The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1895-07-25

quantity Flaws should be drawn TO protect
the men who earn money as we'll as those
who owe money. man who works faith
fully and lives on his daily earnings should
never be sacrificed for the benefit of men
who live on what they borrow. But all
these things will be more fully explained
as the contest progresses.
"COiM's" Statement.
The opening statement made by Mr.. Har-
vey follows:
81 am here to defend the facts and prin-
siples Of Coins Financial School, am
aware that the illustrat lions In that book
are great aid in presenting clearly It's
views. We find this true in our schools.
Many scientific works rely on Illustrations,
and our newspapers find that illustrations
make plain many ideas that could not other
wise be clearly expressed, and yet l am
here to defend orally those same principles.
I expect to make good In this debate the
following propositions: ~
''First-That gold and silver are the
money of the constitution; that the silver
dollar was the unit of value in our coinage
system in this country from 1902 to 1873
Just as the yardStick was the measure OF
length That gold was measured in this
silver unit, and concurrent coinage given
to 1t (golO; that silver and gold combined
constituted the legal standard of value In
this country till 1878; silver measured gold;
the two together measured all other proper
ty.
"second-That the act of 1873 was sur
reptitiously passed. ,.
'"Third-That during the period Of 1902 to
1873 the minis were open to the unlimited
coinage Of both metals into primary or re-
demption money, and that both were treated
as such. That during that period people
had right to have either metal coined into
full legal tender money, and that the option
1x,itl, thn In1>t 70 in Nf
either metal.
"Fourth-That this bimetallic system
made an unlimited demand for both metals
to be coined into money, increased the de-
mand for these metals, and so long as this
law authorizing any one to coin 371A grains
Of silver and 23.2 grains Of gold into dol
lar there was no one willing to sell either
for less than a-dollar.
''Fifth-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 commercial value. We
are for both gold and silver. We are called
silver men because We are defending the
metal that has been demonetized.
''SiXth-That it is to the interests of the
United States to act independently in the
reconciliation of silver at the ratio of 16
to 1, without waiting for the action of any
other nation.
the use Of the dearer of the two metals to
the exclusion of the other as primary or
redemption money; that monometallism Is
an experiment on trial for the first time
in the history of the world, and began with
the period 1878; that it is impracticable and
impossible as stable money measurement
Of values; is not based on scientific financial
principles; is in the interest of the money
lenders, and against the interest OF the
property owners and labOrerS
Prices of Property.
"Eighth-That the gold unit, as the meas
ure OF values, with no concurrent coinage,
or another metal to asst it in performing
the functions of primary money, has caused
| the fall in prices compared with 1872,
when the worlds prices of property We're
measured in the money mass of both
metals. That all prices of property and
| labor have declined accordingly as COM
| pared with 1872, except when held up re-
| latively by increased demand or short sup
| ply or combines and trusts or special rea
| sons affecting a particular service or prop
erty That the average price of all pro-
duction except gold, will show this decline
| is adjusting itself to the gold standard
| And that when we include in labor the un
| employed and the time lost by those en-
ployed there is fall in wages of one-hal1
as compared with 1872. That labor is ad
justing itself to the gold standard measure
| ment Of values.
|
| ing period of twenty-five years has as q
| rule made all classes of productive mercan-
| tile and manufacturing business un-
| profitable. That falling market
covering a long period destroys the
| prospective profits based on cost of pur-
| chase and production and a majority Of our
| most astute business men cannot avoid fail
| ure or loss Of capital under these cOndi-
! lions.
''Tenth-That it has worked a hardship
! and injury to debtors, who, unconscious of
| the causes that continuously reduced the
| prices of their property, have contracted
| debts during these twenty-five years. That
| this fall in prices caused sacrifice of prop
| erty to purchase the dollars with which to
| liquidate these debts That this has caused
| the renewal of debts, the contraction OF
| new debts to pay old debts. and an en-
larged volume of all debts. That this un.
justly takes from debtor his property and
emphasizes the Importance Of a stable
| money measurement of values.
'Eleventh-That in the end no one Is
benefited by a fall in price but the money
| lender, the owner of money and securities
payable in money, fixed incomes.
'Twelfth-That the foregoing facts and
| conditions produced by a change in our
| money measurement of values will impOv-
erish the masses of the people, and points
| by reason Of the disturbances that it will
produce, to the overthrow of the republic.
'"To all unbiased men, and those who will
| lay aside their prejudices during their read
| ing of this debate, I expect to make good
| all of the foregoing propositions. Every
| fact in the school that Mr.. Horn does not
! attack. shall take for granted that he adj
| mits its truth I am now ready to pro.
| coed in the order indicated in Coins Fl.
| nancal School, and as contemplated by the
| rules of the debate"
Second Day.
| Mr. Horr: '"The matter we were talking
| about when we closed las: night was the
| question whether the trainers Of the bin
| Of 1892 intended to establish two measures
of value. Mr.. Harvey criticised Judge Vim
cent for having decided that case in his re-