The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1895-05-18
HARVEY'S HOT TALK
Chicago Listens to a Spirited De-
bate.
COINS EDITOR SPEAKS OUT
Professor Laughiin Given Some
Valuable Pointers on
Political Econ
omy.

Idfdllele0 In tne west since
the famous struggle between Lincoln
and Douglas just on the evening OF
the civil war. To-night's platform COM
batants were two giants of the oppos-
ing sides in the raging financial con-
troversy. J. Lawrence Laughlin. pro-
fessor Of political economy at the Uni
yersity of Chicago. the favorite author
ity Of President Cleveland. and Will
lam III. Harvey. author OF Coins
Financial School" Not half the peo-
pie clamoring to be present could have
been accommodated had the Audito-
rum itself been secured for the meet
ing OF the champions.
The spacious rooms OF the Illinois
club on Ashland boulevard were crowd
ed to almost suffocation when the
president of the club. DIR. Homer M.
Thomas. announced all in readiness for
the gladiators. The proposition to be
discussed was read as follows:
Resolved. That the United States
could, at once. enter upon the free
coinage of silver at the ratio of 16 to
]. Independently of action of any other
nation.
Mr.. Harvey was evidently full OF
suppressed excitement when he came
forward to begin his address. but he
soon steadied himself admirably. Both
were literally applauded.
In opening for the Affirmative Har-
vey said: "The first reason why I am
for Independent action by this country
is that we should not be subjected to
the influences Of the governments Of
Europe. When ssour forefathers de-
clared their political independence
from Europe, IL was to free themselves
from the class legislation of those gov
ernments justly termed plutocracies.
IL people can be reduced to poverty
and the prosperity of the United States
can be ruined by hanging to the finan-
cial policy Of Europe, then we can be
reduced to the same condition by
financial legislation as a war of con-
quest would reduce us. II we are right
and our friends. the monometallists.
mostly say. We admit bimetallism
would be good II we could get interna-
tipnaI bimetallism'-in other words
they agree that there is something
radically wrong. but claim we are tied
to the financial policy OF Europe, so
that II Is a war of conquest in this
country by the inonarchies OF Europe.
whose from of government is different
from ours-this would reduce US to the
condition that the people of those gov
ernments are in, and they can accom-
plish the same purpose by financial
legislation. II this is true. then there
is a necessity for independent action.
When there is a necessity there is a
remedy"
IF they say we must have the same
money that they have in order to car
ry on business with them my reply is
that the biggest business we ever did
carry on with the balance of the world
and particularly Europe was the time
when they had gold and silver as mon
ey and we had neither. 1t is one Of
those peculiar arguments that wears
its way into a mans brain when reit-
Grated and monotonously given out by
the daily press that we must have the
same money that the other great COM
mercial nations have. We never stop
to investigate. This nation can have
an Independent financial system with
out any reference whatever to the bal
ance o. the world. and can carry on it's
own commerce by ocean and by land
with othel governments of the world
Notwithstanding. We do not now set
tie our balances with Europe in coin
weight. Our coinage has nothing to do
with II. Primarily balances OF trade
are settled with trade. We give them
our wheat and we take their silks and
the balance that we may owe them
or that they may owe us will be set
tied just as the merchants between the
importing points may agree to settle
They can settle IL in gold for so much
money of their country or our coun-
try. or in so much silver OF in so much
copper. or so much OF any other mer-
chandise may be agreed upon between
them and their relations. There is no
such thing as an International money.
What we are contending for is the
opening of the mints 10 the free coin
age OF silver and the establishment
fixed principles that were adopted by
those statesmen who had in view the
interest OF no class. but all the people.
Silver Is the peoples money. 1t
was so regarded by our forefathers
and was the favored money of the
two. IL was given the position OF
honor in the coinage Of our two metals
by having the unit of value made from
1t and gold. its companion metal,
measured in 1t. Gold was and is the
money OF the rich. This was to be a
government OF the people and the peo-
pies money was 10 be the most IA
vored. Twice when the commercial
ratio getween the two metals made It
advisable to change the legal ratio
the change was made by recoining the
gold coins. This was in "a and 81.
gold coins were changed in weight and
size. In 1884 the gold eagle had IL
grains taken out Of II. In 1887 the gold
eagle had two-tenths of a grain added
10 IL. No change was ever made in the
quantity OF pure silver In the silver
unit The rich mans money-gold-
was recoined when the commercial ra-
ito interfered with the legal ratio. This
is the law we would re-enact We
would make both legal tender In the
payment OF all debts. We would re-