People's voice. [volume] (Wellington, Sumner County, Kansas) 1890-1917, 1895-07-25

when he got to 1t. He then went OF
to say that there are two kinds o.
money in the general sense in which
the word is used, one being primary
money and the other representative
money or, as he would call it for the
purpose of debate, ''credit money
This latter kind of money is divided
into paper money and token money
which includes copper cents and nick
ell five cent pieces. No attempt i,
made to maintain the commercial,
ratios of these metals out of which
they are made. Token money is used
to pay for articles, the price OF which
is less than values at which we coin
primary money. Primary money is the
measure of values. Gold, Mr.. Harvey
said, is now our measure of values
and our representative money is tied
to it as the tail OF a kite is fastened
to the kite. He then made a short
argument showing that supply and
demand regulate the value Of money
the same as all. other property.
Mr.. Horn announced that before
proceeding to the question Of prOGuc-
ton Of silver he wanted to say a few
words on the misleading nature Of
Mr.. Harvey's statements on finance.
He then attacked the assertion made
by Mr.. Harvey as to the assessed val
uation of the national banks. He
then declared that Mr.. Harvey was
wandering from the question in de-
bate because he had several times de-
Clared that ''if the minis of the
world" would give free and unlimited
coinage Of silver at certain ratio it
could be maintained. Mr.. Horn said
that was not the question to be con-
Sidered at all, "but whether after the
entire civilized world has refused to
use silver as money of final redemp-
tiOn and still refuses to use it, can
the United SSates, single handed and
alone, afford to put itself upon silver
basis and join Mexico, Chill and
TripOli?"
He then submitted the table of the
product of gold and silver since 1874
taken from Mr.. Harvey's book and
added to it the mint reports Of the
product of 1893 and 1894. This table
showed, Mr.. Horn declared, that
since 1874, the production of silver
had been steadily on the increase, and
that gold has since 1875 been also on
the increase; but while silver had in
creased in quantity three times ndur-
ing that period gold had only doubled
in quantity.
Mr.. Harvey went back to the dis
cussion of primary money as a meas
ure Of values. In 1867, he declared,
all the money in circulation was
SlS.2S per capita and in 1872 it was
1913 per capita and in those times
all money was primary money, the
measure of value being paper money
itself. In 1894 we had a per capita
circulation of s2423. He then said:
"NOw you will say that the guam
tity of money in circulation affects
prices. You have more money, pri-
mary and credit combined, in circula-
tiOn in 1894 per capita than you had
in the two years named previous to
1873 and yet prices were higher then
than now. Why? Because there
was more primary money per capita
in circulation in the first two named
years than there is in the last named
year 1894. Of the s24 per capita in
circulation of all money in 1894, only
about Sc is primary money while in
1867 and 1872 there was s1S primary
money in circulation per capita"
Mr.. lIOrr said Mr.. Harvey's defni-
tion of primary money was money of
redemption. Greenbacks had to be
redeemed to make them good and
they could not by any hook or crook
be construed into primary money.
Mr.. Horr then said:
"NOw in 1879 we did return to specie
payment; we did make our green
backs and all our money as good as
the best and brother Harvey and his
whsle crowd Of followers and adher.
ents were going up and down this
country stating that if we undertook
to enforce that act we would ruin the
business Of the country. 1 know they
said it because l heard them do So"
Mr.. Harvey; "YOu do not hear me
say it,"
Mr.. Horr: swell, If you were old
enough you did say it. A man con-
stituted as you are could not have
said anything else"
Mr.. Horn declared that the 'stuff"
he was preaching, as it had been
demonstrated by Mr.. Harvey, was up
held by every civilized nation on the
earth and only such countries as
China, Mexico aud Japan favored the
silver sta ndard