The Cambria freeman. [volume] (Ebensburg, Pa.) 1867-1938, 1895-07-19

CHICAGO. July 1.-THE debate he
tween Roswell q. Horr and William
Hope Harvey on the financial question
j. on at the Illinois club on Ashland
euue The judges are Judge w a.
incent and Hon. Henry Miller.
After rhe opening statements the de
bate proper egan by Mr. Hort bring
ing ont the fact that Coin Financial
School" Is IN allegOry and that the
prominent men whose names are given
did not actually make the statements
attributed TO them At this point the
contestants discussed at some length
the definition of money. Coming TO
munes system of the United States,
Mr.. Horr said:
The first law that was ever passed
in this United States upon the subject
of money was on the 9th day Of July,
I1S5: that was two years after the sub
ject had been discussed III every shape
and form by the people and press of thu
United States. Congress then. | will
say the exact words: And on the ques-
ton that the money unit of the United
States Of America be 81, the yeas and
NAYS being required by Mr.. Howell.
every member answering aye, II was
resolved that the money unit OF the
United States of America be 81. Re
solved that the smallest coin be Of cop
per. Of which POO shall pass for 81.
Resolved, that the several pieces shall
increase in q decimal ratio.
That was the first action taken by
tho American congress They first
fixed the unit that l., the name of the
thing that should be used aS the meas
ure Of value, deciding that It should be
called 81 and that the smallest division
of that should be half cent piece. that
II should be copper, and that II should
take POO of them 10 make the unit.
That was the first effort of the new gov
erumeut to establish a monetary sys-
TEN. Now every one viii say they had
not vet stated at all what the dollar
should consist Of except that 200 copper
half cents should be one of them. and
that was the first unit of measure that
congress established. That l. all the
law there has ever been on the subject
and all that has ever been said about il
anywhere. Applause. So we had
first the money of the daddies OF cop
per. no doubt OF it.
Now comes the next important leg
i-latiou upon this subject. Resolved,
that the standards of the United States
of America for gold and Silver shall be
eleven parts fine and one part alloy
Originally that was the weight Of alloy
IN all the coins OF the United States.
Afterwards we reduced the alloy so
that It was one part III ten
Mr.. Harvey said: ''As 70 what Mr..
Horr SAYS about copper used as money
during the continental days preceding
the adoption Of the constitution Is
trivial 10 he used IN this argument. At
the time our constitution was framed
the details governing the concurrent
coinage of the two metals in our fiuan-
CIal system was under discussion III
committees and between statesmen of
that period. so while these details
We're left TO congress. after the adop-
ton of the constitution. a metallic
system was provided for III that cOnsti-
tuition. Article l, section :. says: Con
EresS shall have power TO coin money,
regulate the value thereof. and of for
elgu coins
Section 10 saws: No state shall coin
money or make anything but gold and
silver com tender i'll payment of
debts 1t says gold and silver. applause
not gold or silver. Applause. This
II the constitution The state Surren-
dcrcd To congress the right 10 >epa-
rately coin money, but expressly re-
tanned the right 10 the use Of silver and
gold a. money. neither aS token money,
one representing the other as silver Is
now coined representing gold, but both
a. money in their own right APP
plause- Congress III good faith with
the states has no more right 10 demOne-
TIE one of these metals than II has to
demouetile both of them. without the
consent Of the state Applause.
The men who framed this cOnstitu-
tiOn then proceeded u give 1t the CON
structiOu intended. They gave to both
metals equal q guity. equal rights. eX-
Cept 10 make the dollar Of silver and II
the unit Of value. III which the value
of gold would le measured. but with
concurrent coinage with silver they
gave both metals free and unlimited
coinage Both We're given free and un-
limited use III the payment Of debts.
There was no discrimination made in
the use Of the two metals except that
the unit of value was To reside III the.
silver dollar and that gold coins We're
to lie Of the value IF - many silver
dollars. This l. the exact language of
the statute. of the men who framed
the constitution and knew the CON
strUcrIou that II was intended that II
should have. Daniel Webster said
See Congressional Globe appendix,
pages 81 70 56. Tweuty-fourth congress,
second session. Dec y, I>:iT.1
Gold and silver Is the money OF
the constitution Applause The con.
stjtUtIonal standard of value l. estab-
hShcd and cannot b. overturned. To
uverUUrn II would shake the whole Sys
tenn Gold and silver AT rates fixed by
rougTeSS constitute rhe legal standard
~ value III this country. and neither
congress nor any state has authority &C
establish any other standard or dispose
Of this Long and continued applause.
now hand Daniel WebsJer'S speech tc
Mr. HOrr"
Mr. Horr said: .'ln I7S7. congress
resolved thar The standard of the United
States of America for gold and silver
both together shall be eleven parts fine
and one part alloy That was precisely
IL they had decided before, that the
money of the United Slater being by
the resolve of congress on the 18th OF
July. IINl. dollar =. al consist of fin,
silver 3sj-6i grains IN each silver dol
lar That J. the first establishment Ot
what the unit should cons Il Next
that the money Of account 10 corr,
spOnd with the division of coins agree
able TO the above resolve proceed in
decimal ratio agreeable to the forms anC
manner following
Mr. Harvey said: The straits e
which the colonies Were put between
1876 and 1880. when we a. a govern
Iurnt known aS the United States Wen
into operation, We're those of expedi
ency. but no permanent system wa
adopted, awaiting the constitution o
the regular United States con- gress; anC
II l. 10 the action of that constitution
and the congress that met N pursuance
Of it, that we should. as educators upoI
this question. direct our attention
What jefferson recommended for tn,
unit was adopted. and the statute :,
reads. and the gold coins are valued il
that silver unit, and HamiltOn's sug
geStiOn for two units, a gold unit and
silver unit, was not accepted by con
gress. and only a silver unit was pro
vided for IN the act of 1892 "
MIR Horr-'.NOw, all this talk Of Mr.
Harvey's Is Of very little Importance :,
far rs | am concerned. Whit | say i
that when they passed that law they in
t.uda1 IN aSra HliSb hirnetallis,,, II, RI,