River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1895-08-01
ROSWELL G. HoRR.

'N
ROSWELL G. HoRR.
Carson City. Mr. Harvey again called his OPP
ponent to task for not confining his remarks to
the order OF debate originally agreed upon.
and said that he would not be diverted from
this erder He then entered upon dis
cussion OF primary and credit money, say
ing that overissue of credit money
caused a drain upon the primary money
for redemption purposes An example of this
had lust been witnessed in this country In the
issue of bonds by the present administration
for the purpose of maintaining the gold re-
serve
Mr.. Harvey said he had received letter
within the last few days from a large New
York manufacturer in which the writer stated
that all the money the bank sent him to paw
OF his men I'm silver certificates
The run on the United States treasury must
continue till the credit money outstanding
estimated at 81 600 000.OO0 was reduced to the
quantity of gold in this co intry, which was
variously estimated at from s4O00000Oo to
5000 900 900. or the stock of primary money was
increased To bring order out OF confusion the
first necessary step to build up the stock
OF primary money. All credit money rested on
primary money, and IL the gold standard was
adhered to the people must look to gold alone
to sustain its credit. Each government GOLD
loan was a step towards national bankruptcy,
temporarily restoring confidence. but finally
resulting in an increased demand for gold To
correct this system the reconciliation OF sill
yer was necessary Every moments delay
endangered the safety OF the republic.
Mr. Horr took his opponent TO task for maxi
ing a mistake in his figures regarding the
amount of silver dollars coined in 1870 at the
Carson City mint and asserted that the mint
report from which the silver champion
had quoted sustained Mr.. Horr's propo-
sition that not any OF the silver pro-
N
owners, or taken to the mint for coinage. was
embraced In that money which Mr. Harvey
said was coined after 1858. The mint report
showed that from 1870 TO 1874 in the mint OF
Carson City, there we're only coined 49, IS OF
the old silver dollars The report showed
they were coined from the silver accumulated
In assaying the gold t1ken to that mint
Mr. Horr added: Up to this moment Mr.
Harvey has not said one word upon the real
question in debate. He spent hours to prove
that the law of 1873 conceived in sin and
brought forth iniquity. l gave a short, sue
cinct history OF the bill and the steps taken in
IT'S passage. He has not controverted a sin
gle statement of mine. He has nowhere proven
any act OF bribery or the influence OF money
In a single step taken during the progress of
the bill through congress He or no one
else ever will. because there was none He
has now printed long tables TO prove that
when the entire world. except England. was at
tempting to control the price OF silver by
legislation, they succeeded in keeping the
legal price within five cents on the dollar Of
the market or commercial price. and that gen
orally the variation between the market AMI
the legal price was only about two points
have virtually shown-and he virtually admits,
at least he has nowhere denied it-that a
variation of one-quarter of one point has
thus far been sufficient to drive the dearer
metal from every country in the world. My
proposition is that gold has remained nearly
stationary in price since 1873 and that silver
has fallen In price in accordance with the
great law OF supply and demand, AMI tn 1t the
cheapened processes o. production, with the
increase OF the supply. has driven down the
price OF silver.
Mr. Harvey want to say to Mr. Forr, while
/ disputing all that he has said the silver de-
rived from gold in refining gold at the minis
was not coined into dollars, but was coined
into fractional silver. When he says that
/ the government was willing to lose
/ that or per cent premium
he says ,hat the government was willing to
| 10 something that the individual was not The
| country needs s34 $40 900 900 TO meet the
| normal demand for money. 1t needs it just
rs it needs a normal supply of wheat For
/ zach dollar In existence paying the
| banks interest on two dollars This is the way
he banks work up the actual volume in ex-
/ lstence to the normal volume. With $780,
o0O 900 in existence. the people are using 1t an
/ paying interest on S330O000O00 additional
/ banks are int crested in holding down the
| volume OF money and supplying the
| remainder needed with their credit system.
| They take the quantity OF money in exist
tence and stretch II like piece of rubber
And they sometimes let loose of their end IL
| Is used to mould public opinion in their in
terest II can be truthful ly said that all
money In circulation represents borrowed
| money. il is human nature, known TO all men.
| that most debtors are moral towards Money
/ is the lash they afraid of aud the money
lenders hold the whip hand
Mr. Horr-Mhenever silver mining costs two
iollsrs an ounce, men VINO are in it paying
/ their expenses and can only sell IL for sixty
cents will quit that business the world over
/ The mines that are mining silver at less than
/ sixty cents will keep right on in the bush
ness Now, Mr. Harvey, the fact that these
mines have been running since 1879, according
70 your own statement. when the full effects of
decentralization took place, with silver going
/ down and down IL the production is liner eased
| from year to year, that of itself proves and
10 man can gainsay IL, 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 8 out OF the entire
people of the United States for an article tn II
costs the men who are producing 1t less
than sixty cents an ounce Was there ever
such class legislation attempted in any eoun-
u
three times m ueh as IL costs TO produce II!
The men who own mines and those who owe
sums OF money in excess of the money due
hem may he benefited by this cheap money
scheme, but the rest Of the people will receive
nothing but injury
Mr.. Harvey-Nhat Mr.. Horr has said about
the cost of producing silver he could have said
vi "a a great deal more force about the cost OF
producing gold 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
IAN There are only three or four silver
mines left IN the United States that are
paying. and they are running precarious-
ly. WHY Because all mines S-e uneven
and unct rtain and may be lost in a week from
now. Tue shglockS OF old loaned their own
money. The slyloeks OF to-day have system
by which they loan other peoples money
They ere defending that system
Saturday.
CHICAGO, July 80 There was an attendance
OF between seventy-hve and 100 listeners Sat
urday when Mr. Horr inaugurated the next to
the last session II the great silver debate. Mr.
uorr openei by quoting a report OF the
finance committee Of the United States senate
for the purpose OF showing that gold had not
appreciated since IS and challenged his OPP
ponents sincerity in baSing his argu-
ments in this matter upon Sluerbeck 5
tables. which are compiled by an English
man and based upon English values. In his
reply 70 these charges Mr.. Harvey scored one
OF the hardest hits that has YET Teen placed 70
his credit He produced an ar.scie WIT
ten by Mr. Horr in answe. 10 cor
respondent which had appcared IN the
weekly and month"; editions d tas New fe.S
Tribune in which Mr. hS~r fscoied At ,ae idea
which be has advanced IN TIE present debate