Warren sheaf. [volume] (Warren, Marshall County, Minn.) 1880-current, 1895-07-25

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RoswELL.a. HoRR. s
This they proceeded to do. Mr.: Horr stated that
the discussion was to be along the lines Of
"Coin's Financial School," He said he would
not oppose bimetallism, but would oppose free
coinage at 10 to 1. Mr. Harvey briefly sketched
the main points to be brought up. and then an
nounced himself ready to proceed according to
rules.
Mr.: Horn wanted to know why the names OF
prominent citizens had been used in Mr.. Har-
vey's 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 a little boy was pu1 In as
teacher ought to be enough to prove to any
sensible person that this was So
Mr.. Harvey was asked to explain what he
meant by primary money, in the sentence
found in the book "all money is q 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 1t
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.N in the
course of his remarks in which he laid down
the position he was going to occupy. the term
"primary or redemption money! He there
fore thought he was right in assuming that it
was redemption money to which Mr.
Harvey referred If that is what he
means, then the statement quoted Is not
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, o promise to
sometime pay real dollar, and 1t deprecated
in value as the contest went on Mr.. Horr
continued: 3&
Now the error in that statement is vital
one What Is money, Every writer that 1
am familiar with admits that originally money
was always some substance that possessed
value: it must OF necessity be so. Almost
every article in the world has, from
time to time been used as money. been used
as the measure OF values. Gold and silver were
not the first money Originally copper was
more universally used as money than either
OF these metals. and shall here
after show you how we have been going from
money that is cumberous, difficult to handle,
o money that is not stable, q money that per-
ishes, to better quality OF money since the
foundation OF the globe.
In reply Mr.. Harvey said money was a
medium Of exchange and a 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 It's
equivalent With gold and silver In existence
as primary money there is4ouble the quantity
OF money. real money, as there is when
gold only is in existence as primary money.
Money Is also a medium OF exchange.
We exchange property for money and
then exchange the money tor the property or
for services To understand the Importance
OF money we must consider the conditions that
would exist II we had no money. 1t would
then be matter of barter and exchange-ot
one kind Of property for another.
Mr.. Harvey continued: 1.-The men OF to-day
do not understand money and its relation to
property and to society; II 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 1t should be issued by private
parties or corporations The necessity for
money, the fact that it Is the organic fluid OF
society, should make it solelv q creation OF the
government We regulate interstate com
MERGE by laws, because it is a matter affecting
society. Nothing is so intimately connected
with the organization of society rs money
and yet we have q school OF fnanceers who ad-
yocate that 1t should be the creation OF private
parties and corporations and be regulated by
them. It should become . fixed principle with
us that the issuing OF money is an net OF
| fixed upon scientific principles by which every
dollar is as good as every other dollar AL
money should be legal tender In the pay.
ment of all debts and no act Of Discrimination
or notification OF or debasement Of the cur:
rency by any one should be permitted
Mr. Horr said that there was more truth II
Mr. Harvey's statement just made than could
be found in the whole of Coins School," i
was true that money was the blood OF com.
merce and business, but 1t was not true thai
money could exist only when created BY
| law Money was used and well understood
before there were any laws on the subject i
| does not have to be made legal tender t
make 1t good money As rule legal tende
laws are not needed except to make
| somebody take money that Is poor
Except In times OF national calamit!
| legal tender laws are not needed to enforc'
| the circulation of good money. Our nattona
bank notes and our silver certificates arc no
! legal tender for debts or anything
and yet they are taken as readily q
any Of our money, because the PEG
/ pie have confidence in them and know
that the government should regulate money
| The first law ever passed in the United State
/ on the subject OF money was whe
| congress on July g. 1885, directe,
that the money unit should be on
! dollar. and that smallest coin should be Q
| copper, of which 200 pieces should pass for on
dollar. That congress did not state at al
| what the dollar should consist Of except tina
200 copper half cents should be dollar. an
i that was the first unit Of measure that con
gress established-200 half cent coppers.s Tha
/ is all the law there has ever been orl,the sub
| ject and all that has ever been said about ]
/ anywhere. So we had first the money q
the daddies" Of copper.
Mr. Harvey in reply said that what M
1 Horr had said about copper being used a
i money during the continental days precedin
the adoption Of the constitutions is too trivia
to be used in this argument He quoted tn
action of the constitutional conventions at tn
end of the colonial days in the adoption OF sec
ton 10 which says: mo state'shall coin mon
ey or make anything but gold and silver col
tender in payment Of debts. It says gol
! and silver, not gold or silver. This
! tho constitution. It took away from til
states the & power to coin money q
to make anything q tender in payment OF debt
4 except those two metals It Is reserved to COR
i gress the exclusive right to coin money. TIL
states were to have these two metals for legs
4 tender money, but congress would coin 1t Il
them. Copper or other metals could b
coined into money by congress- but the state
i could not make them legal tender. Congress
i in good faith with the states has no more rigl
4 to demonetize one Of these metals than 1t ha
4 to demonetize both Of them without the conser
Il OF the states There was no discriminate
made In the use OF the two metals except ths
i the unit Of value was to reside IN the silve
4 dollar and that gold coins were to be Of th
4 value OF SO many silver dollars This is th
\ exact language OF the statute, OF the men VII
i framed the constitution and knew the col
i struction that it was intended that 1t shout
have. Is
II Both gentlemen discussed at great lengt
Il the organization OF o monetary system, estal