The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-08-07

ing the value of the unit. with which
Prices are measured Both results
cannot follow
Mr.. Harvey fails entirely to prove
tnat the use of one natal as the
measure of value is an experiment.
History proves that 6he use of a
single standard is the only means by
which both metals can be kept in
circulation. 1t is the only way to Sc
cure a stable measure of value and 70
maintain practical bimetafism. It is
based on scientific principles and
wherever attempts have been made
TO use both, the cheaper has always
driven the dearer out of circulation
which has resulted in practical mono
meta liism, always leaving the cheaper
metal only in use.
The Fall OF Prices.
The gold unit is not responsible for
the fall in prices. The prices of labor
and property. when taken together,
have not declined. It is not true
that the fall in prices when brought
about by natural causes, benefits only
the money lender Such cheapening
of products benefits all who consume
what they do not produce.
Mr.. Harvey utterly fails to show
fall In the price of a single article
which is not fully accounted for by
cheaper cost of production, improved
transportation, and increased supply.
sumption that gold has appreciated
As gold measures the value Of commo-
dities, wages and land, so wages, LANDS
and commodities measure the value or
gold. Commodities have fallen per
cent; wages have increased 81 per
cent, and lands have increased 80 per
cent in value since 1860. when, Mr.
Harvey contends. we were on a BIZ
metallic basis. These facts utterly
ami lilate the claim that gold has ap-
precis-ted.
During the discussion Mr. Harvey
cites Roman history with it's many
evils. But he inadvertently makes an
adnf ssion as to the great value of
banking facilities, which refutes all his
other assertions against such systems
After portraying the bad condition ex-
listing in the Roman empire, he says:
1T is a significant coincidence that
the great gEmmer of light only came
with the inventions Of bills of eX-
change and paper substitutes, through
which the scanty stock of the precious
metals was increased in efficiency"
Roman Metallic Money.
He said that in connection with a
statement that at one time the me-
tallic money Of the Roman empire had
shrunken from eighteen thousand
millions to two hundred millions.
Strange it did not occur to him that
this is an entire give away of his
whole rant and fustian against banks.
1t would seem from his own sJatement
that the few devices which were in
use at the time and which took the
place Of metallic money did wonders
for the business of the world. What
then can we expect from the systems
of banking of the present day, which
multiply more than a thousand times
the Facilities for doing business which
were known TO the people of that
age?
The admission alone saves me using
another word in defense of the banking
systems of the present century.
COrruptly analysed, the fat financial
condition Of this country has improved
Immensely during the last twenty-five
years, in the face of charges made to
the contrary by Mr.. Harvey.
Condition of the People Improved
The conditions of the mass of the
people in the United States has i'm
proved more since 1873 than during any
similar number of years since the ma
zion was born. Indeed, the improve
ment has been far greater than that
of any other nation on the face of the
earth during an equal number of
years, at any period in the worlds his
tory, as MulhalI has conclusiVely
shown.
Mr.. Harvey. in this debate as in
Coins Financial School, misleads peo-
pie by partial statements which lead |
to false conclusions when the whole
statement would have been perfectly
clear to any one.
His statement in reference to the
banks of Chicago ard the amount of
taxes they paid is good illustration
of his methods. He uses a partial !
statement well knowing that a full
statement would have disproved his /
contention
Mr.. Harvey quotes from the Euro
pean geoiogist Suess, to show that the
world can produce only about as much !
gold as is required for consumption
each year, outside Of coinage. He con- /
ceals the fact that SueSs wrote his es- |
say several years ago and that the /
production and coinage of gold in the (
last three years proves absolutely that 7
Suess was entirely wrong. The facts /
are that during the last three years /
the world has produced $40, 900 of /
gold, and during those years it has /
coined. exclusive of re-coinage, over /
$3.50 100000. Mr.. Harvey should have /
known these facts. Why did he quote I
Suess when he should have known
the actual facts proved the statements /
OF Mr.. Suess to be false? Mr.. Harvey /
endeavors to prove decreasing wages /
in the United States since 1873. He in +
troduced only one statement in support /
of a single man for one trade in the /
city of Omaha. On the other hand, (
time proves that they are advancing. (
] introduced the investigation of the /
United States commissioner Of labor, /
and Mulhali. who shows the average /
annual wages in manufacturing indus |
ties have arisen from 1888 in 1870 to
1853 for each person in 1890.
40 Table Of Wages Produced.
Unable to produce any table Of .
wages that shows fall since 1870. Mr. |
Harvey. in the latter part of his de- I
bate tries to show the falsity of my
position that in fixing the original I
measure of value human toll was
largely taken into calculation. Did he
succeed? No. Mr.. Harvey called at
tention to the increase of crime in
the United States and attributes it to
silver legislation. Crime does bear some
relation to prosperity, but far more
to other causes, which Mr.. Harvey
ought to know. He tried again and
again in his book and during this de-
bate to create a wrong impression by
quoting a part of a statute and then
leaving off that portion which would
show that his first statement was ut
terly untrue. The records of this de-