The herald., 1895-07-17
money. good principles and SO ,nd busy

| The laws should be drawn to prots ct the
| men who earn money rs we'll as ose
| who owe money. A man who works
| faithfully 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.
| Mr.. Harvey's opening statement was as
| follows:
| am here TO defend the facts and prin-
| ciples in COINS Financial School. | am
aware that the illustrations in that book
| are good and in presenting clearly It's
| views. We find this true in our schools.
Many scientific works RELY on illustra-
| tions and our newspapers find that illus
| rrations make plain many ideas that could
| not otherwise be clearly expressed. And
| yet, | am here to defend orally those
| same principles. | expect to make good
! in this debate the following propositions:
| First-That silver and gold are the
money of the constitution. That the sill
| yer dollar was the unit of value in our
| coinage in this country from 1892 to 1873,
| Just as the yardstick Was the measure OF
| length. That gold was measured in this
| silver unit, and concurrent coinage given
| to it (golj). That silver and gold com
hined constituted the legal standard OF
| value in this country until 1873. Silver
measured gold; the two together meas
ured all other property.
| Second-That the act of 1873 WAS sur
reptitously passed.
| Third-That during the period 1892 to
| 1873 the minis were open to unlimited
| coinage OF both metals into primary or
redemption money, and that both were
treated as such. That curing that period
| the peopls had a right to have either
| metal coined into full legal tender money,
| and that the option was with the deptor
! to pay in coins OF either metal.
Fourth-That this bmetallic system
| A. ot,I co. l,oth
| metals to be coined into money, increased
| the demand for these metals, and so long
| as this law authorizing any one to coin
| 37ll4 grains of silver and % 2-10 grams of
| gold into dollar, there was no one will
| ling to sell either for less than dollar.
| Fifth-That the option to pay in either
| metal caused the cheaper of the two met
ais to be used and transferred the de-
| mand from the dearer to the cheaper
| metal and restored its relative CONNER
cial value. We are for both silver and
gold. We are called silver men; we are
defending the metal that has been de-
| monetized.
| SiXth-That it is to the interest of the
United States to act independently in the
reconciliation of silver at the ratio OF Ii
| to /, without waiting for the action of
| any other nation.
Seventh That monometallism consists
| in the use of the dearer of the two metals
to the exclusion of the other as primary
or redemption money. That monometal-
| lism is an experiment on trial for the
| first time in the history of the world, and
| began with the period of 1873. That il is
| i'm prA cticai and impossible as a 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 own
ers and laboIers.
Eighth-That the gold unit as the
measure of values, with no concurrent
coinage of another metal to assist 1t in
performing the functions OF primary mon
| ey, has caused the fall in prices as COM
pared with 1872, when the worlds values
| were 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 rel
| atively by increased demand or short sup
| ply. or com oinations and trusts. or by
| special reasons affecting particular SER
vice CIR property. That the average price
| of all productions, except gold, will show
| this decline in adjusting itself to the gold
standard, and that when we include in
labor the unemployed and the time lost
| by those employed there is fall in wages
| of OF half as compared with 1872 that
labor is adjusting itself to the geld stand
| ard measurement of yalues
| Ninth-Tbat the decline in prices. coy-
ering period of twenty-five years, has
| as a rule made all classes Of productive
| mercantile and manufacturing business
unprofita BILE. That falling market, COW
ering a long period, destroys the prospec-
| tive profits based on cost of purchase and
| production, and a majority of our most
| astute business men cannot avoid failure
| or loss of capital under these conditions.
Tenth-1hat it has worked hardship
| and injury to debtors who. until con
scious of the causes that continuously re-
| duced the prices of their property, have
contracted debts during these twenty-five
years. That this fall in prices causes Il
| sacrifice of property to purchase the dol
| lars with which to liquidate these debts.
| That this has caused the renawal OF
debts; the contraction of new debts to
pay old debts and an enlarged volume oi
all debts. That this unjustly takes from
a debtor his property and emphasizes the
i'm mportance of a stable money measure
/ ment of values.
Eleventh-That in the end no one is
| benefited by fall in prices but the mon
ey lender, the owner of money and secur-
| tiles payable in money-fixed incomes.
Twelfth-That the foregoing facts and
conditions produced by change in oul
money measurement of values will impov-
erish the masses OF the people and points,
! by reason OF the disturbances it will pro-
duce, to the overthrow Of the republic.
To all unbiased men and those who vii
lay aside their preiudces during the read
ing of this debate, | expect to make good
all the foregoing propositions. Every
fact in the School that Mr.. Horr does not
attack shall take for granted that he ad-
mits its truth. | am now ready to pro.
ceed in the order indicated in Coins
Financial School and as contemplated by
the rules OF the debate.
The debate began by Mr.. Horr asking
his opponent to tell plainly if there was
ever any such school held as that he de.
scribed ii the book Coins Financia
| School.
Mr. Horr said: 81 find all through th,
book large number of statements at
trbuted to a very considerable number o
the business men of Chicago and | an
| informed that those men, never one o
them, uttered single word attributed &c
| them. If the book is written as an allie
CORY, | would like my friend to state VIII,
he did not use. as all literary men hav
| always done, the names OF fictitious indi
viduals-unless he intended to convey tn
impression that those men were presen
and received the castlgation which Ii
says he administered to them on the spot
The book even goes further. 1t descrl be
the cIestfallen manner in which some o
the gentlemen left the room after bein
worsted in this fearful manner. (Laugh
ter). | feel now what we want to get at j
the fact about the book. so we will know
how we are proceeding
Mr.. Harvey The School is allegorical
1t marshals the opinions of the two side
of this controversy So that one IN imagina
ton can see the conflict OF opinions ant
the contest as it proceeds. 1t puts in TIN
mouths of the gold standard advocate
their well known views fairly stated
with which the country had been flooded
IN FL, AoI,. Il .rif ~