St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-08-07

On the contrary, it drives the dearer
metal out of use, just as it has done
in Mexico and other countries. where
the cheaper metal is today the sole
currency, and is not increased in value
one iota. Another doctrine of Mr..
Harvey is that by the free coinage of
silver in this country upon the old
ratio of 16 to- l, the old price of silver,
as compared with gold, will be re-
stored. If it will restore the value Of
silver, it will not increase prices. He
proposes to raise prices by diminishing
the value of the unit with which prices
are measured. Both results cannot
follow. Mr.. Harvey fails entirely to
prove that the use of one metal, as the
measure of value, is an experiment
History proves that the use of a single
standard is the only means by which
both metals can be kept in circulation.
1t is the only way to secure stable
measure of values and to maintain
practical bimetallsm. 1t is based on
scientific principles, and wherever at
tempts have been made to use both,
the cheaper has always driven the
dearer out of circulation, which has
resulted in practical monometallism-
always leaving the cheaper metal only
in use The gold unit is not responsible
for the fall in prices. The prices of
labor and property, when taken to-
gether, have net declined. 1t is not
true that the fall in prices, whs n
brought about by natural causes, bene-
fits only the money lender. Such
cheapening of products benefits all
who consume what they do not pro-
duce Mr.. Harvey utterly failsd to
show a fall in the price of single
article which is not fully accounted
for by cheaper cost of production, I'M
proved transportation or increased
supply.
VALUE OF GOLD.
''He bases his contention on the as
sumption that gold has appreciated.
AS gold measures the value of COM
modities, wages and land, so wages,
lands and commodities measure the
value of gold. Commodities have
fallen eight per cent; wages have in
creased fifty-eight per cent, and lands
have increased ninety per cent in value
since 1890, wher. Mr.. Harvey contends
we were on a bimetallic basis. These
facts utterly annihilate the claim that
gold has appreciated. During the dis
cussion Mr.. Harvey cites Roman MS
tory, with it's many evils. But he in
adVertently makes an admission as to
the great value of banking facilities
which refutes all his other assertions
against such systems. After portray
ing the bad conditions existing in the
Roman empire he says: 1T is sig
nificant coincidence that the first glim-
mer of light only came with the inven-
ton of bills of exchange and paper
substitutes, through which the scanty
stock of the precious metals was in
creased in efficiency He said that, IN
connection with statement that at
that time the metallic money of the
Roman empire had shrunken from
eighteen thousand millions to two hum
dred millions Strange it did not occur
to him this is an entire give away of
his whole rant and fustian against
banks. 1t would seem from his own
statement that the few devices which
were in use at that time, and which
took the place of metallic money, did
wonders for the business of the world.
What then can we expect from the
systems of banking of the present day,
which multiply more than a thousand
times the facilities for doing business
which were known to the people OF
that age? This admission alone saves
me from using another word in de-
tense of the banking systems Of the
present century.
IMPROVED CONDITIONS
Correctly analysed, the financial
condition Of this country has improved
immensely during the last twenty-five
years-in the face of the changes made
to the contrary by Mr.. Harvey. The
condition of the masses of the people
in the United States has improved
more rapidly since 1873 than during
any similar number of years since the
nation was born. Indeed, the i'm
provement. has been far greater than
that of any other nation on the face
of the earth during an equal number Of
years, at any period in the worlds
history, as Mulhall has conclusively
shown. Mr.. Harvey in this debate, as
in Coins Financial School, misleads
people by partial statements which
lead to false conclusions, when the
whole statement would have been per-
fectly clear to any one. His state
ment in reference to the banks of Chi
cago, and the amount of taxes they
paid, is a good illustration of his
methods. He says a partial statement,
We'll knowing that full statement
would have disproved his contention.
Mr.. Harvey quotes the European geol-
ogist Suess to show that the world can
produce only about as much gold as
is required for consumption for each
year outside of coinage. He conceals
the fact that SuesS wrote his essay
several years ago, and that the pro-
duction and coinage of gold in the last
three years proves absolutely that
Suess was entirely wrong. The facts
are that during the three years the
world has produced $4,000 600 of gold,
and during those years it has coined,
exclusive of recoinage, over $3.50, 000.-
600. Mr.. Harvey should have known
these facts. Why did he quote Suess,
when he should have known that the
actual facts proved the statements of
Suess to be false? Mr.. Harvey en-
deavored to prove decreasing wages in
the United States since 1873. He in
troduced only one statement in sup
port of his position; that was the evil
dence of a single man for one trade in
the city of Omaha. On the other hand,
to prove that they are advancing,
introduced the investigation of the
United States commissioner of labor,
and Mn1han who cbour bat Tho owe,