The Mt. Sterling advocate. (Mt. Sterling, Ky.) 1890-current, 1895-08-13

people and gave items from the y tnkers'
Maaazide Ia ,luding state, municipal and
railway pobis, mortgages OF varpns
kinds, and bank, etc, loans and discounts,
aggregating $4,000 900 900, and said .Eke
balance could be easily figured as "sh9fS
time" debts, which Horr himself $40
were vastly greater than long time debU
harvey then referred to Horr's cont@.
ton that falling prices were the result Of
improved facilities for production and
said improved facilities did not lower
prices. 1t was the supply produced and
the demand for IL that regulated prices.
| To illustrate It he said; Suppose
widow owninga farm receives the volunS
/ tary assistance of her neighbors to raise
| and harvest her wheat crop, will her
| wheat be worth any less than the price
! fixed by the quantity Of wheat In exist
ence known TO traders, and the estimated
demand for it,
| Continuing he said that IL the whole
corn crop of this country, except Iowa,
were destroyed, the price Of the Iowa
crop would not be governed by the cost Of
| production, and so on. II improvedA
facilities resulted in an oversupply OF
anything the price would fall. II was
all supply and demands; she cost of pro-
ducton has nothing to do with with H. NJ
But if it be said that improved facilities
always result in lower prices, then such
facilities are being applied to oil pro-
ducts including gold and silver. And IL
1t increases production, both in the things
to be- measured and the product IN which
they are measured, the exchangeable
value of the two would remain SD b
stantially unchanged"
Horr attacked the the theory that the
business Of the country depends on the
circulation per capita, and presented Il
table showing the per capita for all the
leading nations OF the world, and said
that France had S36 81 per capita, but her
bank system was nothing to compare
with that Of Great Britain; Germany only
had Sl3 %, and her greatest writer said
she was crippled for want Of banks; Great
Britain had SO A., but business was
readily done because Of her banking syss
tenn; we had 26 02 and there were hun
dreds of millions of money lying idle be-
cause there was nobody to use it; Sweden
had but 81. II and there was no complaint
Of scarcity of money there
Benks did not make money in panic
times, nor great deal when interest is
high; 1t was when business was active, /.
interest low and deposits increasing. A
great part of the money in this country
COuHl uOb DS uS6Q WlOnOub DADhS.
Money was deposited in banks so that it.
could be be used in business. ''The,
banks pay interest TO depositors In most
instances and they make the money OF
depositors earn an enormous sum, mill.
ions upon millions each year, that they
would never get cent for but for the,
banks investing it and paying them in
terest on these deposits They can't pay
interest on deposits II they don't get some
interest themselves"
Harvey then took the floor and com
mented on the claim that the wages OF
labor had increased H. said there were
two classes of labor--one that produced
something and sold it ITSELF and ono that
sold its services to somebody else. In the
first class was the farmer, the village
tanner, the cobbler, etc The other class
was called wage.earners and was divided
into two groups--organiz and unorgan.
lied; the last included store clerks, office
help, etc, and owing to the gold stan
dard. Store clerks, for instance were
getting So and 81 per week, where in 1873
they got SIP and SIS In this group OF
laborers the reduction in wages had been.
carried to the point Of bare subsistonce,
and in many instances beyond that.
Organized labor however, bought out,
bht iltlbNOE WIN lbS gin DlOybES du1 OlDlbE
gained its point or inflicted such an in
jury as TO make it feared in the future.
IL this way organization had prevented
wages from declining. Such organiza~
ton would exist and had right TO exist,
but our civilization should make it un-..
necessary.
Horr then attacked the statement in
the School" that foreigners own real
estate, personal property, bonds,
stocks and mortgages in the United
States TO the amount Of ten thous.
and million dollars He said there
was not shadow of authority for that
statement, and explained apropos of the
$40 600, 900 debt matter that the,
short time debts he referred to wero
those accomplishing every day in wages.
salaries, etc.
Harvey resumiug his discussion OF the
wages Of labor, read letter from Thomas.
l. Kidd, general secretary Of the Machine
Wood Workers union, in which it was
stated that for work in Omaha In 1881
carpenters got 81 rs per day, while ths
average now was less than 50 In Chi
cago wages had fallen from Sc 70 TO 81. rs
and less. Kidd adds that what the
laborer.saves by cheaper clothes, etc. is
more than Offset by rent alone and then.
again, the American mechanic is a great
er consumer that he was thirty years ago.
Articles that were luxuries then are al.
most indispensable to his health and COM
fort now" Harvey gave the report of the
labor commission for 1890 To show that in
" pig iron establishments the men
averaged s. 81 per day, working only us.
days year.
Referring to tenancy he said he would
IN similar debate to this take the af
firmative of the proposition, ''That
twenty million acres of land In the.
United States to-day is owned by El-
glish lords and titled nobility, and that
English land uenantry has to that ex-
tent been already introduced into this
Horn resumed the 100000. 600 debt
matter. He said that in tho case of mort
cages Harvey had largely overstated
the amount. One series Of dozen or
more mortgages could be wiped out by-
the payment of the first in the series, He
attacked other items in the list given by
i luntr fasr nd - = - e.e