The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-08-07

ing and increasing as the aggregate
supply Of the two metals increased. It's
greatest growth came with the phenom-
email increase beginning in 1849, and by
1873 had adjusted itself to this increased
supply. The body and limbs had grown
with the new supply of blood. All ma
ture Is 'bimetallic. We have two legs,
two arms, two eyes, ewo ears; one re-
lieves the strain upon the other.
1T is not necessary in this debate to
give statistics for the relative quantity
of the two metals now in existence in
the world available for use as money. 1t
was conceded until Mr.. Horn made a
statement few minutes ago that they
were both equal at about "a ,000, 600 600; he
does not deny now that they are equal,
but he puts 1t at about IS, 600. DOC, 900.
will settle that at future session. An
equal quantity of either, dollar for dol
lard in quantity, by weight, 16 ounces Of
silver to one OF gold. Both are in the
world today in existence available for
use as money"
HORR USES THE SABER STROKE.
Mr.. Horny friend Harvey insists in
conducting this debate without permit
ting me to refer to anything he has said
in the previous part of the debate unless
it comes in order, according to his idea
Of order in his book. 1t is easy to see
why he does that. He has a portfolio
filled with written essays worked out by
him or somebody, l don't know who
Qaughter), which he proposes to read in
his order. / came to the city Of Chicago
without syllable having been written
and supposing that this was to be a sort
of sand-pit fight, and every word l read
is called out by statements that he makes
here on the discussion. 1t may be annoy
to him. I am sorry if it is Qaughter), but
/ am running this business to suit my
SELF" Naughter)
Mr.. Harvey-That's right.
Mr.. Horr-I am not laboring very hard
to please you. Gaughter)
Now. yesterday, under the laws Of
farm tenancy. Brother Harvey called at
tention to the great increase of farm
tenancy in the United States since 1860.
1t is one of the points that he makes in
his book that the country is going to the
dogs, because there arc more people that
work land as tenants than he likes to
see. He objects to their doing it. He
tells us that it is sign Of national ruin.
1t is from his point of view, but not
from mine. Now let US see why he calls
this increasing evil and I call it good.
Mr.. Harvey-The rules governing this
debate are that we are to discuss Coins
Financial School in its order, and that
is exactly what 1 am doing. That Mr..
Horn does not find himself prepared to
discuss it in that way is no reason why
l should follow him in all the somersaults
that he makes.
Now, the reader may think it strange
that do not stop and answer him about
this tenant business, but I promise you
that when / have reached it's logical
place in the order of the debate I will at
tend to it, and attend to it right. And
promise that Mr. Horr's statement that
he has just made will not only appear
plainly unfair and not consistent with
the facts, but one which. when properly
considered, is a part of the history of our
hard times. He had no right by the rules
Of this debate to go to that subject now.
A simple question yesterday put to me
at the end Of the debate brought this
subject up in an answer. It's logical
place in the debate is elsewhere
HARVEY FIRES A PROMISED BAT
Terry
II now proceed with the discussion as
logically arranged by the rules.
There are two kinds of money, in the
general sense in which we use the word
money. One is primary money-to use
the expression money only would be
more prOper-the other is representative
money The latter is something that
represents real money. For the purpose
Of this argument ! will sometimes refer
to representative money as credit mon>
ey.'
Credit money is of two kinds. One
is paper money and the other is token
money, both representing real money
to which it is put. This use would
quickly wear out paper money. Thus
copper cents have always with us been
token money, and nickel 5-cent pieces
also. since they came into use. No at
tempt is made to maintain the CONNER
cial parity of these metals at any ratio
with the metal out of which primary
money Is made. They simply represent
real money and are redeemable in real
money. They are used for convenience
to represent primary money. We use
token money to pay for articles the price
of which is less than values at which we
coin our primary money. Primary mon
ey Is the measure of values.
Nov, Mr.. Horn wanted me to take up
that subject when he was discussing
that verse from the Bible in the fly
leaves. / now reach it at the place where
it is discussed in the book. Gold( our
present primary money! is now the meas
ure of values. Mr. Horn has told you
that that is a fact He and I agree. Sill
yer and gold working together, as before
explained, virtually as one metal, was
formerly the measure of values. What
Is meant by the measure of values is,
that the price you receive for COM
modify you take to the market is Cow
erned by the supply and demand Of the
other commodity from which real money
is made. Let me illustrate this first by
an exchange of property.
suppose man goes to market with a
hogShead of tobacco to- exchange it for
wheat. When he reaches the market
the quantity Of wheat he will get for his
tobacco depends on two things: First,
the supply Of tobacco and the demand for
It; secondly, the supply of wheat and the
demand for it, If wheat is plentiful and
the demand for it is normal the man
will receive in exchange for his tobacco
more wheat than he would receive il
Is strong. If wheat is scarce he will re-
ceive less wheat for his tobacco than he
will in the first instance where wheat is
plentiful.
80, money being made from a certain
substance, when the man goes to the
market with his tobacco to exchange it
for money the quantity Of tobacco he will
get depends on the supply of this sub
stance from which money Is made and
the demand for it. If the supply of the
money substance is large and the de-
mand for it light he will get more of it
for his tobacco than if the money sub
stance is scarce and the demand for it
great.
HOW BULK AFFECTS EXCHANGE
OF VALUES.
''The quantity of gold now in the world
available for money, as we shall see later
when we reach the fifth chapter of the
School, is in bulk the size of a cube %
feet. Now suppose a mountain of solid
gold was suddenly discovered that was
the cube of a mile-that is, mile high,
a mile wide and mile long-and after
this discovery you went into the market
to exchange your tobacco for money (gold
being the substance from which money is
made), you would get in exchange for
your tobacco much larger quantity of
money than you do now. The-say three
cents pound-you get for it now repre-
sents it's exchange value with gold, and
the cents pound you once got for the
same grade of tobacco represented its ex-
change value with money, when silver
and gold were both used as real money.