The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1895-07-25
The Great D,ba'e on the Financial
Question Is Opened at
Chicago
HOrr Says Coins Financial School
Is ChOck Full Of
Error.
Harvey Defends the Book and Argues
for Free Coinage Of "
Silver.

bate between eN-CongreSSman Roswell
G. Hort, late of Michigan but now Of
New York, and William Harvey, au-
thor of Coins Financial School," be-
gan at the Illinois club before a large
audience. The debate will last ten
days.
Mr.. Horr opens the Debate.
The eX-cohgreSsmau was the first to
speak He said:
Copyright secured by Azel F. Hatch
of Chicago.)
"It is agreed between Mr.. Harvey and
myself that previous to entering upon the
general discussion each Of us shall make
brief statement defining in general way
the position 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 or
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 laws Which will affect the great busi-
ness interests Of this nation. The question
Of finance is very complicated one, and
there are some features of 1t about which
the ablest of men OF the world have been
differing for years. e
THE foundation of the discussion upon
which are about to enter is small book
published by Mr.. Harvey, my opponent, and
entitled Coins Financial School, The real
aim and object of that book is to convince
the people of the United States that this
government should alone enter upon the
free and unlimited coinage of silver upon
the old ratio Of 16 to 1. The wisdom of
such a course l dispute Mr.. Harvey will
still maintain the affirmative of that ISSUE 1
will state in the outset that from the be-
ginning to the end of the book there Is
hor 11y 70 y-hi oh Crixo
my assent 1 propose to controvert 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 peo-
pie of his country, would lead only to bust
ness disaster and financial ruin. I do not
now remember ever to have examined a
book carefully in which l found so few
statements that l consider worthy of be-
lief, and certainly never saw so many alb
sOute errors crammed into so few pages.
Il am not here an opponent Of BIZ
metallism. I believe in the use Of gold and
silver as money to the fullest extent that
can be done on sound business principles.
My position upon this question has been
too frequently stated within the last five
years to be misunderstood by any one. l
believe that both gold and silver are the
natural money of the world; that in all the
larger transactions, GOLD is better adapted
to the necessities 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. I also believe that In all transac-
lions of the nations Of the world, between
themselves, the two metals should be used
In the settling of balances, but only at their
commercial value. I also believe that in
the business of our nation the people should
never attempt to use either metal except
that it be at equal value, only in cases
where one metal may be used as token
money and may be made redeemable in
metal at its coin value.
81 have always entertained the hope that
the business men of the world would vet
come together and agree upon some basis
whereby gold and silver can both be used
as the money of final settlement among the
people of the entire world. am very clear
in my idea that until some such arrange
ment 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, IL ratio which all the civilized nations
of the world have long since discarded. 1
do not believe that any one government can
fix the value of any two metals, and name
a ratio which will be adopted by the people
of the world, or of the country itself so
that the two metals would be used side by
side Consequently if our nation alone
should attempt any such action, it would
simply place our country upon a silver ba-
Sis, and the attempt would end in
Silver MOnometnlIism.
IF we are compelled to decide between
gold monometaliism and silver monometal-
ism, then am decidedly in favor of
adopting the standard used by the civilized
nations Of the world. l do not believe that
silver has ever been demonetized anywhere
in the world. l believe that the law of
1873, which Mr.. Harvey's book denounces
as crime was honestly conceived, OPEN
ly advocated and passed by the American
congress after full elaboration, and be-
cause the people at that time who held
seats in the American congress believed
that such law ought to be enacted l do
not believe in the teachings of this book.
that this nation is on the verge of financial
ruin, or that starvation is staring our peo-
pie in the face. I believe If our nation
should adopt the course advocated in this
book we would seriously injure the entire
wage-earners Of The United States l be-
lieve we would destroy the confidence Of
the business men of the world in our in
tegrity as nation, and that we would pre-
cipitate such a financial panic as our coun-
try has never before seen.
II shall deny most emphatically that the
great majority of the people of this coun-
try are In debt, and shall insist that three
fourths Of the American people are to-day
creditors and not debtors, and that conse-
quently the system which Mr.. Harvey ad-
VOcates would work great injury to the
vast majority of American citizens I will
state further, that if this book, about
which we are going to debate, is true, then
am all wrong. 1t seems to ME devoid of
business sense from beginning to end, and
I shall enter upon the work Of attempting
to prove that, and hope to be able to do it.
in language that shall be so plain and ex-
plicit that my fellow citizens will be salts
fed that 1 have accomplished nv task.
Understand me, in a few words:
Il believe that the American nation
should have just as good money as any ma
ton uses on the face of the earth I be-
lieve that every dollar paid to poor man
for his daily toll should be worth as much
as the dollars paid to men who are rich
would have the money which measures
values the most stable that can be devised,
and would insist that buyers and sellers,
lenders and debtors shall. as near as posi-
BILE, be required to use the same measure
of values and shall insist that reputation
In all forms is disgraceful and dshonora-
BILE in the case of nations corporations or
individuals.
"What our people need is good credit;
good money; good principles and sound
business sense. Visionary schemes and de-
based money never yet made nation pros
Porous. The quality Of the money used in
any country Is far more important than .te