The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1895-07-26
STILL HAMMEKING ON.
uorr and Harvey Continue Argumen
on tho Money Question.

CHICAGO, July 25.-At the opening of
the Horr-Harvey silver debate to-day it
was announced that but two more ses-
sions would be held, and for this reason
the daily bouts would be somewhat
heightened in order to admit Of the de-
livery Of the number of words originally
agreed upon. The debate to-day was
marked by moro unusually sharp en-
counter between the two contestants.
Mr. Horr called his opponents attention
to statement which he had made Criti-
clSlng Senator Morgan.
Mr.. Harvey says that the old dollars OF
4l23 grains were coined for the people Of
California, Notwithstanding that az tho
time bullion was at q discount.
Mr.. Horr denied that these dollars were
coined from silver mined IN this country
and sent to the mint for that purpose.
Congress had provided that foreign coin
should be received by the Government at
certain fixed value, and further that
such should not be again sent into circu-
lation, but should be recoined al the
mint. The report of the Director of the
Mint showed that over j,000,0 000 III silver
had thus accumulated, having been found
III the gold during the process of assay
ing it.
1t this point Harvey challenged Horr's
I
his authorities with him, therefore his
arguments were entitled TO no standing
III the debate. he then handed MIR. Horr
q statement of the Director OF the Mint,
which, he said, reported that during the
year 1870 AZ, ,46Z silver dollars had been
coined at Carson City.
Mr.. Harvey again called his opponent
to task Tor not combining his remarks to
the order of the debate originally agreed
upon, and said that he would not be di-
yerted from this order. He entered upon
q discussion OF primary and credit
money, saying that an over-issue OF
credit money caused a drain upon the
primary money for redemption purposes.
MI. Harvey said he had received a letter
within the last 1oW days from large
New York manufacturer, in which the
writer stated that all the money the bank
sent him 10 pay OH his men was III silver
certificates. The run on the United
States Treasury must continue till the
credit money outstanding, estimated at
81, 900, ,000,0 600, was reduced to the GUAM
tity Of gold in the country, which was
variously estimated at from S40O. COG, 600
to $500, 900. 10 bring order out OF
confusion, the first necessary step was 10
build up the stock Of primary money.
All credit money rested on primary
money, and if the gold standard was ad-
hered to the people must look to gold
alone TO sustain its credit. Each Gov
ernment gold loan was stop toward
national bankruptcy, temporarily re-
storing confidence, but finally resulting
III an increased demand for gold. TO
correct this system, the remonetization
OF silver was necessary. Every mo-
ments delay endangered the safety of
the repu blic.
Air. Horr took his opponent to task for
making mistake in figures regarding
in,
Carson City Mint, and asserted that the
mint reports the silver champion had
quoted sustained Mr.. HOrr's proposition
mat not any OF the silver produced in
this country and sold by Il silver owner
Or taken to the mint for coinage was en-
braced IN that money which Mr.. Harvey
said was coined after 1883. The mint re-
port showed that from 1870 to 1871 in the
Carson City Mint there were only coined
I9, 2S6 OF the old silver dollars. The re-
port showed they were coined from the
silver accumulated in assaying the gold
taken to that mint.
Mr.. Harvey-I want to say to Mr. Horr,
while disputlng all that he has said, that
the silver derived from gold in refining
gold at the LnintS was not coined into dol.
lars, but was coined into fractional silver,
w hen he says that the Government was
willing to lose that two or three per cent,
premium he says that the Government
was willing to do something that
an individual was not So it needs
Si,SUO, 900, coo to meet the normal demand
for money. 1t needs it just as it needs
normal supply of wheat. For each dollar
IN existence We are paying the banks in
tereSt on s.. This is the way the banks
work the volume Of money in existence.
With $4l 900, 900, 900 in existence, the peo-
pie are using it and paying interest on
So, 800, 200, 600 additional. This interest
fp,.N.N -
are Interested in holding down the vol
ume OF money and supplying the re-
mainder needed with the credit systen
They take the quantity OF money in eX-
istence and stretch IL like piece of rub
Der and they sometimes let loose OF their
end. 1t Is used to mold public opinion
in the interest, II can be truthfuIly said
that all the money in circulation repre-
sents borrowed money. Ii Is human ma
ture, known Of all men, that most debt
Ors are moral towards. Money is the
lash they are afraid of and the money
lenders hold the whip-haudie.
Mr.. Horr-The whole question of
whether banks are a curse to The world
and as 10 the credit of the country being
The country 3 livelihood will come later in
the debate, when | reach it in the regular
order. II will be proved to Harvey's
perfect satisfaction. Indeed, l doubt
whether he will not leave The room in
perfect disgust with himself for having
entered into this debate Whenever sill
Yer mining costs SZ au ounce, men who
are in it, paying their expenses, and can
only sell it tor &c cents, will quit that
business the world over. The mines that
are mining silver at less than 90 cents
will keep right on the business. Now. I
MIR. Harvey, tho fact that these mines
have been running since 1879, according
to your own statement, when the full ef
fects of demonetiZation took place, |
with silver going down and |
down, ii tne production is increased
from year 10 year that Of itself proves,
and no man eau gainsay it, 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.. Har- |
vey is 10 get 81 70 out OF the entire people
of the United States for an article that
costs the men who are producing it less
than sixty cents an ounce. Was there
ever any such class legislation attempted
in any country to compel the people to
pay for thing three times as much as 1t
costs to produce it? The men who own
mines, and those who owe sums OF
money III excess of the money due them
may be benefited by this cheap money
scheme, but the rest of the people will re-
ceiVe nothing but injury.
Mr.. Harvey-What Mr.. Eorr has said
about the cost of the production of silver
he could have said with great deal more
force about the cost of producing gold
Gold, dollar Tor dollar, costs great deal
less than silver to mine. over 80 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 10 get back what they
can. There are only three or four silver
mines left in the United States that are
paying. and they are running precari-
ously. Why? Because all mines are un-
oven and uncertain, and may be lost in
week from now The shylOcks of old |