The record-union., 1895-07-18
GOLD AND SILVER.

Second Days Debate Between Horr
and Harvey.
Copyright, 1895, by Azel F. Hatch.
CHICAGO, July 1.-THE second session
of the Horr- Harvey silver debate began
at O'Clock in the Auditorium OF the
Illinois Club before the same limited
audience.
Mr.. Horr began by quoting Ballam's
middle Ages" as authority to prove the
fallacy OF MIR. Harvey's statement in his
book regarding the degeneracy Of the
world commercially in the nineteenth
century as result Of the depreciation of
silver. He cited from Professor James
K. Thorold Rogers to refute statements
mode by MIR. Harvey from his book that
the price of wheat had fallen in that
period and that the lot of the tOiling
masses became more miserable with the
passage from the eight TO the fifteenth
century, as charged by Mr.. Harvey, con-
cludlng as follows:
"Mr. Harvey and his free silver friends
identity prosperity and the progress of
man with the lot of feudal nobility of Eu-
rope. and not with that OF the toilerS.
Later, l shall show that in his treatment
in the present, as in the past. Mr.. Harvey
stands as the exponent OF the rich and not
of the toilers, whose welfare should first
be considered by the legislation of the
State"
Mr.. Harvey declared the debate so far
had settled the questions as TO what was
the money of legislation, what was the
unit OF value as fixed by the trainers of
the legislation in favor OF his book. The
keynote which he wanted to sound was
that there was no good reason for debaS-
ing one Of the metals, when gold and sill
yer had been honest money tor centuries,
whom under free coinage laws and equal
treatment both had equal purchasing
power in their own right, and when
population and the demand on the money
market were growing every instant.
Mr.. Horr, to clinch this business which
ne declared his opponent had introduced,
read from Professor Gunton's Wealth
and PiOgress,' to show there was rise
instead ut a fall III the price OF wheat in
the tiiteeth century, and corresponding
increase ia the early part OF the sixteenth
century. The prices he quoted showed
that wheat had been steadily advancing
instead OF falling, as claimed by his op-
ponent. He resented Mr.. Harvey's Sc
we're criticism of Judge Vincent tor de-
Gliding in his remarks yesterday the ques-
ton whether the trainers OF the bill of
1872 Intended To establish two measures
OF value. He had noticed that when
men got bitten with either the green back
money craze or the free silver craZe, they
instantly become egotistical and abusive
of everyone who differed from them.
Mr.. Horr read from letter OF Mr..
Leach, for many years Director OF the
Mint, who took precisely the same view.
that the claim that the silver dollar was
the unit of value was inconsistent with
the Diinetailic system. This decision
was exactly in accordance with the facts.
The laws authorized a gold dollar unit
and a silver dollar unit different from
each other in intrinsic value That was
the reason the law of 1878 was proposed
Mr.. Harvey, replying. declared that
Mr.. Horr had admitted yesterday that
the silver dollar was the unit Of value,
and the record showed it: now he at
tempted to twist something back into
the decision III which he WAS to be be-
lieved as saying one thing yesterday and
something else to-day.
10 understand how silver could be
demonetized in this republic. the reader
should understand that we then had
paper money, and no silver or gold was
in circulation except in California. The
same situation existed in England, fol-
lowing the French war in 1916, when sill
YER was dropped from the mints there.
The conspiracy to demonetize silver was
regarded by those engaged in it as base
transactiOn-just as those who visit
Washington and other Capitals to acconl-
plish by legislation sugar trust or a
trust on silver, books or anything else.
1.-The conspiracy originated IN Eng
land, when tinanciers had discovered
that the demonetization of silver by
England had no effect on the commercial
parity of the two metals al the ratlo fixed
by France. 1t was therefore current that
in order TO break the commercial parity
and substantially depreciate silver. all of
the great Governments would have to be
included in the legislation needed. The
subject was decided among these finan-
ciers informally in London and Paris,
and very few were included among those
who understood it's ultimate effect. A
good deal Of diplomacy, concealment and
Misrepresentation was practiced in Sc
curing the cooperation OF politicians in
Germany, France and the United States.
The subject was discussed without dis
closing the ultimate aim OF those who di-
rected the conference.
Following his trip to London and
Paris, Mr.. Sherman introduced bill III
1865 that on its face intended 10 establish
the gold standard. Senator Morgan of
New Iork jumped on it, in the lace of
the committee, with "all fours." And
sherman saw that Morgan understood
genuine bimetaliism, and this bill died
that day and was never heard of again.
Senator inorganic s term of Office expired
in 1869, and at the very next session an
other bill made its appearance. Those
who took an open and ayowed interest in
the new measure were MIR. Linderman,
Director of the Mint, and Mr.. Knox, the
Comptroller Of the Treasury, who at the
end OF his term OF Office became President
of national bank in New York, John
Sherman in the Senate and Representa-
tives Hooper of Massachusetts and
Stoughton of Michigan in the House.
The bill this time went to committee.
in which the second attempt to leave out
The silver dollar was again discovered.
and it was inserted at the ratio of l51 to l,
which was the French ratio. This pro-
vided for dollar of 3S4 grains. This was
the equivalent Of the French five-franc
piece. To knock this dollar out sur
reptitiously at the last moment then be-
came the plan of the conspirators. The
only question they would have to fight
would be the change OF the unit of value
from silver TO gold, and on this they
could depend by representing that gold
was virtually then the standard by COM
mon consent of nations. that it had been
rendered so by the large production of
gold and by other specific arguments as
sisted by special influences. Thus it be-
came bill innocent on its face as to de-
monetizing silver. Decentralization con-
sisis principally in closing the Mints to
a specified metal, thus cutting off the
coinage demand for it and leaving it only
a commercial value"
The debate was adjourned until 10 A. NJ.
tomorrow.