The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-07-30


value - The money fn which they would
be payed II this law were passed their
pensions must ~ doubled or the nation
0isEraced. IN addition 20 these. 47Si.feS
people had their little savings IN savings
banks. whom - was proposed 10 defrsHd
OF cne-half Of their little accumulation
Referring 70 The advance n the wages
- domestic servants. Mr. Harvey said
that since the decentralization women had
been forced 70 work for their lixine be-
cause the fathers and brothers We're o}lf
cf work. This had reduced the numoFr
~ women available for domestic servants.
and wages for Such service had advanced.
Taking up his argument. Mr. Harvey said
that under free coinage gold would de-
cline. while silver and everything else
would advance. II Is claimed mat il sill
Yer were granted free cograEe our securi-
ties would Ne thrown over The rnla was
that securities were not thrown over on
advancing prices Gold was the article
TO be got rid OF. for u alone would de-
cline. Mr. Harvey asserted that the .3e-
mands OF business in this country would
absorb ali the silver available for coinage.
If all the sold and silver - the world were
sent 10 our miuts for coinage IL would he
10 the benefit OF the United States and
TO the injury OF the rest Of the world.
Money in circulation made business. he
said. just as life does not make the blood.
but blood makes life.
Mr.. Horr said the savings hank depos-
itors had $1.5i2 ,GoI.o9 on deposit, which lt
was proposed 10 cut IN two. Building and
loan associations had !. .795.fs9 depositors.
with an aggregate OF S5.5zs. Sse.e,l9 due 20
them. In addition 10 these were the trust
companies, life insurance companies aad
state banks. ali of which Mere to be al
lowed 10 pay in deprecated money All
the money in the products OF every man
and woman in the United states was 70 ~
halved in value. All 0f this for the bene-
tit Of the 1900 silver men. Why. their
output was not worth half as much as the
eggs yearly laid by the hens of the United
States. and was about equal in value 10
the peanut crop. But the worst feature.
he asserted, would be the destruction Of
oil credit. II would bring about the worst
panic the nation ever saw. the paralysis
of business would be complete. for 9s per
cent. OF the business world was run on
credit.
Mr.. Harvey said thousands Of men had
been financially wrecked by their inability
10 keep up their life insurance payments
He declared that there vas but one worse
crime than that OF 1878. and that vas that
of the men who claimed the defenders of
silver meant reputation, lie thanked Mr..
Horr for the illustration as 70 the small
amount Of silver in the United States
That was the claim of the silver men.
Inere was no danger but that the debts
OF the business men would absorb il. This
nation could take all OF the silver which
the nations OF the world would bring 10
us in exchange for products in a single
year. We could reproduce those products
and ask them to come again We could
thus absorb all OF the silve. in the world
II necessary. This theory showed that the
more primary money 2 nation had the
more prosperity II had As long as the
United States could make an unlimited
Gs!nand Tor silver at a fixed ratio. the
holders of silver would not narf WITH ~
Efp Ea
OF the silver-using nations of the world
ana the control OF commerce would ne
transferred from London 10 New York.
IL would increase our trade with the gold
standard nations OF Europe through our
control OF the products OF the sllver-stana-
ard nations
Mr.. Horr said he spoke before not Of
the quality OF the silver in the country
IN comparison with eggs Dut OF the
amount OF silver. There was a consId-
erabie dinerence in the laying qualities
OF silver and OF eggs. The trouble Air
l1orr declared, was that with tra., silver
coinage gold would leave the country.
ana our business would be on a basis diff
ferent from the rest of the world. He
argued that there WAS enough gold I'm the
world for the transaction Of the legit-
mate business. and the annual output Of
the mints OF the world was large enough
To meet the Increase OF the worlds bust
ness. In proof OF this. he quoted the iu-
creasing product of Africa. Russia. In
dia, Australia and the United States, and
the opening Of new and rich mines Since
1850 the supply Of gold in the world had
increased from about s. 000. .0a0 90 to oyer
$4,000 0eo.0eo. with Indications of contin-
ued rapid increase. New processes and
new mechauisms he declared were be-
ing developed rapidly to cheapiy furnish
the gold cure for Mr.. Harvey's silver
jlmjams.
Nr ITor st.r
tho blood coursed through the body the
more blood was needed. so the higher the
civilization the more rapid the exchange
OF commodities. and the more money
these exchanges required for their ac-
complishment. SIR. Harvey said that
any one who had occasion TO icok into
the question OF reports Of the output Of
the mines would not he startled by Mr..
Horr's big figures. He then quoted the
statistics OF India under the SILVER stand
ard showing "A steady growth fill the bal
ance OF trade turned I'm her favor IN 1873.
He declared that n was the Use Of silver
and our comparative disiIse Of IL which
had given such an impetus 70 'adia ia
pan and Mexico. lie declared he WAS IN
favor Of independent action ~ this gov
srnment because II would fiEht "a wrong
because it's continuance would iniure
more. because the nation should he indc-
pendent Of Europe. because We Fhouid be
free from tribute-paying 70 Great Britain.
because our power Is sufficient 20 compel
Europe 10 come to our standard. Inter
national balances were settled hY weight
ANYHOW There was no such thing as
international money.
Mr. Uorr said that there was no such
general lack ~ prosperity in this colin-
try as Mr. Harvey claimed. Mr. Horr
said ne spoke from the result of actual
contact with the people Of the country
since 1873 he had Travelled oyer s"."o9
miles covering shirty-one states. u was
p fact that no. people on the fare % 'he
earth had been as prosperous as the peo-
nie Of the United states since is5& Why
during the last year this people. who Mr.,
Harvey said we're on the verge of star
vation. had paid over 8. GO 60 for 9a.R9
h{rvcies and they were not strictly artt-
c1es ~ necessity. They were. he said
,,ses sor,evyh hat for business. hnt mostly
for recreation and an artistic Fie" 81 tfe
human form divine. Mr.. Herr then pro-
reeaed 10 argue in behalf ~ the single
standard for money. saying that stability
v-az ito chief merit. and a stapl" measure
ro,,iA not be maintained with two stand
s~ss whv he asked take the ratio of
Is ~ 7 doubling as Is claimed The value
~ an ,,rosperitv7 Why not 60 back ="
the standard of Bamesea to p"
whole theory was faliaeiouS ~ C"'n
rr,usf be intrinsicahy worm ifs 'st
~ Harvey said that money could not
rt.e.sa v-ifh weights and measures.
srbc t5-rretallist relied on f"n H1t'aiE-
"A ,,n.fer that standard ii vas more
s.,tie than \ single STANDARD As 'he
-s-s,,1,,r,, % the clock vas made of rs"
..f- - sosfnteraef each other. the
..--5ars ~ money should - double. eaHn
- ~, ,he other and preventing fuo-
.r-a,trrz Mr.. Harvey then pFoess'aNa ~