The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1895-07-31

Harvey has not said one word upon the real
that the law OF 1873 was conceived in sin and
brought forth iniquity. i gave a short, sue
cinct history of the bill and the steps taken in
its passage He has not controverted sim
gle statement OF mine. He has nowhere proven
any act of bribery the influence of money
in single step taken during the progress OF
the bill through congress He 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 i've cents on the dollar OF
the market or commercial price. and that gen.
the legal price was only about two points.
have virtually shown-and he virtually admits,
al 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 that the
cheapened processes of production, with the
increase Of the supply. has driven down the
price of silver.
Mr. Harvey want to say to Mr. Horr, while
Gisputiug all that he has said. the silver de-
rived from gold in refining gold at the mints
was not coined into dollars, but was coined
into fractional silver. When he says that
the government was willing TO lose
that or 3 per cent premium
he says that the government was willing 10
do something that the Individual was not The
country needs ss4 $40 100000 TO meet the
normal demand for money. 1t needs it just
as il needs normal supply of wheat For
each dollar in existence We are paying the
Banks interest on two dollars This is the way
the banks work up the actual volume IN ex-
istence TO the normal volume. With 81 COO
00J000 in existence, the people are using it ami
paying interest on s.. 3000O0.0o0 additional
This interest varies from to l. per cent The
banks are interested 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 it like piece Of rubber
And they sometimes let loose of their end It
terest 1t be truthfully said that all
money in circulation represents borrowed
money. 1t is human nature, known 10 all men,
that most debtors are moral towards. Money
is the lash they are afraid of au1 the money
lenders hold the whip hand
MI Horr-Whenever silver mining costs two
dollars an ounce, men VINO are in it paying
their expenses and can only sell il for sixty
cents viii quit that business the world over
The mines that are mining silver at less than
sixty cents will keep right on in the bust
ness Now, Mr.. Harvey. the fact that these
mines have been running since 1879, according
to your Own statement. when the full effects OF
demonitization took place. with silver going
down and down. il the production is incr eased
from year TO year, that Of itself proves. and
no man can gainsay it. that they
are still making money at the price, or
they would not stay in that business.
They co1ld not Hence this effort
of MI. Harvey is TO get S1.9 out of the entire
people of the United States for an article th at
| costs the men who are producing it less
| than sixty cents an ounce Was there ever
such class legislation attempted in any coun-
| try, to compel the people TO pay for thing
three times II uch as il costs to produce il:
| The men who own mines and those who owe
sums of money in excess OF the money due
hem may be benefited By this cheap money
scheme, but the rest Of the people viii receive
nothing but injury.
Mr.. Harvey-What Mr.. Eorr has said about
the cost Of producing silver he could have said
with great deal more force about the cost OF
producing gold Gold. dollar for dollar costs
| a great deal less than silver TO mine. Over
50 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
can There are only three four silver
mines left IN the United States that are
paying and they are running precarious-
~. Why: Because all mines are uneven
and uncertain and may be lost in week from
now. The shylocks of old loaned their own
money. The shylocks of to-day have system
by which they loan other peoples money
They are defending that system