Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1895-08-15
VIII 90 Down in History as q Debate Of Nations
Importance and RenoWn.

QT0986O ~ b 8ro0J O98l stronger C08U
that. All the men who commence
their daily toll the first hour they have
labored have become creditors for the
work they have DONE"
Mr.. Harvey-If the reader Of this
debate will bear with me until we ex.
anime scientifically what q monetary
system should be will make plain this
labor question. / want f1rst to OK.
anime the science of money. Mr.. Horl
can take all the credit out Of this dis.
cussion that he can get when I am
through with the labor question, but
for the present / ask your indulgence
Let US first see what bimetallism is
Another word. ] will force Mr.. Hor1
when ] get to 1t. to retreat from his
position that the creditors Of this
country outnumber the debtors" zap.
plause.)
Mr.. Horr-You will have q good
time.
Mr.. Harvey-And I think you will
do 1t voluntarily when / get there.
viii also force him from his position
that increasing the primary money Of
the country as we would do 1t is only
In the interest Of the debtor. I will
then call his attention to the mer.
chants and manufacturers of this coun.
try who have been doing business for
- years on . falling market, who pur-
chased their goods last year. for in.
stance, and 6nd this year that the
price has fallen 20 that they cannot
sell them for more than what they
cost them (applause) OF 20 nearly those
figures that there was no profit left in
the business to them, but q loss. The
examination Of that question upon the
manufacturing, mercantile, mechani.
cal and trading business Of the Coun.
try Is startling, and It viii certainly be
vary interesting to MI. Horr when
give him tho census figures on It.
@Germany followedthe United States
In demonstration In July, 1873, and
France and the Latin union in Janu.
AIRY, 1874. It has been said that Ger
many demonetixed silver In 1871. In
that year she called in all the silver
coins Of the confederation and issued
. common coin Of the empire, and her
mints were left open to unlimited
coinage Of silver until July, 1873
(Applause.) To say that Germany de.
mOnetized silver in 1871 is like the
statement that we demonetized silver
In 1863. (Applause.)
$50 when France closed her mints
In January, 1874, the minis Of nc
large country were open to silver. Its
price then began to ease of. Go back
to the table giving the commercial
ratio Of the two metals for 200 years
and zee how they parted company;
beginning with 1873 gradually the
commercial ratio widened. One ounce
OF gold soon bought Is LOUNGES Of silver,
then 20 ounces, and now at the end OF
. short period Of % years n ounce
Of gold will buy 321< ounces Of silver.
For 200 years under bimetallism there
= parity. Under the gold standard
In - years there 10 q total destruction
Of parity.
Fl now distribute among you q table
allowing the average price Of silver &c
measured in gold In London from 1888
TO 1884, taken from page 81 Of the
United States Statistical Abstract for
1901, and hand the book to Mr. Horr.
The table which Mr.. Harvey cites
gives the price Of silver as measured
In gold IN tho London market from
1883 10 1894 inclusive by years. The
price starts In 1883 ct Sc 3-16 Tin pence)
and closes In 1894 ct 20H. But the
point that Harvey makes IL that until
1879, . period Of 40 years, the price OF
silver bullion In the London market
did not vary perceptibly, the price In
1872 being 60 t-16. The highest point
reached during these 40 years was In
1854, whom the price was 81 ZIG. and
the lowest price reached during that
being In 1843, when the price
Was 50 BIG, the same AZ 1t was ten
years before. Mi. Harvey then pro.
ceeds:
1.-The price given is In pence, but
you Can see that the decline began In
1879, and you can see the ruinously
low price to which they have now
broken down silver. The movement
designed bythem in 1916 had now been
brought into operation. From this
you will zee that the average price Of
m ounce Of silver In London. as
priced In gold, from 1888 to 1879, was
about 81 pence, and remained at that
price. with slight variations, while
now, under the effect Of demonetiza-
ton, II 10 ask pence, and that tho
decline began In 1879. Il has now
IOUoH9O ~ x084O0A 4ov04~ W1b4 G0A0e
only one-half a. much primary
money In existence now O. in 1879, It
Is naturally worth only one-haH as
much, and as commodity IL without
the flxity that monetization gave to Il.
we thus ~ what the opening Of
the mints to the unlimited demand Of
these metals means. It creates . de-
mAnd, an unlimited demand; Just ~
grinding wheat into flour makes . use
Tor wheat and = demand for il that It
would not otherwise have; SO we coin
silver into money-real money, not to-
ken money-and it makes q use for
that it would not otherwise
have. It increases the demand for it.
Demand gives value. Hence the an
limited demand for silver that il given
bv unlimited coinage. Did this break
ing down in silver come from any
other cause? It is said It is due to
overproduction. MI. Horr has re-
us during this discussion on
that subject. He said that silver was
not demonetized because Of overpro-
duction. tApplause.) But has silver
declined since 1873 BY reason OF over