The advocate., 1895-07-31

eGlAed silver did 80 because khev eonaia.
cred che mineral unstable, variable ,n
price, and that afterwards the elemsnt N
cheapness came in. The nations wbich
acted later didit because silver was chean.
ening all the time, as an additional reS.
son. In your book and yesterday in everv
statement you made you used the term
that If the mints of the world would
give free and unlimited coinage to silver
on certain ratio, 1t could be maintained
] have not denied that The question we
are discussing is after the entire civilized
world has refused TO use silver as money
of final redemption, and still refusea Ia
use it, can the United States single.
handed and alone afford to put Itself upon
a silver basisY"
Horr then adopted in his remarks
"Coin's" table Of the gold and silver pro.
duction Of the world, but only that part
from 1874 to 1899 inclusive, and
with the mint report Of the produc-
tion for 1898 and 1894 added.
showing a pretty steady increase OF
production Of gold and q production OF
silver (coining velue) OF. $7l, 5O1, 600 In
1874, increasing steadily to $2l4 881, 900 In
1894. The gold production begins at S90-
70O 600 in 1874 and rises to $lS1, 510, 600 IN
1894. Horn remarked: snow this table
shows that since 1874 the production Of
silver has been constantly on the increase,
Gold has increased since 1873 from 500.
10000 worth in ono year to Slsl, $40, COO.
just about double. Silver in those Same
years has increased from $7l, 500, 900 up 20
$214, S8l, 0OO While gold increased only
twice, silver has increased Just about
three times"
Harvey began on taking the floor again
by stating that ali our forms OF money
have their value fixed by gold, and IN
reply to a question Horr said: THAT IL
right" and Harvey proceeded: Paper
and token money, representing gold, do
not affect the value of gold or property,
except In the sense Of facilitating OK
change. They are each medium Of OK.
change but not measure of value There
was no paper money in circulation In
california between 1850 and 1873, and
Eery little between 1873 aud 1880. And
yet between these years, gold and sllv0E
prices were as high In California as they
were with u.s. Mexico has no paper
money, and yet wheat is worth there
81. 80 per bushel In silver, and the equiva-
lent OF our gold prloe for wheat here,
where we have paper money represents
ing gold.
that primary or real money alone Is the
measure of values is asked to consider
this: With relative production OF silver
to gold since 1878 not accounting for the
decline in silver since that year, why 10 ll
that silver is worth only 90 cents now al
compared with 100 cents In 1882 And, Il
change Of our money measure to the
gold standard has reduced the price OF
silver 30 per cent, what reason Is there
that it would not exert a similar infln-
ence on other propertyY
HOrr's rejoinder was: "Any business
man will only need to look at the table
OF production Of silver and gold since 1879
to be able to ascertain that the law which
/ partially illustrated yesterday operates
In reference to silver as we'll as In refer
ence TO every other commodity It Is
cheaper because the demand and the sup.
ply are in such relations to each other
that 1t makes it cheaper just as wheat
has been cheaper, and for the same rea-
son.
Prices are not governed or controlled
by the amount Of primary money in any
country or in the whole world, 80 far as ]
know. Why, when we passed the law
Of 1873 there was at that time only about
one hundred thirty-hve millions Of gold
in the oountry-all the primary money
we had. II his doctrine is true prices
should have been doubled instantly. All,
but here is the trouble with your mathe.
matios If your doctrine Is true every
product in this country should have been
reduced in price by this cheapening Of
silver"
Harvey said: "SllYer is not now prl.