The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1895-07-24
THU FINANCIAL DEBATE
Another Day of the Great Harvey
Herr Controversy. x
INCREASE OF PRECIOUS METALS.

Mr. Horr Declares That Gold Has Only
Doubled in Quantity Since 1874. While
Silver Has Increased Threefoid-Mr.
Harvey on Primary Money.
CHICAGO, July 24.-Ths contention Of
Messrs. Horr and Harvey over the silver
question was resumed in the Illinois club
house. The days talk was opened by Mr..
Harvey. He said that the debate Of the
last session was Of value as showing that
during tho past forty years silver had
been steadily coined, in spite Of the asser-
tion to the contrary; that by the table
copied from the reports Of the mint the
commercial ratio between gold and silver
had been maintained OF about the French
coinage ratio Of 15]< to for 300 years;
that during the twenty-five years since
1878, as result of demonetization, the
commercial ratio had declined to 80 to /;
that in the 1888 years prior to 1878 the guam
tity ratio between gold and silver had
ranged from flfty-slx Of silver to one Of
gold to four OF silver to one Of gold, and
that during all that time the commercial
ratio had olung closely to the legal ratio.
During all that time the commercial price
Of silver bullion had remained steady.
Since 1873 1t had steadily and rapidly de-
creased. 1t was the dominating influence
Of London on exchange to all parts OF the
world which led to gold being recognized
by the world as the standard in all com
mercial transactions.
Mr.. Horr, in his opening remarks, pro-
ceeded to call attention to what he called
misleading statements In Mr.. Harveys
book. For instance, he declared to be un-
true the statement that 1t was believed
that the cost OF producing all Of the gold
In the world was about % per ounce while
some put 1t much higher. Mr.. Horr
pointed out that there had been vastly
increased production at greatly reduced
prices At the cost which Mr., Harvey
spoke OF the silver miners in three years
would have lost over 500, 100000.
Again, Mr. Harvey had put the aggre-
gate amount Of silver In the world at
about q, 0o0, 600 600. 1t was estimated that
there was about o., 600, 600. 600. Mr.. Harvey
had said that tho debts Of the United
States amounted to 5000, 900, 900. This
was an absurdity The statement of the
amount Of interest which the United
States paid annually to. Europe was also
untrue.
Mr. Harvey said that the amount OF
silver referred to by him In his book was
the amount available for coinage. Hesaid
this government had fixed the price OF
gold, and all the friends Of silver wanted
was for 1t to fix the price Of silver, in the
belief that the nation could better keep
out OF the hands Of the pawnbroker with
two metals than one. Returning to his
argument on blmetallism, he said that the
option Of the debtor to pay in tho cheaper
metal should not be impaired. This would
always maintain parity.
Mr.. Horr declared that since 1874 the
production of silver has been steadily OF
the increase, and that gold has, since 1875
been also on the increase; but while silvel
had increased in quantity three times dur
ing that period gold had only doubled IL
quantity.
Mr.. Harvey went back to the discussion
of primary money as measure OF value
| In 1867, he declared, all the money II
circulation was S1s.25 per capita, and IL
1879 1t was sic 10 per capita, and at thes,
times all money was primary money, tn
measure Of values being paper itself. Ii
1894 we had q per capita circulation o
es4o3 He then said: Now, you will al
say that the quantity OF money in circula
ton affects prices. You had more money
| primary and credit comblned-ih clrcu
lation in 1894 per capita than you had II
| the two years named previous to 1873, an
yet prices were higher then than now.
Mr.. Horr said Mr.. Harvey's definition {
primary money was money Of redemption
Greenbacks had to be redeemed to max
them good, and they could not by an
hook or crook be construed into primar
money.
Mr. Harvey denied that Mr.. Horn wa
justified In calling him grecnbacko
and said that he believed in gold an
silver as primary money to the fullest Q!
tent under tho bimetalllc laws that go
erned it prior to 1873.
Adjournment was taksp Until tomo
row