Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1896-04-03
The Debate.

evening entertainment during the In
stitute was the debate on the question
of the equal coinage of silver with
gold, at the ratio of 16 to /, the
affirmative of the resolution being
supported by A. r. McCook of Rice
vile and Frank E. Howard of Albion,
the negative by M. P. Biwer of Elma,
and E. A. johnson of Chester. The
debate was opened by A. R. McCook
in a speech limited to 25 minuts, and
was followed by M. P. Biwer in a
speech of like time; +. E. Howard and
E. A. johnson following them, the de-
bate closing with a ten minute speech
from the chief disputants. The de-
bate was held in Normal Hall, which
was filled to its utmost capacity.
The affirmative made a very strong
presentation in favor of the equal
coinage of silver and gold at the ratio
OF 16 to 1, affirming that money is
solely creation of law, a proposition
established by the constitution, and
confirmed by the highest judicial tri-
bunal of the land. Money is solely a
creation of law and exists not by ma
ture, but by law. The act of coming
it consists in atfixing the stamp or seal
of sovereign authority. by which it
may be recognized and known in the
market as being authoritively entitled
to be received at the price, or value
stamped thereon. Its only value is it's
legal or money value, regardless of
the material upon which that sover-
cigh authority of law is stamped or
impressed, The great prosperity of
the country in 1892, upon which one
of the speakers OF the negative dis
cscanted is partially shown in the TO-
344 business failures of that year with
losses aggregating nearly $200,000,-
900. In 1873 when silver was demone-
tiZed the man who had a debt of 500
to pay, could exchange 100 bushels of
wheat for S115, in 1896 he must to
l raise his 500 exchange 1S5 bushels of
wheat, and of other property in like
proportionate increase, must be given
to procure the means for debt pay
ment. The silver dollar to-day will
pay for as much of any commodity as
. it would in 1878, will buy as much of
,Ievery thing as then, but of gold.
: The negative, with great sympathy
d for the class which has absorbed d
large proportion OF the wealth of the
country insisted that honesty would
demand that all debts be paid in the
one money which has appreciated
!, when measured by silver 100 per cent,
!, although the option remains with the
. government under every bond it owes
y to pay in either coin. One of the
n speakers for the negative said if &
! debt was payable in oranges or apples
it would be paid in the more plentiful
aud cheaper article. And that would
be right and in keeping with the con
tract, the option being in the debtor
4 But suppose the farm was in charge
: of an agent, the apple crop being
- abundant and ample to meet the debt
but the orange crop was IL total fail
, ure. Now if the agent instead of us
= ing the option of the debtor and pay
= ing in the article of which he had al
\ abundance should mortgage the farm
to buy oranges, he would do Just wha
: the government has done to buy gol,
. to pay bonds payable in silver, ant
J, this kind Of Il deal the negative ap
= proved.
i, One of the speakers advocating tn
: interests of Wall street in the discus
ion in Normal Hall Tuesday evenin
l. expressed great concern at the though
(, of taking the financial concerns of th
r. country out of the hands Of the wis
= inanciers who are so capable. and VIII
m conducted them so we'll in the past
., The class to which he alluded are ad
" epts at bleeding the people and feather
le ing their own nests, they thorough
4, understand cent per cent, but the
~ lack OF disposition or ability to maj
g age the finances In the interest of th
st masses is conclusively shown in th
er more than 100000 business failures i
the United States since that class too
charge of national affairs in 1878, il
! volving losses of $3,500,000, 900 I
- business and nearly twice as much t
~ ~. other classes. If they have done th
=, best they could for the country. other
=, could do no worse, but might do be
= ter.
y ~
In the debate Tuesday evening til
negative assumed that the fall in pri
es should be attributed to increase
facilities for production. Before Il
cepting this theory as true we shoul