Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1895-08-01

times during that period gold bad only
doubled In quantity.
Mr. Harvey went back to the discussion
OF primary money as q measure OF value.
In 1867. he declared, all the money In cir
culation was $lS.2S per capita, and In 1872
II was $19.19 per capita, and In those tin es
all money was primary money, the measure
OF value being paper money itself. In 1854
we had a per capita circulation VI s2i %.
He then aid
'Now, you win say that the quantity OF
money In circulation affects prices. You
bined, In circulation In 1894, per capita,
than you had In the two years named ere
vious TO 1873, and yet prices we're higher
then than now. Why? Because there was
more primary money per capita in cl.tula-
ton at the two first named years than
there Is In the last named year, 1894 or
the $24 per capita In circu.atiyn II all
money In 1894. only about Sc Is primary
money. while In 1867 and 1872 there was
SIS primary money In circulation per cap
Ira"
specie Payment.
Mr.. Horr said Mr.. Harvey's definition of
primary money was money of redemption.
Greenbacks had to be redeemed 10 make
them good, and they could not by any hook
or crook be construed into primary money.
MIR. Horr then said:
Now, in 1873 we did return to specie
payment; we did make our greenbacks and
all our money as good as the best. and
Brother Harvey and his whole crowd Of ad-
herents were going up and down this coun-
try stating that II we undertook to enforce
that act we would ruin the business of the
country. l know they said Ii, because |
heard them do so dozens and dozens of
times. They believed 1t, just as Harvey
d0Ns now"
Mr.. Harvey: you cid not hear me say
IT.
Mr.. Horr, "welI. IL you were old enough
you did say 1t. A man constituted as you
are could not have said anything else"
Mr.. Horn declared that the STUFF he
was preaching, as 1t had been denomlnated
by MT. Harvey. was upheld by every civil
lied nation on the earth, and that only
such countries as China, Mexico and japan
favored the silver standard.
Mr.. Harvey denied that Mr.. Horr was
1ustihed In calling him a greenbacker, and
SAID that he believed In gold and silver as
primary money to the fullest extent under
bimetaliic laws that governed 1t prior to
1878. In relation to the claim of Mr.. Horr
that all the civilized nations of the earth
were In favor Of the gold standard, Mr..
Harvey said that ali the civilized nations of
the earth were at one time slave-hOlding
nations, and the individual Shareholders had
made precisely the argument advanced by
Mr.. Horr. He then went back TO credit
and redemption money, and declared that
credit money may be issued by the gov
nme with safety only in such quanti-
ties as will not embarrass it in
case a run is made on the gov
rnmen for redemption. If the gov
nmen requires redemption money
Ii can float bonds among its own people to
the full amount necessary TO obtain what
primary money 1t needs. No government
should ever borrow from the people of an
nfhor NATHAN rn 40 @ ~ MO a anfn0cgnn ~
monetary weakness. No government, he de-
clared, should Issue credit money in guam
tity beyond the amount Of primary money
among Its own people, and 1t should have
no money In Its treasury excepY for Its cur
rent expenses and improvements. The
money should be among the people.
This closed the debate for to-day, and an
was taken until Thursday.
Chicago, July 27.-"Go It, husbands: 90
1t, BEAR seemed to be the motto in the
Illinois club to-day. The audience at the
Horr-Harvey controversy appeared to be
rapidly developing the feeling of the West
eFn matron whose fighting enthusiasm on
an exciting occasion overcame her other
emotions. The husband and the grizzly re-
ferred to could hardly have attempted more
thoroughly to rip each other up the back
and elsewhere than did Messrs. Horr and
Harvey this afternoon.
MIR. Horn opened the discussion. He be-
gan by saying that the 4l2A grain silver
dollars coined between the years 1853 and
1873 were all coined at the Philadelphia
mint and from foreign silver coins which
had accumulated in the treasury under an
able but did not permit them to be paid
out again. That was why silver was coined
at less than It's bullion value. After 1858
the government did not coin a dollar Of
our silver for private owners.
Mr.. Harvey, in reply, denied the state
ment and declared that he could prove 1t.
He presented a mint statement showing
that over $500. 900 In silver dollars had been
coined at the mint at Carson City, New,
in 1870. Mr.. Harvey then resumed the dis
cussion of the question of primary and
credit money. lie said that as soon as there
was an oyer-issue of credit money 1t caused
distrust Of the governments ability to pay.
This caused a run on the treasury for the
redemption Of credit money, and the only
remedy was to either increase the amount
Of primary money or decrease the ar:rouI.
OF credit money. The amount of gold in
the United States was estimated at from
$500, 900, 900 10 $6O0,V 10 and of our credit
money about 81 900, DC 900. This was too
much credit money, he said, and accounted
for the country's financial arrangement.
The remedy was to increase the primary by
remonetizing silver. Every moments delay
would endanger the safety of the republic.
Difference ia Figures.
Mr.. Horn, replying, called attention to a
misstatement of the coinage at the Carson
City mint. Instead of $4l2. 492, the acts-!
amount was $12, 492.
Mr.. Harvey said that he had mistaken the
5 mark for a figure 4 and admitted his
error.
Mr.. Horn continued by saying that up to
the present Mr.. Harvey had not said a
single word in proof Of the actual subject
In dispute. He had argued at length that
the act of 1873 was conceived in sin and
brought forth in corruption, but he had not
brought any proof of it and could not; 1t
did not exist. History showed that a yaria-
ton of a fraction of i per cent between the
commercial and legal ratio between gold
and silver always drove the dearer metal
out Of the market. Now, with a difference
of so per cent, what evidence was there
that a concensus of the civilized nations
England exc~epted-could bring them to a
parity; much less, how conld the United
States alone do 1t. Mr.. Horr declared that
Mr.. Harvey's object was not so much to
build up silver as to pull down gold, as was
shown by his provision for reducing the
size of the gold dollar.
Mr.. Harvey, referring back to the silver
coinage between 1865 aud 1873, said that
the silver coined at Philadelphia was coined
into subsidiary money, not dollars. He
addad that tho nraVniun ON silver yyaa a prp-