The Ely miner., 1895-07-24

This they proceeded to do. Mr. Horr stated that
the discussion was to be along the lines of
Coins Financial School," He said he would
not oppose bimetallsm, but would oppose free
coinage at 16 to l. Mr.. Harvey briefly SKetched
the main points to be brought up, and then an
nounced himself ready to proceed according to
rules.
Mr. Horr wanted to know why the names of
prominent citizens had been used in Mr. Har-
veyS book, and words put into their mouths
that they had never used, to which Mr.. Har-
vey replied his book was simply an allegory.
and the fact that little boy was put in
teacher ought to be enough to prove to any
sensible person that this was
Mr. Harvey was asked to explain what he
meant by primary money, in the sentence
found in the book "all money is medium of
exchange, but primary money only is the
measure of values" 1t is not defined any
where in the book
Mr. Harvey said that the question asked was
part of the main argument in the book and it
would be out of place for him to answer the
question now and would disturb the logical
arrangement of the argument
Mr.. Horr then said that unless he had mis-
understood Mr.. Harvey he had used. in the
course of his remarks in which he laid down
the position he was going to occupy, the term
primary redemption money" He there
fore thought he right in assuming that it
was redemption money to which Mr..
means, then the statement quoted is not
true. Primary money only or redemption
money only is not always the measure of
values The measure of value from 1862 to
1879 in the United States was the greenback
dollar That was not dollar of primary
money, it was paper dollar, a promise to
sometime pay real dollar, and it deprecated
in value as the contest went on. Mr.. Horr
continued
Now the error in that statement is vital
one What is money: Every writer that
am familiar with admits that originally money
was always some substance that possessed
value; it must of necessity be Almost
every article in the world has, from
time to time, been used as money, been used
the measure of values Gold and silver were
not the first money Originally copper was
more universally used money than either
of these metals, and ! shall here
after show you how we have been going from
a money that is cumberous, difficult to handle,
money that is not stable, money that per-
ishes, to better quality of money since the
foundation of the GLOBE
In reply Mr.. Harvey said money was
medium of exchange and measure OF values.
AS measure of values 1t was thing repre-
senting value When we express price we
have reference to the unit OF value or its
equivalent With gold and silver in existence
as primary money there is double the quantity
OF money. real money, there is when
Money is also a medium of exchange.
We exchange property for money and
then exchange the money for the property or
for services. To understand the Importance
of money we must consider the conditions that
would exist if had money. 1t would
then be matter of barter and eXchange-of
one kind of property for another.
Mr.. Harvey continued: THE men OF to-day
do not understand money and its relation to
property and to society: if they did we would
not be engaged in this discussion. Under this
last head comes the question whether all
money should be issued by the government,
or all or part of it should be issued by private
parties or corpora tions The necessity for
money, the fact that it is the organic fluid of
society, should make it Solelv a creation of the
government We regulate interstate COM
merce by laws because it is a matter affecting
society. Nothing is so intimately connected
with the organization of society as money.
and yet we have school of fnanceers who ad-
vocate that it should be the creation OF private
parties and corporations and be regulated by
them. 1t should become fixed principle with
US that the issuing of money is an act of
sovereignty. Our monetary system should be
fixed upon scientific principles by which every
dollar is as good as every other dollar. All
money should be a legal tender In the pay
ment of all debts and no act of discrimination
or nullifcatlon of or debasement OF the cur
rency by any one should be permitted.
Mr. Borr said that there was more truth in
Mr. Harvey's statement just made than could
be found in the whole Of COINS School,. 1t
was true that money was the blood OF COM
merce and business, but 1t was not true that
money could exist only when created by
law Money was used and well understood
before there were any laws on the subject 1t
does not have to be made legal tender to
make it good money AS rule legal tender
laws are not needed except to make
somebody take money that Is poor.
Except in times OF national calamity
loyal tender laws are not needed to enforce
the circuIation of good money. Our national