The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1895-08-01

some put 1t much higher. Mr.. Horr pointed
out that there had been a vastly increased
production at greatly reduced prices. At
the cost which Mr.. Harvey spoke OF, the
silver miners in three years would have
lost over $1O0,OO0O00. Again. Mr.. Harvey
had put the aggregate amount of silver In
the world at about $3,O0O,0O0OOO. 1t was
estimated that there was about $4,000 ,OOO.-l
900. Mr.. Harvey had said the debts Of the
United States had amounted to about $4O,-
600, 900, 600 This, Mr.. Horr said,
/ Was an Absprdity.
Mr.. Harvey said that the amount Of sill.
yer referred to by him in his book was the
amount available for coinage. For the
rest he proposed to pursue the ordinary
course and answer the questions as they
came. Mr.. Harvey then distributed table
showing the production of gold and silver
from 1902 to 1892, and proceeded to argue
that In spite of wide relative fluctuations
In production, there had been no huctuation
in relative value till after the demOnetiza-
ton act in 1873. He then proceeded to
argue that, except In the legal relation or
weight, there should be no difference In the
treatment Of silver and gold. He said that
the government was the creator OF money
and had the right to regulate the thing
created to the extent Of fixing relative ra-
tics, but it had no right to take from the
legal tender quality Of any money created
Mr.. Horr continued his objections. to MIR.
UP the supposition that the government
wanted 100000 horses. Its competition
would increase the value OF horses; that
free coinage Of silver would increase tine
value of the bullion. Mr.. Horr said that
all the government did to silver was to put
a stamp on the bullion and return 1t to the
owner. Suppose the government, should
merely call for 100000 horses for the pur-
pose of attiXing n brand to them. ana
having done so, should return them to the
| owners, would that increase the value OF
the horses of the country? The horse ar
| gument, Mr.. Horr declared, was a fraud.
| The speaker then took up the matter Of the
| elements which govern the price Of wheat,
| arguing that Mr.. Harveys deductions We're
faliaciCuS. t-
Mr.. Harvey said that this government had
| fixed the price Of gold. and all the friends
| of silver wanted was for it to fix the price
of silver, in the belief that the nation could
| better keep out of the hands of the pawn
| broker with two metals than one.
Returning 10 his argument on bimetallism,
Mr. Harvey said that the option of the
| debtor to pay in the cheaper metal should
not be impaired. This would always main
| tain a parity. If the creditor were given
the option of the money in which he should
be paid, he would demand the ,dearer
money, thereby Increasing the mand for
| that metal and decreasing the other, there
by widening instead Of narrowing the dis
parity. Continuing, Mr.. Harvey declared
that all nature bimetall:c. Man had
two legs, two arms, two eyes, two ears.
He declared there were available for coin
age in the world about sixteen ounces of
| silver to one ounce of gold
Quotes minnesota Statistics.
Replying, Mr.. HORT took up the question
of farm tenancy, whose growth Mr.. Harvey
at an earlier stage of the debate had adj
verified to as a bad sign in our national life.
Mr.. Horr declared it good sign, and
quoted from statistics gathered by the State
of Minnesota, showing the steady evolution
of the tenant into the land owner and
from other statistics showed that the in
crease in the number of tenants had beer
accompanied by a decrease in the number
of farm day laborers. The increase in ten
ancy had not been at the expense of thu
farm owners, but at the expense of the
day laborers.
Mr.. Harvey declined to discuss what he
called the tenant business" but promised
that he would take it up when he got to it.
He then went on to say that there were
two kinds OF money in the general sense il
which the word is used, one being primary
money and the other representative money
or, as he would call it, for the purposes OF
the debate ''credit money" This latte,
kind Of money is divided into paper money
and token money, which includes copper
cents and nickel 5-cent pieces. No attemp
is made to maintain the commercial part,
of these metals at any ratio with the meta
out of which primary money is made
Token money is used to pay for article:
whose value is less than that at which ",
coin primary money. Primary money is tn
| measure of value. Gold, Mr.. Harvey said
! is now our measure Of values, and our rep
. resentative money is tied to it as, the tai
of a kite. He then maze short argumen
: showing that supply and demand regulat
the value OF money, the same as of all 9th
, er property.
J., Mr.. Horr announced that before proceed
ing to the question of the production o
silver he wanted to say few words on tn
misleading nature of some of Mr. Harvey
statements on finance. He then attacke
: assertions made by Mr.. Harvey as to the as
l sessed valuation of national banks. II
then declared that Mr.. Harvey was wander
$ ing from the question in debate, because h
had several times declared that if the mint
: of the world would give
d. Free Coinage of Silver
! on a certain ratio it could DE maintainaf
Mr.. Horn said that was not the question
,, be considered at all, but whether, if til
entire civilized world has refused to us
: silver as money Of final redemption an
still refuses to it, can the Unite
+ States, single-handed and alone. afford t
- put itself on silver basis and Join Me,
= leo, China and Trpoi upon the subjec
:, He then submitted the table of gold an
| SILVER Slice 1914, taken from NJ. 11IFNey
books, and added to it the mint report
Of the years 1893 and 1871 This tail
showed, Mr.. Horr declared, TIA. sire
1874 the production Of silver las bee
= steadily on the increase, and that gc.il la
:. since 1875 been also on the increase, tt
It while silver had increased in :;uan;ty tire
e times during that period gold rad Onl
II doubled in quantity.
l. Mr.. Harvey went back to the 't;scusSio
It of primary money as a measure of value
10 In 1867, he declared all the money in ci
n culation was $1S.2S per capita, and in 1871
ii 1T was $1919 per capita, and III those tine
II all money was primary money. the mcasu'
j. Of value being paper money itself. IN is!
=, we had per capita circula ton nc SD .
70 He then said
= "Now, you will say that tho 'l:llr.ity I
~ money III circulation affects prices. Yo
have more money, primary and credit con
bined in circulation in 1894, pc: capt.
~ than you had in the two years named Fl
!! yiOus to 1873, and yet, prices were ll;@b'
- then than now Why? Because there W:
- more primary money per capita in tlrC'll
70 ton at the two first named years th;
. there is in the last named Year. 1894
. the $24 per capita in circulation If Z
money in 1894 only about SO is primal
T, money. while in 1867 and 1872 there VI,
u $1S primary money in circulation per ca