Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1895-07-26
LONG TALK SEVEN.
Harvey and Horr Resume Their
Discussion.
An ISSUE AS TO A COINAGE FACT.

In Which the White Metal Champion
Reads the Figures wrosg-as Also e.
Inmates the Amount OF Gosh Necessary
tn Meet the Demands Of business 1t
1850, OOO, 00o-soms Talk About Banks
snd the Prices Of Products.
CHICAGO, July as-At the Illinois Club
yesterday afternoon, Horr opened the
silver discussion by saying that the 4l2h
grains 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. After 1858 the government
did not coin a dollar of our silver coinage
for private owners. Harvey in reply pre-
sented q mint statement showing that
over $40. 900 in silver dollars had been
coined at tho mint at Carson City, New,
in 1870 Harvey then resumed the dis
cussion of the question of primary and
credit money. He said of amount the our
credit moncy-one billion dollars-was too
much and accounted for the country's
financial arrangement. The remedy was
to increase primary money by reInonetiz.
ing silver.
Harvey Admits n Mistake.
Horr, replying, called attention to q
misstatement of the coinage ut the Car.
son City mint. Instead Of Sil3 493 the
actual amount was Sl2, i3h Harvey said
he had mistaken the dollar mark for the
figure four, and admitted the error. Horr
continued by saying that up to the pres.
ent Harvey had not said O single word OF
the actual subject in dispute. He had ar
gued at length that the act OF 1873 was
conceived in sin and brought forth in cor.
ruption, but he had not brought any
proof of it, and could not. Horr declared
Harvey's object was not SO much to
build up silver as to pull down gold, rs
was shown by his provision for reducing
the size of the gold dollar.
Money AIDE quate to Trade Wants.
Harvey said that the premium on sill
yer was q premium at London, and that
transportation charges would more than
eat that up; SO bullion owners In this
country would take it to the minis for
coinage. That was in reference to the
contention of Horr in beginning the de-
bate. 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 was four
Thousand eight hundred million dollars.
OF this now one-third only was in money
and the rest borrowed. As matters now
stand, he said, the banks were lending
and getting interest on two dollars for
every dollar in circulation.
Cost Of Producing Silver.
Horr said that the question whether
banks were a curse to the country would
be discussed in its proper place. Taking
up the statement in Harvey's book that
it has cost g. per ounce to produce silver
in the United States, Horr characterized
it as nonsense. He presented statistics of
different mines showing that one mine
hnd produced ut - cents per ounce; On
other at twenty four cents. Silver miners
would not have continued to mine silver
ct cost Of S. per ounce when the product
was worth only 10 cents.
Same Could he Said Of Gold.
Harvey in turn said that what Horr had
said about the cost of producing silver he
could have said with much moro force
with regard to gold. Another thing:
Much Of the silver produced was produced
in conjunction with gold mining, and q
large proportion Of silver production was
the result Of attempts in develop mines
which proved failures to the end, and the
losers were disposing of their output to
try to save something out of the wreck.
There were, he declared, only three OF
four silver mines in operation in the
| country.