The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1895-07-27

metals to be legal tender in the pay
ment of all debts.
4. The option as to which of the two
moneys is to be paid in the liquidation
Of the debt to rest with the debtor, and
the government also to exercise that
option when desirable in paying out
redemption money. (Applause.)
All Of these conditions are necessary.
Like any useful mechanical construc-
ton all the parts are necessary. First,
as to unlimited coinage When the
minis are open to unlimited coinage Of
the two metals, an unlimited demand
is created for them. The quantity is
limited. When these two metals seek
a market, they find a demand for their
use in the arts and manufactures, which
is limited. The surplus finds an I'M
limited market at the minis to be coined
into money, the object for which all
other products seek the market They
thus have an unlimited market, as the
minis are open to all that comes. It is
a question of supply and demand. Sup
ply of precious metals is limited. When
the minis are open an unlimited de-
mand is created. This demand is linn
tied only by the capacity of the bust
ness of the country to absorb money.
With limited supply and unlimited
demand, what stops their value rising?
1t is this: The law says, I'VE coin
3711z grains pure silver and 23.2 grains
pure gold, respectively, into dollars,
and confer upon these coins functions
which make for them a permanent and
equal demand" When this is the law
nROnln vii toll sill
yer and gold, the quantities above
named, than a dollar of current
money, for they have the right to have
it coined into dollars.
Commercial Ratios.
I now make part of my remarks an
official table taken from page 108 OF
Compiled Laws and Coinage Sta
tistics. an official document from
Washington, showing the commercial
ratio of the two metals for 200 years,
to which have added the commercial
ratio for 1894 I now hand the book to
Mr.. Horn. I wish to give those present
an opportunity to see this table, and
now distribute copies of it in the
audience. From this table it will be
seen that under the effect of unlimited
coinage up to 1873, a parity between
the two metals was maintained at the
legal ratio. England closing her minis
in 1916 to silver, and Germany and
Austria in 1854 to gold, had no per-
ceptible effect
Mr.. Horr-All these inquiries about
the valuation in the ratio of the past
are of little account in this debate. This
one fact is admitted by Coin" and dis
puted by no one: All the civilized ma
tons of the world have ceased the free
coinage OF silver upon any ratio. :
1t is possible that my friend,
Harvey, believes, when he says that
the act of 1873, when it de-
| monetized silver, cut the price of the
property of the world in two, and that
prices Immediately, as they must have
done, if their statement is true, dropped
so per cent. I was around in the world
in 1873, and I know that did not take
place, and he knows it You destroy
| one-haIf the wheat in the world and
| the chances are that you will increase
| the value of wheat probably four times
such is the estimate OF political econ
omists-but wheat is an article that
| people had to eat to live; it is all con-
sumed from year to year, or after a
! short time. Gold has been accumulat-
| ing for ages, and if you should destroy
| the primary money quality of half the
/ gold in the world you would not change
/ the price of the metal one-half As
soon as the price would go up there is
! an enormous store laid away all over
| the entire world that is not being used
/ baf or
seek the channels and be coined into
money and take the place of the money
that had been destroyed.
The Cheap Dollar.
What "Coin" is really after is a cheap
dollar. He would reduce at one stroke,
! if need be, the value of the money unit
of this country one-half. If that is not
adopting 50-cent dollar, what is it?
Now, am here to protest against the
whole scheme, because it is an effort
to cheaper labor That civilization is
the highest; care not in what part of
the world you seek for examples, you
will find that civilization is the highest
where the best wages are paid for hui
man effort, both mental and physical.
Now, I hope my opponent will give me
attention. The real measure of values
is human toll. To decide whether any
system of finances is best you must in
quire into its effect upon the toiling
millions. (Applause.) The greatest com
modify ever placed on the markets OF
the world is labor. To know whether
gold has appreciated or deprecated in
real value the price paid for any human
effort must never be omitted Hence
this thought about the general range
of prices being stable is pure nonsense
Under which system will each days
labor bring the most comforts of life tc
the greatest number of human beings
That is the vital question which we
should attend to. (Applause) Is il