Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1895-08-22

farm tenency, Brother Harvey called
attention 10 the great increase of farm
tenancy In the United Staten since
1850. 1t is one Of the points that he
makes In his book that the country Is
going to the dogs, because there are
more people that work land as tenants
than he likes to see. He objects TO
their doing 1t. He tells as that Il is q
sign to national ruin. It ID from thia
point OF view, but not from mine. Now
let US sec why he calls this increasing
evil and / call it good.
Mr.. Harvey-!The rules governing
this debate are that we are to discuss
."Colns Financial School In it's order
and that Is exactly what / am doing.
That Mr. Horr does not find himself
prepared to discuss It in that way Is
no reason why / should follow him in
all his somersaults that he makes.
snow the reader may think it strange
that I do not stop and answer him
about this tenant business. but / pro-
mise you that when / have reached its
logical place in the order Of the debate
Will attend to it, and attend to it
right. And / promise that Mr.. Horr's
statement that he has just made will
not only appear plainly unfair and not
consistent with the facts, but one
which, when properly considered, is q
part OF the history OF our hard times.
He had no right by the rules Of this
debate to 20 to that subject now. A
simple question yesterday put to me
at the end Of the debate brought this
subject up in an answer. It's logical
place in the debate is elsewhere.
HARVEY FIRES A PROMISED BATTERY.
II now proceed with the discussion
as logically arranged by the rules,
"There are two kinds of money, in
the general sence in which we use the
word money. One is rimary money
to use the expression money only
would be more ~proper-the other is
representative money. The latter is
something that represents real money.
For the purpose OF this argument will
sometimes refer to representative
money as credit money
"Credit money is of two kinds. One
Is paper money and the other is token
money, both representing real money.
Token money is used because Of the
uses to which it is put. This use
would quickly wear out paper money
Thus copper cents have always with us
been token money, and nickel scent
pieces also, since they came into use.
No attempt is made to maintain the
commercial parity of these metals at
any ratio with the metal out of which
primary money is made. They simply
represent real money and are redeem
able In real money. They are used for
convenience to represent primary
money. We use token money to pay
for articles the price of which is less
than values at which we coin our pri-
mary money. Primary money is the
measure of values.
"Now, MI. Horr wanted me to take
up that subject when he was discuss
ing that verse in the Bible in the fy-
leaves. I now reach It at the place
! where It is discussed in the book. Gold
four present primary money! is now
the measure Of values. Nj. Horr has
told you that that is q fact. He and /
agree. Silver and gold working to-
lgether, as before explained, virtually
as n metal, a formerly the mea-
sure of values. What is meant by the
measure OF value is, that the price you
receive for q commodity you take to
the market is governed by the supply
and demand Of the other commodity
from which real money is made. Let
me illustrate this first BY an exchange
of property.
Suppose q man goes to market with
q hogshead OF tobacco to exchange it
for wheat. When he reaches the mar
ket the quantity of wheat he will get
for his tobacco depends on>two things:
First, the supply of tobacco and the
demand for it; secondly, the supply Of
wheat and the demand for it. II
wheat is plentiful and the demand
for it Is normal the man will
baccO more wheat than he would
receive if wheat is scarce and the de-
mand for it strong. If wheat is scarce
baccO than he will in the first instance
where wheat is plentiful.
$50 money being made from q Q r
market with his tobacco to exchange
it for MONEY the quantity OF tobacco
he will get depends on the supply of
this substance from which money is
made and the demand that is made
w VAO 0NPpAy Va LILO AOuOy
substance is large and the demand for
it light he will get more of it for his
tobacco than il the money substance
is scarce and the demand for it great.
HOW BULK AFFECTS EXCHANGE OF
VALUES.
"The quantity of gold now in the
world available for money, as we shall
see later when we reach the fifth
chapter of the School," is in bulk the
size Of q cube q feet, Now suppose a
q mountain Of solid gold was suddenly
discovered that was the cube of a mile
that is, q mile high, a mile wide and
q mile long-and after this discovery
you went into the market to exchange
your tobacco for money (gold being
the substance from which money is
made,) you would get in exchange for
your tobacco q much larger quantity
Of money than you do now. The
say three cents q pound-you get it
for it now represents its exchange
value with gold, and the 6 cents q
pound you once got for the same grade