Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1895-08-12
II rms HUNTINGTON HOME.
w. H. Harvey Elucidated His
Financial Ideas,
A. Davis Opera House, Saturday
~-sninr-The Text Of His Speech,
Which He Presented His Ar
uents to His Audience.


r. Harvey addressed an audience
Opera House. this CITY, las,
upon the financial question, as
nh by the speaker IN Coin
school.
Harvey spoke in substance as
THE FIRST LESSON
l the study of money is the
r f0r money. We may do with
eat or the products of wheat, or
beef. OF any other single COM
iu the world and be healthy and
lu- there is no condition IN
YOU can put yourselves and az
time be a part of civilization
without money. To is the blood
uerce. i- is the organic fluid of
ION and the scarcity Of 10 causes
a-ed demand for II just as
-.fv of any staple commodity
nm increased demand and an
of value of that commodity
scarcity Of money works more
influence upon society than
-.irv OF any other commodity.
In The price of money means
rr. prices of other property
makes f. more difficult 20 get mon
r r.lures those who owe debts
u..a ND more of their property in or
., obtain -he dollars with which
.....,. -1e.r debts. A scarcity of money
..r -r. difficulty of obtaining IL con-
-ae-al with tl- necessity Tor having IT,
produces uo t
DErHrS- ION N TRADE
h-- iu the temperament
.r.-. 10 causes men to commit
.. Md many things that they
e. r think of doing were there
dow OF money iE circulation
people.
next lesson the people should
u money. is q distinction between
arg money and representative or
money Primary money Is the
sure of values and is that money
A which l,l other forms of money
redeemed The quantity OF credit
v Is controlled by the quantity OF
-g 50 government can maintain
.u'a-iol more credit money than
has u IT'S borders i'm primary money
bout having run on its treasury
81 primary money. Up 10 1873 gold and
silver both constituted our primary
money! Neither was redeemable IN the
....-.alch represented itself and was
ur rcd mpriou money. Between that
date and 1879 when resumption OF
specie payment took effect the redemp-
r 1f silver was not materially felt
u -nc United States except as u was
reflected iu this country by the London
markets. Immediately following jan
ulry. 1879 however the decline IN s.i-
E.r Us measured iu gold was more man
fast in its effect upon prices i'm this
country Since 1873 silver has been
token money Token money Is repre-
raseutarive 0r credit money redeemable
.n primary money of the government
which. since 1888. IS gold no amount
of silver coined nc the United states
mint under our present law would nave
any enec- u replenishing the stock oi
primary money in this country. WHAT
We want Is
MORE PRIMARY MONEY
and the way we want silver money
coined is not as token money, but as
primary money. The only effect "a
large coinage of silver under the present
aw can have IS t0 disproporuon3teiy
increase the quantity OF representative
money roleemablc in gold SUCH an
increase beyond tle normal supply
would cause ID run upon our treasury
f1- GOLD. and chat is what We now have.
The figures that / shall use tonight
lra mostly taken from book YOU can
T yet from -le Treasury Department
III washington. called Coinage Laws,
Appendix and Statistics, Edition OF
1884
The two hundred years prior to 1873
@ -,...,- ,,..-r -r, 1so9l rqrio
IT,. r,,~ ,s -5s mir-s of me principal
,...,.'.,,-,sr- ,r.r, oDe1 to the free coin
e.. ..s b,-b metals. The relative CONNER
c.., ,.9i,e M -hase metals hung tena-
..,re.v Pm tho legal ratio. In 1916.
when ENGLAND demOne,.Zed silver, lt
t.f mo- nercaptible effect. I'm 1879.
.r,ar -rfs Government and Germany
--mD~erzed silver. it was then no
sta1- premium over gold. The French
-a-i, of 49,. -1 4 was the governing
ratio that controlled the commercial
value of the Two metals. The slight
change or difference between the come
mcrcia. ratio and the legal ratio. never
iu amy instance in 400 tine previous l-S-
tory of the metals being more than three
Tcr cent. Was Che cost of exchange.
What We mean ny
COST OF EXCHANGE
4s tho evDeusa off TRANSFORMATION and
..sr-4nce ON these metals when ship
.r,.r,, -, different p7rts 9f the world
...--.'- .i-,f-s rrf-r- De- drawn against
...,.
--,- Instance eos+ of exchange ON
r,.r fin London might Doe high aud the
.-,r r.,l1 eN.harea might at the sam.