The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1895-07-30
THROUGH TALKING.
Harvey-Horr Debate Came to an
End Yesterday.
The Independent Coinage of
Silver Was Discussed.
HARVEY WAS FOR 1T.
Mr.. Horn Contended That it
Couldn't be Done.
HARVEY WAS FOR 1T.


terday afternoon.
The days attack was directed at the
question of the feasibility of independent
action by the United States on the re-
monetizatiou of silver and the free and
unlimited use at a ratio of Is to 1 with
gold. and regardless of the action OF
other nations. Mr.. Harvey argued for
such action; Mr.. Horn against it.
The discussion was opened by MI
Horr with a statement that the figures
of prices of corn referred to by Mr..
Harvey, on former day, showed that
the fluctuations in a series of years had
been normal ones in view of supply and
demand, and showed that silver legisla-
ton had nothing to do with the matter
The fact was it was impossible to show
that silver legislation had affected the
price of agricultural products. MI. Har-
vey's figures Mr. Horn declared. were
made up from English, not American
prices.
On the subject of city and farm ten
ancy Mr.. Horr said that Mr. Harvey had
quoted only part of a para
graph. Mr.. Horn said that the question
at issue was not one of city, but one of
farm tenancy. This tenancy, Mr.. Horr
avsrred, was misquOted by Mr.. Harvey
to show an increase, whereas there was
an actual decrease as shown by the CEN
Gus tables
Taking up the regular discussion Mr..
Harvey presented a table showing the
coinage of gold and silver from 1892 to
1873. He did this to show that gold did
not seek the minis for the first fifty years
of the nation, and that silver did not I'M
til 1876 MIR. Harvey then quoted from
his book the total amount of gold and
silver in the world for coinage uses, in
view of the fact that the amount diverted
from the coinage for use in the arts had
greatly increased within the past few
years.
Mr.. Horn, coming down to the question
in hand declared it was useless to try to
fix the relative value of any two sub
stances by legislation. Suppose con-
gress should try TO fix the relative value
of bushel of wheat and a bushel of
oats As soon as one of them had large
crop up would go the ratio, and lsgisla-
ton by the nations of the whole world
would not maintain the ratio any more
than it would make water run up hill.
The law of gravity would stand in the
way; it was so on the matter of the ratio
between silver and gold. The law of
supply and demand stepped in there and
the history of the worlds Legislation
showed that it was impossible to main
tain a fixed ratio between the precious
metals.
MIR Harvey said that when he reached
the matter contained in MIR. Horrs last
talk he thought his (Harvey's) answer
would be satisfactory.
Continuing his line of argument, Mr..
Harvey quoted estimates as to the con-
sumption of gold for the arts and other
wise, and referring to the effect that these
uses equalled, if they did not exceed, the
production, SO that the amount of that
metal for coinage was at a standstill or
decreasing.
Mr. Harvey then took up the question
as to what is becoming of the silver being
produced at present He first quoted
statements by authorities that the in
crease of the use of the metals in the
arts had grown so large that there was
always q ridculously small supply in
Europe and a demand for practically all
of the article the United States pro-
duced.
Proceeding, Mr.. Harvey said that gold
was irregularly produced and was hoard
ed by the few rich Silver on the con-
trary, when more valuable than gold, was
boarded by the mass of people, thereby
comforting a general benefit. 1t was for
this reason that silver had been a more
stable metal in the past than gold.
Mr.. Horr said that Mr.. Harvey had
the unfortunate habit of com pairing
things which had no relation. That was
the matter with his cube argument on
gold and silver. The cubic space which
they would occupy had nothing to do
with their value. Resuming his argu-
ment and referring to Mr. Harvey's
statement that the demonstration of
silver would reduce the debts by one
half, Mr. Horr said that by far the largest
part of the debts in the United States
were less than one year old. The largest
were those of corporations. The short
time debts were contracted under the
existing gold basis and to reduce them
one-half would be to repudiate that one
half Mr. Harvey's proposition would
simply result in silver monometaIlisn.
1t had been thought that it was possible
to clip money without injuring anybody,
That had been proven fRllacious. He
declared that cheap money could not be
substituted for good money without in
juring the mass of the people. The
people who would profit by such a
change would not be the rich, but the
money changers. Mr. Horr then pro-
cesdsd to enumerate the Glasses of peo-
pie who work for their living. arguing
that they would be injured by cheap
money.
Mr. Harvey returned to his cube argu.
ment declaring it was a valuable object
lesson. 1t showed that the Rothschilds
could corner the gold of the world in
their vaults. Who was it that clipped
coins in 1878? Who was it that estab.
lished robber standard? Resuming his
argument Mr.. Harvey said the gold ad.
vocates feared that debts contracted il
gold would be paid in silver and the
man who stipulated to pay in gold would
have TO buy it at premium. This was
fallaciOus. AS soon as silver was remon
etized no man could stipulate for pay
msnt in gold The demand for ToId
would decrease at the same time silver
would increase and soon the difference
between the two metals would be wiped
out. Soon the purchaser would be able
20 get more in gold for what he had tc
sell than now. He had declared it was
net the stamp on the coin which Oava Il