The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1895-07-29
" COIN" TEACH Els H0RR.
THE Ex-CONGRESSM1N GETS IN
STRUCTiON FININCIALLT.
Under the Gold Standard Wages Fell and
Millions Were Out of Employment.
Production Was Cut Down.

since the ginning of the debate, reading
from manuscript. During the nineteenth
century all the great countries had adopted
a gold standard, he ASSERTED, but had not
discarded silver. However. none of them
had opened their ;nnts 20 silver. He then
dipped into the history of finance in France
ana was still talking of t when interrupted
by the bell.
Mr.. Harvey said he had had many re-
quests to put into the record the utter
ances of Ingalls,, Blackburn and others on
the subject of finance, but owing to the
limited number of words at his disposal he
could not promise to do SO. However, he
would probably mention them in his $500
word summary at the end of his part OF
the debate. An attack on Senator Morrill,,
OF Vermont, followed. He was not very
careful of the truth, said Mr.. Harvey.
when he stated that no silver dollars had
been coined for many years prior to 1913.
Copies of the mint reports for several
years previous to 1873 were here submitted
showing that several millions or dollars in
silver had been coined in those periods.
Now said the author of CON-" eff
Senator Morrill, could not tell the truth in
this l have right to assume that he
could not tell it in any"
Senator Horr warmly defended Senator
Morrill,. He said: when Senator Morrill,
made the assertion that there had been no
silver dollars coined for many years prior
TO 1873 he did not mean to be taken literal
amount Of sold coined there had been
practically none coined, and that IS true.
Mr.. Harvey has a way l do not like of
! trying to smirch the character of every
body who differs from him in opinion.
Mr.. Harvey admits that he made one bad
miSstatement n his book and according 10
his methods of argument have a right to
assume that he IS wrong In everything"
Mir. Harvey turned to the discussion of
bimetallism. taking UP first that branch
Of 1t relating to unlimited coinage and then
went INTO the history of the matter among
other nations. II makes no difference. said
he, what the history of unlimited coin
age is. 1t is admitted on every hand that
all nations have now closed their minis TO
silver and that IS the main point.
Mr.. Horn quoted from Mr.. Harvey's book
TO the objection in the independent bimetal-
lism is that the parity between the two
metals cannot be maintained at our ratio
Of is 10 l, that is, the gold, % 80 grains in
the gold dollar, viii be worth more than
/ the silver, STA grains, n the silver dollar
! and with silver remonetized and just
and equitable STANDARD of values. we
! can. if necessary. by act of congress, re-
! duce She number of grains in a gold
/ dollar till it is the same value the silver
/ dollar. We cannot leg.slate the premium
/ out Of gold"
He asked what becomes of Mr.. Harvey's
/ ratio of l6 to |. Here is what he virtually
says: The gold dollar may be cut down If
1 need be 30 that the ratio shall be l6 to 70
/ His mathematics, however, are as defec-
/ tive as his veracity. Automatically 16
! to e is the same as 32 to 1, SO It IS not the
/ ratio he cares about.
Doubled the Yard stick.
Mir. Harvey-Mr Horn says that / deny
/ that the two metals can be kept in circu-
/ lation e.. fixed ratio. l have not said
\ that for they can be- as they have been
! in THIS country l know they have at
/ tempted TO make you believe there was
~ go}5 IA circulation in this country or
seeking the mints after 1850, but both were
! Misrepresentation. Mr.. Horn hes in the
! flce of history when he says that silver
was not used prior to 1873 a measure
\ of value. Silver was the unit in that coin
age system regulating the size of the gold
/ coiIs. but the two together We're the
measure of values and that is what we
mean by the double standard. Mr. Horn al
/ ludcs to something l have said before and
! then adds: cut the yard half in two and
/ then it viii make twice as many yards Of
clothing IN the world" NOW In 1878 You
/ doubled the length of the yard stick. Gap
] pIause) Suppose one-half of the gold in
! the world were destroyed tomorrow beyond
recovery, would not the gold dollars thai
! were left be twice as valuable as they We're
] before? Mr.. Horn is not a bad pupil and
] shakes his head. So that, when YOU de-
/ StrOyed one-nalt of the redemption money
! in 1873 you doubled the value of the money
/ that was left. You can see no harm In de
! stroying the price OF a mans property, cut
ting the price Of his property half in tvo. but
! your eyes are wide open when any man
proposes 20 even up with you by proposing
to cut the gold dollar half in two. We do
! not wish to do that either; we wish to put
/ back ia the coinage system the money
that you demonetized In 1873. applause
Horr Fails To Meet 1t.
Mr. Horr-lt is possible that Mr.. Harvey
! believes that the act of 1873 when it de-
monetized silver cut the price of the prop
erty Of the world in two. and that prices
/ Immediately dropped 50 per cent. l was
around the world in 1873 and | know that
did not take place, ana he knows it. You
destroy one-haf of the wheat i'm the world
/ and the chances are that YOU viii have to
/ increase the value of wheat probably four
times. But wheat is an article that people
consume from year to year or after short
/ time. Gold has been accommodating for ages
and if YOU should destroy the primary
quality, or 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
/ when there is an enormous store lad away
all over the entire world that is not being
used for money purposes that would at
once seek the channels and be coined into
money and take the place of the money
that has been destroyed.
Millions Out OF Work.
Mr. Harvey said that his opponent argued
that the dear dollar is of more benefit 10
laborers than cheaper dollar. lie did
not intend to let Mr.. HoYr cloak himself
behind the laboring man. You have cut
| in two the number of days that ii is posi-
| bic TO find labor" he said. You have put
| anywhere from 100000 TO 100000 laboring
men out of employment IN this country en-
trely and to those laboring men who are
now destitute and many OF whose leaders
are now lying in jail. you sing the sweet
songs Of the high purchasing power of the
| gold dollar-when he gets it."
Mr. Harvey then delved into the question
! OF ratio ana bimetallism and reviewed the
! historical position of silver in European
/ countries. Returning to the relation free
| coinage bears toward the laboring man. Mr..
] Herr sad;
! I'm 1879 when the question of metallic
! money became prominent in this country,
/ we resumed specie payments and the only
/ money of final redemption was gold. 10
you tell me that distress was abroad III
! the land from that on? Any man who says
that must be ignorant of the history OF
work in the United States. Since this ma
ton began, the years from 1879 to 1892 found
our people better employed and at better
I