The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-07-26

willing to do something that an individual
was not. So it needs 81, 800, 900, 900 to meet
the normal demand for money. 1t needs
1T just as it needs a normal supply OF wheat.
For each dollar In existence we are paying
the banks interest on two dollars. This is
the way the banks work the
volume of money in existence
to the normal volume. With Sal ,600,-
100000 In existence, the people are using it
and paying interest on $1,000, 100000 adei-
tional. This interest varies from to II
per cent. The banks are interested in hold
ing down the volume of money and supply
ing the remainder needed with the credit
system. They take the quantity of money
in existence and stretch it like piece of
rubber and they sometimes let loose of
their end. 1t is used to mold public
opinion in the interest. 1t can be truth
fully said that all the money in circulation
represents borrowed money. 1t is human
nature, known of all men, that most
debtors are moral towards Money is the
lash they are afraid of and the money
lenders hold the whip-handle."
'The whole question of whether banks
are curse to the world, F" said Horr, land
as to the credit of the country being the
country's livelihood, will come later in this
debate when reach it in the regular order.
1t will be presented to Mr.. Harvey's per-
feet satisfaction Indeed, doubt whether
he will not leave the room in perfect dis
gust with himself for having entered this
debate. Whenever silver mining costs So
an ounce men who are in it paying their
expenses and can only sell it for 60 cents
will quit that business the world over. The
mines that are mining silver at less than
60 cents will keep right on in the business.
Now, Mr.. Harvey, the fact that these
mines have been running since 1879, &C
cording to your own statement, when the
full effects OF decentralization took
place, with silver going down and
down, if the production is increased
from year to year, that of itself proves and
no man can gainsay it, that they are still
making money at the price or they would
not stay in that business. They could not.
Hence, this effort of Mr.. Harvey is to get
81 80 out of the entire people of the United
States for an article that costs the men who
are producing it less than go cents an
ounce. Was there ever such class legisla-
ton attempted in any country, to compel
the people to pay for thing three times
as much as it costs to produce it? The
men who own mines and those who owe
sums of money in excess of the money due
them may be benefited by this cheap
money scheme, but the rest of the people
will receive nothing but injury"
what Mr.. Horn has said about
the cost of producing silver he
could have said with great deal
more force about the cost of produc-
ing gold" said Harvey. Gold, dollar for
dollar, costs great deal less than silver to
mine. Over so per cent of all the silver
produced comes from prospects where men
are trying to make mines-mines that are
not paying in either gold or silver or both
and they are shipping that to get back
what they can. There are only three or
four silver mines left in the United States
that are paying, and they are running pre-
cariously. Why? Because all mines are
uneven and uncertain and may be lost in
a week from now. The shyloeks of old
loaned their own money. The shylocks of
to-day have a system by which they loan
other peoples money. They are defend
ing that system"
At Mr.. Horr's request the debate was adj
journed to Saturday.