The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1895-08-01
THE DEBATE ENDED
hoPR-hARvEYs SILVER DISCUSSION
FINALLY CONCLUDED.
Feasibility Of Independents Frse Coinage
At Ratio or 16 to I Was the Question.
Mr.. Harvey Afarmed it, Practioabutty,
and Mr.. Horr Denied It. .

| ~ h
Mr.. Harvey Amrmed it, Praotioab'lity,
and Mr.. Horr Denied II. s
CHICAGO, July S0.-The last day Of
the Harvey .Horr silver seige opened
during the afternoon in the auditorium
of the Illinois club. The days attack
was directed at the question OF the
feasibility Of independents action by
the United States for the remonetiza-
ton of silver and its free and unlim'
tied coinage at ratio of IL to with
gold, regardless of the action OF other
nations, Mr.. Harvey arguing for such
action, Mr. Horn against it.
The discussion was opened by MIR.
Horr with statement that the prices
of corn referred to by Mr.. Harvey ON a
former day, showed that the t1uctua-
tions for q series of years had been
normal ones in view OF supply ana de-
mand. and showed that silver legisla-
ton had nothing to do with the mat
ter. The fact was that it was impossi.
BILE to show that silver legislation had
affected the
Price of Agricultural Products.
Mr.. Harvey's figures, Mr.. Horr de-
clared, were made upon English, not
American prices. Taking up the regu-
lar discussion Mr.. Harvey presented
table showing the coinage of gold and
silver from 1899 to 1873. He did this
to show that gold did not seek the
minis for the first 80 years of the ma
ton, and that silver did not from that
time till 1878.
Mr.. Harvey then quoted from his
book the total amount Of gold and sill
YER in the world and the cubic space
they would respectively occupy. He
went on to argue that there was not
enough gold in the world for coinage
uses, in view of the fact that the
amount diverted from coinage for use
in the arts had greatly increased with
in the past few years.
Congress Can't Fix Prices.
Mr.. Horr, coming down to the ques-
ton in hand, declared it was useless to
try to fix the relative value Of any two
substances by legislation. Suppose
congress should try to fix the relative,
value of bushel of wheat and bushel
of oats. As soon as one of them had
large crop, down would go the rates, and
legislation 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. 1t was so in 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 1t was
impossible to maintain fixed ratio
between the, precious metals. y
Demand for Gold Would Decrease!
Resuming his argument, MI. Harvey
said chat the gold advocates feared
that the debts contracted in gold
would be paid in silver, and the man
who had stipulated to pay gold would
have to buy it at premium. This
was fallacious. =
* AS soon al silver was remonetiZed no
man could stipulate for payment in
gold; the demand for gold would de-
crease; at the same time the demand
for silver would increase, and soon the
difference between the metals would be
wiped out. He declared, that it was
not the stamp on the coin which gave
it value, but the making OF new use
and new demand for it. II, at the next
general election, a bimetallic congress
should be elected, the rubicon would
be passed the next day, silver would at
once begin to appreciate and gold to
depreciate. and they -
s4 Would Be ut Parity
before congress met; as the greenback
dollar became equal in value to tho
gold dollar before the resumption act
came into force.
Mr.. Horr, resuming, enumerated the
classes of people, who, he declared,
would be ruined, by cheapening the
measure of value. They include day
laborers> clerks, stenographers, rail.
way employees, domestic servants, jan.
itors and scrub women, skilled labor OF
all sorts, agricultural laborers, miners.
and the like, in the aggregate %, 1885,.
5B61 in number. In addition to these
he spoke of the pensioners of the gov.
eminent, making a. touching reference
ii doing so to the empty sleeves Of the
veterans and the black robed widows.
1t was proposed to cut down the PEN
sion rolls by destroying the value of
the money in which they would be
paid. r.. " 81.
Business Would Absorb All silver.
Taking up his argument, Mr.. Harvey
said that, under free coinage, gold
would decline, while silver and every
thing would advance. He asserted
that the demands Of business in this
country would absorb all of the silver
available for coinage. If all of the
|. gold and silver in the world were sent
70 our minis for coinage it would be to
the benefit of the United States and
the injury Of the rest of the world.
Money in circulation made business, he
said, just as life does not make blood,
but blood makes life. 49,.
MI. Horn, resuming, said that the
savings bank depositors had 81, III, 00O.-
900 on deposit, which it was :,