The herald., 1895-07-30
The Last Days Talking of
Harvey and Horr
CHAMPIONS QUIT AT LAST
Neither Having Convinced the Other in
Any Way
Harvey's Concluding Remarks Were That
Second Declaration Of Independence
Is Needed
Associated Press Special Wire.

this afternoon. This day s attacks were
directed at the question of the feasibility
OF independent action by the United
States on recognizing silver and the free
and unlimited coinage at~the ratio OF 10
to / with gold, e.ardiess of the action oi
other nations. The discussion was opened
by Horr, VITO declared 1t was useless to
try to fix the relative value of any two
substances by legislation. Suppose some
body should try to fix the relative value
between a,1ushel of wheat and a bushel
of oats.~ AS soon as one OF them had
large crop, up would go the ratio and
LEGISLATION bv the nations of the whole
world would not MAINTAIN the ratio any
more than it would make water run up
mill The law of gravity would stand IN
the way: it was so in the matter OF the
ratio between silver and gold. The law OF
supply and demand stepped in and in the
history of the worlds legislation showed
that it was impossible 10 maintain fixed
ratio between the precious metals.
Mr. Harvey quoted estimates as to the
consum ption of gold for use in the arts
and otherwise anG for hoardlng, To inc
effect that these uses equaled, If they dld
not exceed the production, so the amount
of that metal for coinage was at stand
still or decreasing. Mr.. Harvey then
took up the question as TO what is becom-
ing of the silver produced at present. ne
first quoted statements by authorizes
THAT the increase OF the use OF the metals
in the arts had grown so large that there
was always rdiculously small supply In
Europe and there was demsn Tor prac-
ticaily all of the article the United Sbates
produced. Cold he said. was irregulaIiy
produced and boarded by the Jew rich'
Silver, on the contrary, was NOR. vaiua,
BILE than gold when gold was hoarded, To
the mass of the people, thereby CONFER
ling general benefit. 1t was 1or tnis
reason that silver had been more stable
money in the past than gold.
Resuming his argument ana referring
to Mr.. Harvey's statement tnat 'ne re-
monetization of silver would reduce
debts by half Mr.. Horr said that by far
the largest part OF the debts in the Uni
ted States was less than one year old.
The time debts were those OF large corpo-
IatIons The short time debts were con-
tracted under the eXlsung gold basis ana
To reduce them one-half it would be nee
essarv 10 repud late that one half. Mr..
Harvey's proposition would simply result
IN silver monometallism. He declared
that cheap money could not be substitute
ed for good money without iniuirng the
mass of the people. Those who would
profit by such change would not be the
POOR but the money changers.
Nr. Harvey said the gold advocates
f0areo that debts contracted in gold would
fbe paid in silver. and the man who had
stipulated to pay gold would have to buy
it at premium. This was faliaclous.
AS soon as SILVER was remonetized no
man could stipulate for payment in gold.
The demand for gold. he believed, would
decrease at the same time the demand for
silver would increase and soon the differ
ences between the metals would be wiped
out. 1t was not the stamp on the coin
which gave it the value, but the making
nf II and nanann for If
at the next general election, a bimetallic
congress should be elected, the Ru5icon
would be passed the next day. Silver
would at once begin TO appreciate and
gold to uepreciate. and they would be at
parity before the meeting of congress
as the green back dollar became equal in
value to the gold dollar before the resump-
tion act went in force
Mr.. Horr, resuming. reiterated the
statement that silver had nothing TO do
with values. A diamond worth So, 5,000,-
900 could be put into qualis egg. Mr..
Horr entered his enumeration OF the
classes of people who. he declared, would
be ruined by cheapening the measure of
value. They included laborers, clerks,
railway employees, domestic servants,
janitors aud scrub women. skilled labor-
ers of all sorts, agricultural laborers,
miners and the like, in the aggregate
%, 1856, ,6Sl in number. In addition to
these he spoke of the pensioners of the
government, making touching reference
in SO doing, TO the empty sleeves of the
veterans and the black-robed widows in
number 1000, 900. 1t was proposed to
cut down the pension rolls by destroying
the value of the money in which they
would be pa,d. If this law were passed
pensions must be doubled or the nation
disgraced. In addition to these 4. ISL. .695
people had their little savings in savings
banks, whom it was proposed to defraud
of one-half OF their little accumulations.
Mr.. Harvey said that under free COMA ge
gold would decline while silver and
everything would advance. 1t is claimed
that if silver we're granted free coinage
our securities would be thrown over. The
rule was that securities were not thrown
over on advancing prices. Gold was the
article to be got rid of. for 1t alone
would decline. Mr.. Harvey asserted the
Vemands of business in this country
would absorb all the silver available for
coinage. If all the gold and silver in the
world were sent to our mints for coinage
it would be TO the benefit of the United
States, ana to the Injury of the rest of
the world, Money in circulation made
business, he said Just ds life does not
make blood, but blood makes life.
Mr.. Horr said the savings bank depos-
itors had ri, ~, COO, 600 on deposit which
it was proposed to cut in two. Building
and loan associations had 1.72j. coo de-
positors with an aggregate of So. 525, S52 600
due to them. In addition to these were
the trust companies and state banks ali
of which would be allowed to pay IN de-
preciaGed money. All the money in the
products Of every man and woman in
the United States Was to be hayed in
value. All of this Tor the benefit of the
10000 silver men. Their output was
not worth half as much as tine eggs yearly
laid by the hens OF the United States,
and was about equal lii value to the pea
nut crop. But the worst feature, he as
serted, would be the destruction of all
credit. 1t would bring about the worst
panic the nation ever saw; the paralysis
of business would be complete, Tor 9S
per cent of the business OF the world
was done on credit.
Mr. Harvey replying, said thousands
OF men had been financially wrecked by
their inability to keep mp their life insIr-
snce payments. lie declared that there
was but one worse crime than that Of
1873, and that was that Of the men who
claimed that the defenders of silver
meant repudiation. He thanked Mr.
Horr for the illustration as to the small
amount of silver in the United States
That was the claim OF all silver men.
There was no danger but that the debts
OF the business would absorb it, This
nation could take all of the silver which
the nations OF the world would bring to
us in exchange Tor products in a single
year. We could reproduce those products
thus absorb all the silver in the world. If
necessary. This theory showed that the
more primary money a nation had the
more pros perity it had As long as the
Unitea States could make an unlimited
demand for silver at fixed ratio, the