Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1895-05-18
COIN AND LAUGHLIN
Two Authorities on the Money
Controversy Arrayed
IN JOINT DISCUSSION AT CHICAGO.

W. II. Harvey, Author OF "Coin's Finan-
cial School," and Prof. LauGhlin, OF the
Chicago University, Cross Ar G ume ntative
Swords at tho Illinois Club. and Tell
What They Know of Free Coinage Re
gardIess of Europe-Debate In Brief.
CHICAGO, May 15-A stirring political
encounter took place last night, hardly
paralleled in the west since the famous
struggle between Lincoln and Douglas
just on the eve OF the civil wa-. Last
nights platform co,nbatants were the two
giants Of opposing sides in the raging
financial controversy-J. Lawrence Nc.
Laughiin, professor Of political economy
in the University of Chicago, the favorite
authority of President Cleveland, and
William H. Harvey, author of Coins
Financial School" Not half the people
clamoring to be present could have been
accommodated had the auditorium itself
been secured for the meeting The spa
cious rooms of the Illinois club were
crowded to suffocation when the president
of the club, d.. Thomas. announced that
all was in readiness for the contest.
Harvey Opens the wordy Battle.
read, as follows: Resolved, That the
United States should at once enter upon
the free coinage of silver at the ratio OF
- to l, independently of the action of any
other nation" Harvey, it was stated,
would speak for an hour in tie affirmative
and Professor Laughlin an hour and a
half in the negative. Harvey then having
thirty minutes Of a rejoinder. Both men
were liberaily applaudei. In opening for
the affirmative Harvey said:
''The first reason why I'm in favor of
Independent action by this country is that
we should not be subjected to influences
by the governments of Europe. When
our forefathers declared their inde-
pendence from Europe it was to
free themselves the class legislation of
those governments, justly termed
plutocracies. L: the people can be
reduced to poverty and prosperity in the
United States can be ruined by hanging
10 the financial policy of Europe, then we
can b. reduced to the same condition by
financial legislation as war conquest
would reduce us.
Both Agree Tha. Something Is Wrong.
'If we drc right-and are our friends, the
bimctallIsn would be good il we could
get international bimetailism,' in other
words they agree that there is something
radic Il.y wrUng-thcn there Is "a necessity
for independent action. Whers there is
necessity there is u remedy. The govern
ments of Europe are plutocracics. They
squeeze the lemon for the people about
every SO often. The few control class leg
islation and the masses are hcwers Of
wood and drawers of water for the titled
few. Like the farmer who goes out and
robs bees nests, they rob the people anu
then give them time to fill the nest again
before going out to rob i: again.
Should Declare Financial independence.
Now if financial legislation is one of
the classes of class legislation by which
many are robbed and few enriched, then
1t is one of the institutions of European
governments that we as q nation shonld
declare our Independence of. That is the
first reason why independent financial ac-
ton should be taken by the United States.
If they say We must have the same
money they have in order to carry on
business with them my reply is that the
biggest business we ever carried on with
the balance of the world, and particularly
Europe, was at a time when they had sill
yer as money and we had neither.
Settlement Of Foreign Balances.
This nation can have an independent
financial system without any reference
whatever to the balance of the world, and
can carry on its own commerce BY ocean
and by land with other governments of
the world notwithstanding. We do not
now settle our balances with Europe in
coin, except on its commercial value and
by weight. Our coinage has nothing to
do with it. Primarily balances of trade
are settled with trade We give them our
wheat and We take their silks and the
balance that We may owe them or they
may owe us will be settled just as the
merchants between importing points may
agree TO settle it.
international Money Not Existent
They can settle it in gold for SO much
apennyweiGht as measured in money OF
their country or our country, or In Sc
much silver, or in SO much copper, or SC
much Of any other merchandise may be
agreed upon between them in their trade
relations. There is no such thing as an
international money