Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1895-08-08
THE HARVEY AND H0RR DEBATE ON MONEY.
Coins Financial School, the Theme
Of Discussion
WILL Be A TEN DAYS joint DlSuSNON At CHICAGO III
Will go Down in History as a Debate of National
importance and Renown.
SIHTH DAY.

D
Judge Miller, the chairman, admon-
ished the audience in a kindly and
courteous manner that while it was
desirable to manifest approval in the
usual way, it was quite offensive to
either of the speakers as we'll as the
chairman to receive demonstrations of
adverse approval, such as has been
INDUCED in on previous occasions.
Judge Miller therefore "hoped for the
credit Of the city and the credit of the
discussion that rules of courtesy
would hereafter be observed" The
discussion then proceeded as follows:
Mr.. Horr-At the close of the de-
bate on Saturday l had given the
facts as to the constant depreciation
of silver as compared with gold since
the dawn of civilization. The civil
lized nations of the world have at
some time or other all Of them tried to
fix a ration SO as to give free coinage
to both metals. Through all ages the
market or commercial value of the
two metals has been a changing
quantity, hence the ratio has been
variable. A difference between the
legal ratio and the commercial ratio
of one-fourth of one per cent. has been
enough to drive the dearer metal out
Of any civilized country on the face of
the earth.
"During the Nineteenth Century all
the great civilized and commercial
nations on the face Of the globe have
adopted the gold standard, and have
done so without discounting silver as
money, but everyone of them refused
free coinage to silver on any ration.
They have done this because they
believed gold to be the best metal for
money purposes. They considered it
less destructible. They have all ofthem
claimed that it fluctuates less in value
than any other commodity; that it has
much more value in a smaller space
than silver. Hence it is much more
easily transported, especially in large
sums. than is silver. Now, what is the
use Of our taking up time in examin-
ing long tables to see whether any
nation ever succeeded in establishing
any ratios and keeping such legal
ratios in harmony with the market
rCl,o A,lln ~ ,.,ftz,S niyAn nv
Com himself on page IA of his book
shows that from 1903, when France
established the ratio of l51e to l, up
to 1874, when she stopped the free
coinage of silver, in only n instance
and that was in 1861, did the CONNER
cial and legal ratios between the two
metals agree. In only one instance
was the ratio of silver at 1519 to l."
HARVEY TAKES UP TIL G OF 1913
AGAIN.
Mr., Haryey-When / reply to the
essay which MI. Horr has just read
nv answer will be full and complete.
But l must pause for q moment to
deal with a question which you will
recognize the Importance OF. 1t is by
way of summary of the debate at the
last session. l have had many re-
quests, both orally and by letter and
by teleorams, since the last session, to
put into the record what Blaine, Gar
feld. Senator Beck of Kentucky, Sem
ator ingalls, of Kansas and many
others have said officially, either to
the effect that the act of 1873 was the
result of gross ignorance on the
subject or that it was the result of
fraud.
"But in view of the important topics
vet before us and the limited number
of words remaining at my disposal |
will not do so. but will try to find
SPACE for this matter in my 2,5OO-word
summary at the close OF the debate to
do So"
In response to the prof adduced by
Mr.. Horr citing Senator Morrill,, OF
Vermont, as authority that prior TO
1873 for 40 years no silver dollar had
been coined" Harvey promptly. pro-
duced a tabulated statement taken
from the reports of the United States
treasurer wherein it was shown ina
the entire coinage OF silver ooliarS
during the period named by Horr q
exceeded S6,O0O,OOO-the amount
coined each year from 1889 to 1872 in
elusive varying from $4,000 in . . TO
sl.1l8.OOO. in 1872. Concerning THIS
table Mr.. Harvey remarked:
"Iook at them, Mr. Horr. See tnat
in 1870 there were 636,OW OF them
coined. in 1860, $4,000 of them coined,
and in 1871 1,i17,O0O Of them, in lS12
l.1ls.OOO. and in all those 40 years ST.
yer dollars in large quantities were
coined, except in six years. ana wneh
Won answar me, MI. Horn, tell us why
Senator Morrill, said there were zone
coined: and il he was not truthIui
about that what Importance snouio
be attached to what he said Q the
silver dollar being purposely omitteo
in the bill?
QUANTITY OF SILVER BEFORE 1873.
Mr.. Harvey-In raising the question
at the quantity of silver coined IN ~
or 40 years prior to 1873 l do It TO es,
tablish the landmark In the financlal
discussion in. the United States: me
neonle have been misled, and o eacn
Step in this discussion when We car
set them right the debate has Oeen o.
value, because the gold men are repre !,
sented here by Mr.. Horr, and men !
show him and. you that silver ~
copiously coined during the ~ 49,
~ "a 1874. and he admits 1t, - ne