The pioneer press. (Miller, Hand County, S.D.) 1893-190?, 1895-08-01

COlnase between 1895 anu 1913, said that |
the silver coined at Philadelphia was coined
into subsidiary money, not dollars He |
added that the premium on silver was a pre-
MUM at London, and that transportation
charges would more than eat that up; so
the bullion owners ia this country would
take 1t TO the minis for coinage Taking
into consideration bank credits and checks
and the amount of money In circulation, the
normal amount of money necessary for the
transaction Of the business Of the country
continued Mr.. Harvey, was four thousand
eight hundred million dollars. Of this one
third only was in money ana the rest was
borrowed. The inference was paln-the
normal amount OF money which we should
have was four thousand eight hundred
million dollars. As matters now stand he
said, the banks were lending and getting
interest on two dollars for every dollar In
circulation.
Something Rich Promised.
Mr.. HOrr said that the question whether
the banks were a curse 10 the country
would be discussed in its proper place and
Mr.. Harvey would probably be disguised
with himself when 1t was done for having
brought the matter up. Returning to the
discussion, Mr.. Horr said that statistics
showed that ID manufactured articles had
deprecated In value since 1879 an average
Of I per cent; silver had deprecated 80 per
cent Some other articles had deprecated
as much, owing to special conditions
Taking up the statement in Mr.. Harvey's
book that ii had cost 81 per ounce to pro-
duCe the silver in the United States Mr.
Horn characterized il as nonsense He pre-
scented statistics Of different mines collated
by NJ. L. Scudder, showing that one mine
had produced at Il cents per ounce; anoth-
er at "a cents The silver miners would not
have continued to mine silver at cost Of
81 per ounce when the product was only
60 cents
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 - the gold was
produced from placer mines. 1t costs less,
dollar for dollar, 10 produce gold than sill
YER He read from book by Alex. Del
Mar an opioion that, pound for pound, 1t
cost more to produce silver than gold, or.
dollar for dollar, 10 to !. Why did men
continue to mine silver al loss? Why did
men gamble on the boards Of trade, where
large majority lost? 1t was the gambling
instinct implanted in the human breast.
Another thing. Much Of the silver pro-
duced ws produced in conjunction with gold
mining and a large proportion Of the silver
production was the result Of attempts to
develop mines which proved failures in the
end and the losers were dSpOsing of their
output to save something out of the wreck.
There were, he declared. only three or four
silver mines IN operation III the country,
and they were having a DrecariOus exist
ence liable to close any week Mr.. Harvey
then denounced Mr.. Scudder tool Of the
banking interests, sent out to the silver
country to defame his nation.
Mr.. HOrr Denies 1t.
Mr. HOrr declared that the statement that
Il cost more TO produce a pound OF silver
than a pound OF gold was not true, and
had not been true for a great many thou
sand years. 1t was true. he said, that, as
measured IN human toll, both gold and
silver had deprecated in value; but silver
had deprecated much faster than gold.
Mr. Horn then presented statistics for a Sc
ries Of years in substantiatiOn Of the de-
probation Of gold. showing the prices OF
| agricultural products and the wages Of
labor.
Mr. Harvey took up the subject and pro-
| ceeded 10 argue that advances in the price
of grain under gold basis in the years
quoted had resulted either from short crops
| or in the increased demand brought about
| bv finding new use for it. Mr.. Harvey said
the banks should go out of the government
business instead Of the government going
out of the banking business. Let the banks
be banks of deposit and discount and not
makers Of money They are making Ii now
with bank credit, and you are paying them
interest for it. This argument that conf
dence and not money Is all that is wanted,
| IL made by the greenbacker, would be ridi-
culed by these same men. Confidence won't
buy anything; II will get a man in debt to
a banker that is all You might as well
talk about doing without air and water as
TO talk about doing without money. There
is no condition OF civilization that you can
imagine by which you can be a part OF that
civilization and yet do without money.
(Applause) And yet by the legislation In
1873 IL has been enhanced In exchangeable
value with your property. That Is the
.g.I 1T E,,n, nl fnN
tApplause) man lOaning money in 1877
that 1000 bushels Of wheat would have
paid, you must now give 1000 bushels or
wheat TO pay that debt. (Applause) The
men who own bonds payable in money and
securities payable in money aggregatins
more than all the assessed values OF the
property in the United States, have legis-
lated so as to enhance the value Of their
property until you have got to give up
twice as much to them when they come to
buy your property as they give up to you
when you go with your hard earnings. with
the product of your loom and your field, to
buy their property.
CrOss-Fire of Words.
Mr. Horn: Now I want to call the at.
tention Of my friend to the fact that he
can't get at how farmers are doing sim
ply by selecting one article which hap
pens to be cheap"
Mr. Harvey: II want to ask you right
here, before these people, to answer my
argument made just before l sat down"
Mr.. Horn: II am going to do 1t IL you
will wait and keep STILL That Is what l
am up here for now Qaughter). The very
last thing he said was in reference to the
fact that farmer had 20 give twice as
much wheat to pay his debt as he did be-
fore the decentralization Of silver. What
als you? That Is the very thing / am
speaking about. Now, I was stating that
you can't possibly find out the facts in ref
erence to the farmer simply by taking one
article, and that the lowest one you can
find. Now, will call your attention to
confirmation OF the figures which / have
heretofore given. Those figures show that
prices for farm products, all taken together.
you know. have not declined. Here in the
I mi