The pioneer press. (Miller, Hand County, S.D.) 1893-190?, 1895-08-08
Money in Savings RouL

ohey IN Savings BANKS.
Mr.. Horr, resuming his argument after
a little badinage, said that the savings bank
depositors had SLIP, 100000 on deposIt,
which 1T was proposed to cut In two
building and loan associations had ! To-. 900
depositors, with an aggregate Of So, s52,-
600 due them. In addition to these there
were the trust companies and state banks
and life Insurance companies. all Of which
were to be allowed TO pay in deprecated
money. And the money in the pockets of
every man and woman In the United
States was to be halved in value. All OF
this for the benefit OF 10000 silver men
why, their output was not worth half as
much as the eggs yearly laid by the hens
OF the United States, and was about equal
In value to the peanut crop.
But the worst feature. he asserted. would
be the destruction of all credit 1t would
bring about the worst panic the nation ever
saw. The paralysis of business would be
complete, FOR % per cent OF the business Of
the world was done on credit.
Mr.. Harvey, replying, said that thou
sands OF men had been financially wrecked
by their inability to keep up their life
Insurance payments. He declared that
there was but one worse crime than that
OF 1873, and that was OF the man who
claimed that the defenders Of silver meant
population. He thanked Mr.. Horr for the
Illustration as to the small amount OF silver
in the United States That was the claim
OF the silver men. There was no danger
but that the demands OF business would
absorb II. This nation could take all of the
silver which the nations OF the world bring
to US In exchange for products In a single
year; We could reproduce those products
and ask them to come again. We could
thus absorb all OF the silver in the world
II necessary. The history OF nations showed
that the more primary money it had the
more prosperous II was. AS long as the
United States could make an unlimited
demand for silver at a fixed ratio. the hold
ers OF silver would not part with IL for
any less. 1t would give us the trade OF the
silver using nations of the world, and the
control OF commerce would be transferred
from London to New York. II would In
crease our trade with the gold standard
nations OF Europe through our control Of
the products OF the silver standard nations
1T will take time TO break the hold that
England has on the world, with her gold
standard debts But in this we shall have
the sympathy OF all the nations that are
now paying her tribute, from poor little
Nicaragua TO republican France. We should
Immediately exert our influence TO save
Japan and other nations from going over
TO the gold standard and stop the conquest
of the world that Is being made by the
money power OF England She Is heartless
and cruel In the extreme. She enfOrces
the debts due her citizens from the cit zens
of other nations by laying tribute. impos.
ing smart money and taking possession
OF custom houses. She has taken posses
sion of Egypt In the interest OF her credi.
tor citizens and imposes and collects taxes
upon those people, who are her bonded
slaves. She is the bully OF the seas and
financial octopus OF the world Its tenacles
reach into every nation in the world In.
Guiding our own, sucking from them their
life blood. We bow our heads In humilia.
ton and admit that her great banking
house Is now behind this government; that
We are at It's mercy to sustain the credit
of this nation and have paid in the last
six months 100000 tribute to get money
which we could create by our own sover.
eign act"
Silver and Eggs.
Mr.. Horr, in turn. said he spoke before
not of the quantity OF silver In the country
In comparison with eggs but OF the amount
OF output OF silver. There was a consider.
able difference In the staying qualities OF
silver and eggs. The trouble, Mr.. Horn de-
clared, was that, with free silver coinage
gold would leave the country and our bust
ness would be on a basis different from
the rest Of the world.
He argued that there was enough gold In
the world for the transaction of the legiti
mate business, and the annual output of the
IllIHtS VI Tue "OEIu was large tuOuSu u
meet the increase OF the worlds business
In proof Of this he quoted the increasing
production of Africa Russia, India, Aus
tralia and the United States and the open
ing of new and rich mines.
Since 1850 the supply of gold In the world
had increased from about $1,000, OOOO to
over S12, 900, 900, 900, with indications Of con
tinued rapid increase. New processes and
new mechanisms he declared, were being de-
veoped rapidly to cheaply furnish the gold
cure for Mr.. Harveys silver jlm-jams.
Mr. Harvey said that the more rapidly the
blood courSed through the body the more
blood was needed. So, with the higher
civilization. the more rapid the exchange of
commodities, the more money those ex-
changes required for their accomplishment.
Mr.. Harvey said that anyone who had oc.
casion TO look into the question OF reports
Of the output Of mines would not be
startled by Mr.. Horr's big figures. He then
quoted the statistics Of India under the
silver standard, showing steady growth
till the balance OF trade turned In her
favor In 1873 He declared that to their
use Of silver and our comparative disuse OF
II which had given such an impetus to
India. Japan and Mexico.
He declared he was In favor Of indie
pendent action by this country, because 1t
would right q great wrong; because Its
continuance would Inspire worse; because
this nation should be Independent OF Eu'
rope; because we should be free from
tribute paying to Great Britain; because
our power Is sufficient to compel Europe TO
come TO our standard, In order to do bust
ness with US. International balances were
settled by weight, anyhow. There was no
such thing as international money.
People Buying Bikes.
Mr. Horr resuming said that there was
no such general lack Of prosperity in this
country as Mr.. Harvey had claimed Mr..
Horr said he spoke from the result of &C.
tuai contact with the people Of the coun-
try. Since 1873 he had travelled over five
hundred thousand miles. Gov ering thirty one
states. 1t was a fact that no people on the
face Of the earth had been as prosperous as
the people of the United States since 1873.
Why. during the last year these people
whom Mr.. Harvey said were on the verge
of starvation had paid over 100000 for