mr. Harvey said that all the civilized
nations OF the earth were at one time
slave holding nations and the 5ndi-
NlQudl slave IlClueI 1lou PAC
cisely the argument advanced by Mr.
Horn He then went back to credit
and redemption money and declared
that credit money may be issued by
the government with safety only in
such quantities as will not embarrass
it in case a run is made on the gov
eminent for redemption. If the gov
eminent requires redemption money it
can float bonds among its own people
to the full amount nearly to obtain
what primary money it needs.
Confessions of Weakness.
No government should ever borrow
from the president of another nation.
To do so was a confession of monetary
weakness. No government, he de-
clared should issue credit money in
quantities beyond the amount of pri-
mary money among its own people, but
it should have no money in the treas
ury except for it's current expenses and
improvements. The money should be
among the people.
This closed the debate for today and
an adjournment was taken until
Thursday.