The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1895-08-02
SILVER AND GOLD.
Messrs. HOrr and Harvey Tackle the Coin
age Question

what heightened in order to admit OF
the delivery of the number of words
originally agreed upon. The debate
yesterday was marked by a more than
usually sharp encounter between the
two contestants Mr.. Horr called his
opponents attention to a statement
which he had made in his criti-
cisms upon Senator Morgan, wherein
he said that the silver dollars
of 4121l grains were largely coined
previous to the decentralization of sill
YER in 1878 and after the passage of the
law of 1851. making subsidiary coinage
of less value than its face. There
fore he inferred that Senator
that none of the 4I21l dollars
had been coined from silver mined in
this country. Mr.. Harvey says that
the old dollars of 41215 grains were
coined for the people of Nevada and
California, Notwithstanding that at that
time the bullion was worth more
uncoined than coined. Mr.. Horn de-
MED that these dollars were coined
from silver mined in this country and
Congress had provided that foreign
coin should be received by the govern
meut at a certain fixed value,
and further that such coins
should not be again put il
circulation but should be recoined at
the mint. The report of the director
of the mint showed that over 3, 600, 600
in silver had thus accumulated, having
been found in gold during the process
of assaying il.
At this point Harvey challenged
Horr's statement, saying that he had
not brought his authorities with him,
and therefore his arguments were en-
titled to no standing in the debate. lie
then handed Mr.. Horr statement of the
director of the mint, which he said re-
ported that during the year 1870, Az, +62
silver dollars had been coined az Car
son City. Mr.. Harvey again called his
opponent to task for not combining his
remarks to the order of debate origin
ally agreed upon, and said that he
would not be diverted from this order.
He then entered upon a discussion of
primary and credit money. say
ing that an over issue of credit money
caused drain upon the primary money
for redemption purposes. An example
of this had just been witnessed in this
country in the issue of bonds by the
present administration. for the purpose
of maintaining the gold reserve.
The amount of gold in the United
States was estimated at from 500. Geo.
600 to $500, 600, 600, and of our credit
money about $1,000, 900. 600 This was
too much credit money, he said. and
accounted for the country's financial
arrangement The remedy was to IN
crease the primary money by reInone-
tizing silver. Every moments delay
would eudanger the safety of the re-
public.
Mr.. Horr replying, called attention
to misstatement of the coinage at the
Carson City mint. Instead of s4I2i92
the actual amount was SIP, 492. Mr..
Harvey said that he had mistaken the
dollar mark for figure and admitted
his error.
Mr.. Horr continued by saying that
up to the present Mr.. Harvey had not
said a single word in proof of the ac-
tual subject of dispute. He had argued
at length that the act of 1879 was con-
ceived in sin and brought forth in cor
ruption, but had not brought forth
any proof and could not: it did not ex-
ist. History showed that a variation
of per cent. between the commercial
and legal ratio between gold and sill
yer always drove the dearer metal out
of the market. Now, with a differ
ence of 80 per cent, what evidence was
there that concensus of the civilized
nations - England excepted could
bring them to parity? Much less, how
could the United States alone do It?
Mr.. Horn declared that Mr.. Harveys
object was not so much 20 build Up
silver as to put 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 1853 and 1873,
said that the silver coined at Phila-
money. not dollars. He added that
the premium on silver was a premium
at London, that transportation /.
charges would more than eat that up. I
so the bullion owners in this country |
would take it to the minis for coinage. !
Taking into consideration bank cred Z
its and checks and the amount of
money in circulation the normal /
amount of money necessary for the /
transaction of business throughout the /
country was $500, OOO. 600. OF this !
One-third only was in money and the /
rest was borrowed. The inference was /
plain. The normal amount of money .
which we should have was 81, 500, Co.,
600.
Taking up the statement in Mr.. I
Harvcy's book that it cost s. per ounce 1
to produce the silver in the United .
States, Mr.. Horr characterized it as
nonsense.
Mr.. Harvey, in turn, said that what
Mr.. Horr had said about the cost of
producing silver, he could have said
with much more force with regard to
gold Silver was only produced from
quartz; most of the gold was produced
from placer mines. II cost less. dollar
for dollar, to produce gold than silver.
He read from book bv Alex Del Mar.
an opinion that, pound for pound. il
cost more to produce silver than gold.
shawnee War Dance.
Tulsa, l. T, July 26-The Shaw