The Monticellonian., 1895-05-24
THE SILVER QUESTION.
The Author Of Coins Financial
 School and Prof. Laughlin
Engage in Joint Debate at tn. Illinois Club In Chicago, Before an Au- dience Only Limited by the
 Halls Capacity.


 Club In Chicago, Before an Au-
 dience Only Limited by the
 Halls Capacity.
 CHICAGO, May 1s.-A stirring polit- tcal encounter took place last night hardly paralleled in the west since the famous struggle between Lincoln and Douglas on the eve of the civil war. The platform combatants were two giants of the opposing sides in the rag ing financial controversy-J. Law renee LaHghlin, professor of political economy in the university of Chicago, the favorite authority of President Cleveland and William H. Harvey, au- thor of Coins Financial School"
 There were many who wanted to hear the argument who were disap- pointed, as the auditorium was filled to oyertiowing. The spacious rooms of the Illinois club on Ashland boule- yard were crowded to almost suffoea- tion when the president of the club, Dr. Homer NJ. Thomas, announced all in readiness for the dress-suit gIadi- ators.
 The proposition to be discussed was read as follows:
 "Resofeed, That the United States should at once enter upon the free coinage Of silver at the ratio Of l6 to l, independently of the action of any other nation
 Mir. Harvey, 1t was stated, would speak for an hour in the affirmative and Prof LaughIln one hour and thir- ty minutes in tue negative, Mr. Harvey then having thirty minutes for a rejoinder.
 MT. Harvey's Argument.
 In opening for tho affirmative Mir. Harvey sa3d: The first reason why I am in favor of independent action hy this country is that we should not be subjected to the influences of the governments Of Europe. If people can be re- dueed to poverty and the prosperity of the United States can be runed by hanging to the financial policy of Europe. then we can be re- dueed to the same condition of financial ieeIs- latfon as War Of conquest would reduce us., After refcrrin. to what he termed the plutoeraeies Of Europe, and stating that the few control class legislation, while the masses are heWers of wood and drawers 0, water he said:
 "Now, If financial legislation is one of the classes Of class Legislation by which the many are robbed and the few are enriched, by which the lemon Is squeezed. then 1t is one of the in stltutions Of the European governments that NC, as nation Of people republican in form, should declare our independence of That is the first reason why independent financial ac- ton should be taken by the United States The speaker went on to say that this country cnn have an Independent financial system without any reference whatever to the balance of the world. There was no such thing as fa- ternational money. What he vas canteadfnr for was the opeaIng ot the mlnfs to the free coinage of silver and the establishment of bimetallism on the principles ihatwere adopted by statesmen who had in view the interests Of no class, but Of all, the people.
 SCIENTIFIC HMETALLIsM
 He defined scientific bimefallsm thus.
 l. Free and unlimited coinage Of both gold and silver these two metals to constitute the primary or redemption money of the govern ment.
 ,. The silver dollar Of 87f4. grains of nura silver to be the unit Of value, and gold to be coined into money at ratio to be changed if necessary from time to time, fl the commercial parity to the legal ratio shall be affected by the action of foreign countries
 j. The money coined from both metals to be legal tender in the payment Of all debts
 f. The option as to which of the two 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 nav ing out redemption HloHey.
 He then referred at Iength to the advantages given gold over silver by the unlimited coinage ef the former, silver having q limited demand and being a commodity measured bv gold Silver had been shut out and Was token money lie wanted 1t restored to the unlimited demand 1t enjoyed prior to s73. He would give silver the same privileges as gold Restoring to ft this unlimited demand would cause the value of silver to rise as compared with gold He would again make the standard silver dollar the unit of value, as 1t was before Js73
 It would thus be s1, and the bullion in it would be worth sl. As the number of grains of bullion in q would have the right to walk Into the mint and be coined into sl no man would take less for it when he could have il coined at pleasure into s1. He would make gold coins of the value ot so many silver units or dollars as the law existed prior to 1873 Twice when the commercial ratio between the two metals made 1t advisable to change the legal ratio the change was made by recoining the gold coins. This was was in is3i and is37 He would make both gold and silver legal tender in the payment of all debts and would repeal the law of 1878 and the sherman law Of ie90. lie would allow no discrminatiens to be made between the legal tender character of the two metals.
 The debtor would be given the option if there was any preference as to which of the two metals he would use in the payment of Il debt
 
 dearer metal to be demanded and 1t thus grows dearer and dearer and a parity is per naRently broken, ana the gap grows wider and wider When the debtor has the option these two metals will oseiliate close to parity and substantially at parity. This oscillation is the elasticity that metallism gives to prin- ary money.
 CONCENTRATION.
 Mir. Harvey then referred to the demonitiza- tion act and the scandals which were rife at tue time 1t went into effect, and said that at this period by national legislation a money trust was formed. Silver at that time was at a slight premium over gold.
 Silver then began to fall, as measured in gold, and the breach in the commercial parity of the two metals gradually widened With resumption, god asserted it's importance and silver correspondingly declined Under the Bland Allison act of 1878 creditors began to make their notes, bonds and mortgages pay able in gold to the exclusion of all other forms Of legal tender money. This increased the de- mand for gold. Silver had ceased to be primary money.
 The speaker asked: What is the remedy9" and replied:
 Let us have nothing more to do with the men who have assisted in tying the hands Of this great nation, and delivering it's financial policy over to the gold gamblers of the world The bank of Rothschilds in England is now be- hind the United States treasury. They are our financial agents; our financial managers. We are paying them the prineely salary of ss000,- 0oJ for each six months of their valuable serv- ices. We are in the hands of the pawnbrokers of Europe
 The remedy, he declared, was to restore sil- ft