St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-07-26

conjunction with gold mining, and
large proportion Of the silver produc-
ton was the result of attempts to de-
velop mines which proved failures i'll
the end, and the losers were disposing
of their output to try to save some
thing out of the wreck. There were,
he declared, only three or four silver
mines in operation in the country, and
they were having a precariouS eX-
istence, liable to close any week. Mr..
Harvey then denounced Mr.. Scudder
as the tool of the banking interests,
sent out to the silver country to de-
fame his nation.
DEPRECIATION OF GOLD.
Mr.. Horn declared that the statement
of silver than a. pound of gold was not
true, and had not been true Tor a
great many thousand years. 1t was
true, he said, that, as measured IN hu-
man toll, both gold and silver had de-
preciated in value: but silver had de-
preciated must faster than gold. MIR.
Horr then presented statistics for a
series of years in Substantiatlon OF the
depreciation of gold showing the prices
of agricultural products and the wages
of labor. Mr.. Harvey took up the sub
ject, and proceeded to argue that adj
vanceS in the price of grain under a
gold basis in the years quoted had
resulted either from short crops or in
the increased demand brought about
by finding new use for it. Mr.. Harvey
said the banks should go out of the
government business instead of the
government going out of the banking
business. Let the banks be banks of
deposit and discount, and not makers
of money. They are making it now
with bank credit, and you are paying
them interest for it. This argument,
that confidence and not money is all
that is wanted, If made by a green
hacker would be ridiculed by these
same men. Confidence won't buy any,
thing: it will get a man in debt to a
banker-that is all. You might as well
talk about doing without air and wa
ter as to talk about doing without
money. There is no condition of civil
iZation that you can imagine by which
you can be a part of that civilization
and yet do without money. Cap
plause.) And by the legislation in 1873
it has been enhanced in exchangeable
value with your property. That is the
crucial point in this financial discus
sion. (App5Isa a A ood man lloaning
wheat would have paid, you must now
give him 1000 bushels of wheat to nav
that debt. (Applause.) The men who
own bonds payable in money and Sc
more than all the assessed values of
the property in the United States,
have legislated so as to enhance the
value of their property, until you have
got to give up twice as much to them
when they come to buy your property
as they give up to you when you go
with your hard earnings, with the
product of your loom and your field.
to buy their property. (Applause.)
PRICE OF FARM PRODUCTS.
Mr.. Horr-Now, want to call the at
tention of my friend to the fact that
he can't get at how farmers are doing
simply by selecting one article which
happens to be cheap.
Mr.. Harvey-I want to ask you right
here. before these people, to answer my
argument, made just before 1 sat down.
Mr.. Horr-I am going to do it if you
| am up here for now. Naughter.)
The very last thing he said was in
reference to the fact that farmer had
to give twice as much wheat to pay his
debt as he did before the demonetiza-
ton of silver. What ails you? That Is
the very thing / am speaking about.
Now, was stating that you can't pos
sibly find out the facts in reference to
the farmer simply by taking one ar
ticle, and that the lowest one you can
to a confirmation of the figures which
I have heretofore given. Those figures
show that prices for farm products, ali
taken together you know, have not de-
clined. Here in the United States.
comparing the present values to those
Of twenty years ago, l find my con-
firmation In an analysis of national
wealth by the great statistical author
ity, Mr.. MulhaI, so often quoted by
Mr.. Harvey. In the June North Amer
lean Review Mr.. Mulhall says that the
average yearly accumulation of the
agricultural workers, per capita, of fhe
United States, was for the decade 1861
td 1870. $3.50 each,
Mr.. Hafvey-Wil1 you pardon me-
Mr.. Horr--Dcn't bother me. For the
decade 1870 to 1880, s47.10 per capita !:
and for the decade 1880 to 1890, $3.50