Omaha daily bee., 1895-05-18
Illinois Club Rooms Crowded with People
Anxious to Hear the Two Champions.
HAD A REAL SCHOOL ON HIS HANDS
Harvey Opened the Debate and Prof.
Laughiin Talked an Hour and Balf
From the Standpoint OF
Gold Monometalist.

batants were two giants Of the opposing sides
In the raging financial controversy-J. Law
renee Laughlin, professor of political economy
in the University of Chicago; the favorlte
authority OF President Cleveland, and Will
liam II. Harvey, author Of Coins Financial
School,"
Not half OF the people camoring to be
present could have been accommodated had
the Auditorium itself been secured for the
meeting Of the champions The rooms of
the Illinois club were crowded to almost suf-
location when the president Of the club, DIR.
Homer NJ. Thomas, announced all in readiness
for the dress suit gladiators The proposition
to be discussed was read as follows
Resolved That the United States should
at once enter upon the free coinage of sill
yer at the ratio of 16 to l, independently
OF the action OF any other nation"
Mr.. Harvey 1t was stated. would speak
for an hour in the affirmative and Prof.
Laughlin an hour and thirty minutes in the
negative, Mr.. Harvey then having thirty
minutes for rejoinder. Mr.. Harvey was
evidently full Of suppressed excitement when
he came forward to begin his address, but
lac soon steadie1 himself admirably. Prof.
Laughlin had the advantage of not being the
hrst to speak. Both men were literally ap-
plauded.
HARVEY OPENED THE DEBATE.
said: The first reason why / am i'm favor
OF Independent action by this country ls that
we Should not be subjected to the influences
OF the governments of Europe. When our
forefathers declared their political independ-
! ence from Europe, 1t was to free themselves
from the class legislation Of those govern
ments, justly termed plutocracies. If people
can be reduced to poverty and the prosperity
or the United States can be ruined by hang
Ing to the financial policy of Europe, then we
can be reduced to the same condition by
financial legislation as a war of conquest
would reduce us. If we are right and our
friends, the monometalists, mostly say: we
ADMIT bimetallism would be good II we could
get international bimetalsm.' Where there
Is necessity. there is a remedy The gov
ernments of Europe are plutocracies They
squeeze the lemon of the people about every
30 often. The few control class legislation
and the masses are hewers of wood and
drawers Of water for the titled few
III they say I'VE must have the same money
that they have in order to carry on business
with them," my reply Is that the biggest
business we ever did carry on with the bal
ance OF the world, and particularly Europe
was the time when they had gold and silver
AZ money and we had neither"
CAN BE INDEPENDENT.
This nation can have an independent finan-
cial system without any reference whatever
TO the balance OF the world and can carry
or ts own commerce by ocean and by land
woth the other governments of the world
Notwithstanding. We do not now settle our
balances with Europe in coin except on its
commercial value and by weight
What we want is bimetallism and scien-
tinc bimetallsm is this:
/. Free and unlimited coinage of both gold
and silver; these two metals to constitute
the primary or redemption money of the
government
2. The silver dollar OF 371h grains of pure
silver to be the unit of value and gold to be
coined into money at a ratio, to be changed
II necessary from time to time If the COM
mercial parity TO, the legal ratio shall be
aHected by the action of foreign countries
3. The money coined from both metals to
De legal tender in the payment Of all debts
A. The option as to which of the moneys Is
TO be paid In the liquidation of debt to rest
with the debtor and the government also
to exercise that option when desirable when
paying out redemption money
me mlnts are now open to the unlimited
coinage OF gold. Such portion of the product
OF that metal as does not find an Immediate
demand TO be used in the arts and manu-
factures is taken to the mints and coined
into money-into money-and becomes at
once the object for which all other products
seek the market. 1t thus has an unlimited
market. the mints are open to ali of II
that comes
LIMITED MARKET FOR SILVER.
rms was true also to silver prior to
1873, but by operation of section IA of the
act OF that year the mnts were closed to
the unlimited coinage Of that metal. Hence
when silver now seeks the markets and ex-
hausts the demand supplied by the arts and
manufactures and the small purchases of the
government to coin IL into token monev Tho
demand for II ceases.
Gold has an unlimited demand. Silver has
limited demand. Silver is now commodity
to be measured in gold. 1t is an object to be
gored and kicked by bulls and bears. We
would give silver the same privileges as gold
Restoring to II this unlimited demand would
cause the value of silver to rise as compared
with gold. This is what we want; this is
what we would do. We would again make
the standard silver dollar the unit of valua
as II was before 1873. II would thus be a
dollar, and the bullion in 1t would be worth
dollar, as the number OF grains of bullion
In dollar would have the right to walk into
the mint and be coined into a dollar No man
would take less for II when he could have II
coined at pleasure into dollar. We would
make gold coins Of the value of so many
silver units or dcllars as the law existed
prior to 1873 Silver is the peoples money
Gold was and is the money of the rich
This was to be a government OF the people
and the peoples money was TO be the most
favored. Twice when the commercial ratio
between the two metals. made 1t advisable
TO change the legal ratio, the change was
made by reeoining the gold coins This was
In 1894 and 1887. The spirit OF our fore
fathers then lived In their sons. No change
was ever made In the quality of pure silver
In the silver unit, There was to be no two
yardsticks. The rich mans money-gold-
was recoined when the commercial ratio in
terfered with the legal ratio. This Is the
law we would re-enact We would make
both legal tender in the payment OF all lebts
We would allow no discrimination to be
made between the legal tender character OF
the two metals. We would allow no private
individual TO dictate to the govern
ment what its legal tender money
should be. We would give the op,
tion TO the debtor II there was any prefer
ence as TO which OF the two he would use
In the payment of debt.
RESTORING THE PARITY
A break In the commercial parity causes
the cheaper metal to be used This increases
the demand for the cheaper metal This In
creased demand restores the value OF the
metal that had thus fallen below a parity
and brings Il back TO parity. To give the
oplion-to the creditor causes the dearer metal
TO be demanded. and il thus grows dearer
and dearer and q parity is permanently
breken and the gap grows wider and wider
Nhen the debtor has the option the two
metals will osciate close TO a parity. Tbs
oscillation is the elasticity that blmetalism
gives to primary money. II one becomes
scarce the other Is used. II one Is cOrnerei
the other takes its place. Either answers
for money. true knowledge OF bimeiaI-
llslu and the simplicity Of that svsfam dsad