The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-08-07

same as Of all other property. This the
people already know. They only need to
be reminded of it,
Mr.. Horr then starts in to defend the
bankers of the United States. After CIV
ing them great praise he produces table
of the production of the gold and silver
of the world since 1873, and winds up his
argument with the following:
Nov this table shows, and the table
that he exhibited to you and exhibited
around shows, the same, as far as it goes,
that since 1872 the production of silver
has been constantly on the increase.
Gold, since 1875 has been constantly in
creasing in quantity too-but gold has
increased since 1873 from $50, $50, 900 worth
in one year to s1S1 500, 900, just about dou-
ble. Silver in those same years has in
creased from ST. 100000 up to $214, 3S1 900;
while gold has increased only twice sill
yer has increased just about three times"
HARVEY ASKS TO FIGHT AT CLOSE
RANGE.
Mr.. Harvey-Mr. Horn began the last
time by getting out of the book we are
discussing and brought into this discus
sion another book that I have written.
Now, why does he do that? If he will
only stay in the harness with me in this
debate where I can get at him, and at
the same time devote the words at my
disposal to the subject we have agreed
to debate, it seems to me it would be
more proper. (ApplauSe)
His fOndness for protecting national
bankers probably lured him out of the
book we are debating. (ApplauseD l
say now that refuse to discuss anything
outside of Coins Financial School that
is not appropriate to the subject under
discussion, but will add that all of you
who will write a letter to David Gore,
auditor, Springfield, ILL.,, will get the con-
frmation of what Mr.. Horr attacked in
up to Date (Applause) When I reach
it will follow Mr.. Horn closely and drive
him from every position he is taking in
its proper order.
"TIe says that is right To illustrate
this in the school used wheat certificates
and said that these certificates issued
against the wheat in Chicago elevators
did not increase the exchangcable value
of wheat with other property. The GER
tificates represent the wheat and facili-
tate business, but do not give any addi-
tional value to wheat. In fact, the price
of wheat is now lower than it was before
the use of wheat certificates was intro
duced. Neither does paper and token
money representing gold affect the value
of gold or property, except in the sense
of facilitating exchange. They are each
a medium of exchange, but not a measure
of values. Primary money fixes the sea
level of prices.
LESSON FROM MEXICAN MONEY.
Paper money circulating with us did
not take away from silver and gold prior
to 1873, or from gold since then, any Of It's
exchangeable value, nor did it add any
to coin prices with us compared with
prices in California, where there was no
paper money. Mexico has no paper mon
ey (see article, Romero, Mexican Minis
ter in June number North American
Review, and yet wheat is worth there
$3.50 a bushel in silver-the equivalent of
our gold price for wheat here, where we
have paper money representing gold. And
corn in Mexico is worth $3.50 bushel-
more than it's relative value here in gold,
where we have credit money to reinforce
gold, and Mexico has no credit money to
reinforce it's silver.
the measure of values, as it now does
gold, or two metals in concurrent coinage
the measure of values, it is mistaken
idea that paper or tokens issued to repre-
sent this money increase or decrease
their exchangeable value, except in the
sense that they may facilitate the ex-
change. Mr.. Horr says in the Weekly
New York Tribune of June 10 (the paper
is here Mr.. Horn: Paper money is
which it Is redeemed And Mr.. Horr is
right.
Mr.. Hort: cit isn't question that a lit
tie boy like Coin could understand, per-
viii see in moment. Whenever you make
an invention, an Improvement, so that by
machinery you cheaper the cost of pro-
duction, the price of the. article will go
bly, get toward this new cost of production,
but always stops with the highest cost to
the men who stay in the business of pro-
ducing.
"For instance, we had been paying years
ago 81 pound, and a good deal more. for
aluminium. 1t used to cost that in actual