The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1897-03-27
YALE AGAIN VICTORIOUS
IN Il JOINT DEBATE ON THE CUE
RENCY QUESTION. .


Thing-The Question Differently Inter
preted by Both Sides-Judge Aldrich,
Prof. Dewey and Prof. Giddings the
Judges Governor W Wolcott Presided.
Boston, March 26.-Yale won in the
debate With Harvard in Sanders the
ater, Cambridge, this evening, it be-
ing the first time Yale has won at Cam
bridge since the joint debates were in
sttuted. The decision was unexpected,
as nearly every one seemed to think
that Harvard had sure thing. The
theater was crowded and large con-
tingent was present from Yale, who
made the walls ring with their yells
when the judges announced their ver-
dict in favor of Yale. Governor Roger
Wolcott presided and appropriately in
troduced the speakers.
The judges were Judge Edgar A. AL
drich of the United State circuit court,
Professor David r. Dewey of the Mas
sachusetts Institute of Technology, and
Professor Franklin H. Giddings of CO.
lumbia
Each speaker was allowed twelve
minutes for his direct speech, With five
minutes for rebuttal The debate was,
on the whole, uninteresting because of
the different Interpretation put upon
the question by each side.
Harvard had the Affirmative of the
question:
Resolved, That the United States
should adopt definitely the single gold
standard, even if Great Britain, France
and Germany should be willing to enter
a bimetalic league"
s. L. Wrightington 97 opened the de-
bate for Harvard. He said, in SUB
stance: "Our question is tonight, Shall
we strengthen our existing gold stand
ard by adopting it definitely, or shall
we attempt to establish double stand
ard by international agreement? Our
present gold standard is simply sur
vival of the fttest. Gold as a coin has
the greatest utility and convenience as
basis for credit and transportation.
The bimetallists want us to rehabil-
itate silver; they want us to return to
discarded money. The basic princi-
pie of monetary evolution is movement
away from the cheaper and bulkier
standards to those containing greater
value in smaller bulk Gold is simple
and automatic standard that can stand
on it's own legs without the aid of the
government.
Our opponents would stay the tiuc-
tuation of silver by legislation, by an
artificial means. 1t can, never be done.
There are grave economic and political
difficulties in the way of the bimetallic
theory No government can keep these
constantly changing values fixed Cred
it is the machinery of the worlds ex-
change, the vital point in any financial
system. The bimetallic theory would
break down the international monetary
system This theory is merely an eX-
pertinent which at best is problemati-
cal.
What is the matter with the exist
ing gold standard? We maintain that
the history Of this country for the last
twenty-five years does not show the
need of any radical change. Produc-
tion, exports, and wages have risen.
The business troubles have been due to
special causes rather than to the cur
rency.
We find in our present economic con-
dition no serious disorders that com
ell us to revolutionize our standard of
value. Our financial system has work
ed badly only when there has been talk
of changing it. Free silver agitation
undermined confidence and caused a
disturbance of credit Bimetallism
would simply intensity further disor-
ders. We should restore confidence by
declaring to the business world that we
will definitely adopt the gold standard.
THE gold standard is a natural evo-
luton. Any attempt to substitute an
artificial system must cast cloud Of
doubt over the business world, The
economic condition of the country does
not warrant the trial Of the interna-
ton bimetallic experiment"
Coldthwait H. Dore, '97, Harvard's S
second speaker, began his argument by
pointing out the risks involved in ex-
perimenting with d double standard.
The fall in prices which the bimetallist
maintains has strangled production is
itself the best evidence that production
has not been strangled. This has come
about. not through any mysterious ac-
ton on the part OF money, but the very
simple action of the producer He pro-
duces more commodities Since the
wars of 80 and 10 capital and the en-
ergies of men the world over have been
bent on production. Nations which
were the consumers are now the COM
petitors in the market. Improved trans
portation and machinery turn the raw
material cheaply and quickly into the
finished product. This flood of COM
modities has caused the fall of prices
and lower prices increase the demand
for commodities. This is the best evi-
dence of general success. The state
ment of the bimetallist that the debtor
must pay back more is utterly mis-
leading. The real test is, has it grown
harder for the debtor to get the lawful
money to pay his debt?
cit is easier. because wages and in
comes have risen and the debtor need
work fewer hours to pay his debt now
than when it was contracted Nearly
all debts run for less than five wears.
and are therefore little affected by the
fall in prices. The burden of large
loans. government debts. has grown
lighter, for they have been refunded at