The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1895-08-01
HORR-HARVEY DEBATE
The Argument Becomes Quite
Lively at Certain Points.
VARIETY OF SUBJECTS DISCUSSED
Horr Declares the Country Has Increased
In Wealth Since the Act OF 1sT3-Har
vey Says the Working Glass Has Not
Been Benefited.

the Illinois club in the Horr. Harvey
controversy. The audience appeared to
be rapidly developing the feeling of the
western matron whose fighting enthu.
siasm on an exciting occasion overcame
her other emotions. The husband and
the grizzly referred to could hardly
have attempted more thoroughly to rip
each other up the back and elsewhere
than did Messrs Horr and Harvey.
Mr.. Horr opened the discussion. He
began by saying that the 4l2% grain
silver dollars coined between the years
1863 and 1873 were all coined at the
Philadelphia mint and from foreign
silver coins, which had accumulated in
the treasury under an act of congress
which made them receivable but did
not permit them to be paid out again.
That was why silver was coined at less
than its bullion value. After 1853 the
government did not coin dollar of ouI
silver coinage for private owners.
Mr.. Harvey in reply denied the stats-
ment, and declared that Horr could not
prove 1t. He presented mint state.
ment showing that over 100000 in
silver dollars had been coined at the
mint at Carson City, New, in 1870.
Mr.. Harvey then resumed the discus.
sion of the question of primary and
credit money. He said that, as soon as
there was an overissue Of credit money,
it caused distrust of the governments 6
ability to pay. This caused run on
the treasury for the redemption of
credit money, and the only remedy was
to either increase the amount of pri.
mary money, or q decrease of the
amount of credit money.
The amount of gold in the United
States was estimated at from $400, ,000.-
600 to $500, coo, 900, and of our credit
money about 81 100000 900. This was
too much credit money, he said, and &C.
counted for the country's financial de.
rangement. The remedy was to in
crease the primary money by remone.
tizing silver. Every moments delay
would endanger the safety of the re.
public.
Mr.. Horr, replying, called attention
to misstatement of the coinage at the
| Carson City mint. Instead of $4l2, 492,
the actual amount was $l2, ,492. Mr.
Harvey said that he had mistaken the
dollar % mark for a figure and ad
mitted his error.
Mr.. Horr continued by saying that
up to the present Mr. Harvey had not
said a single word in proof of the actual
subject of dispute. He had argued al
| length that the act of 1878 was con
ceived in sin and brought forth in cor
ruption, but he had not brought any
proof of it and could not say that il
did exist. History showed that a
variation of a fraction of per cent be
tween the commercial and legal ratio
between gold and silver always drives
the dearer metal out Of the market
Now, with difference of 80 per cent
what evidence was there that con-
census of the civilized nations-Eng
land excepted-could bring them to q
parity; much less, how could the United
States alone do it?
Mr.. Horr declared that Mr.. Harvey's
object was not so much to build up sill
yer as to pull down gold, as was shown
by his pro Vision for reducing the size OF
the gold dollar.
Mr.. Harvey, referring back to the sill.
yer coinage between 1853 and 1873, said
that the silver coined at Philadelphia
was coined into subsidiary money, not
dollars. He added that the premium
ON silver was premium at London and
that transportation charges would more
than eat that up; SO the bullion owners
mints for coinage.
Taking into consideration bank cred.
its and checks and the amount of money
in circulation, the normal amount oi
money necessary for the transaction oi
the business of the country, continued
Mr.. Harvey. was four thousand, eight
hundred million dollars. OF this, one
third only was in money and the rest
was borrowed. The inference was
plain: The normal amount of money
which we should have was four thous
and, eight hundred million dollars. Al
matters now stand, he said that the
banks were lending and getting interest
on two dollars for every dollar in cir
culation.
Mr.. Horr said that the question
whether the banks were curse to the
country would be discussed in it'
proper place, and MIR. Harvey would
probably be disgusted with himsel1
when it was done for having brought
the matter up.
Returning to his discussion, Mr. Horl
said that statistics showed that ~.
manufactured articles had deprecated
in value since 1879, an average Of pei
cent; silver had deprecated 90 per cent
Some other articles had deprecated a!
much owing to special conditions.
Taking up the statement in MIR. Har
vey's book that it had cost ~ per ounc,
to produce the silver in the United
States, MIR. Horr characterized it a.
nonsense. He produced statistics O
different mines, collated by M. l.
Soudder, showing that one mine hac
produced at IL cents per ounce; anothel
MT "a cents. The silver miners woulC
not have continued to mine silver at I
cost of 81 per ounce when the produc
was worth only go cents.
Mr.. Harvey, in turn, said that wha
Mr.. Horr had said abont the cost o
prouuclng silver, no couio nave sal'
with much more force with regard L
gold. Silver was only produced from
quartz. Most of the gold was pro
duced from placer mines. 1t cost less
dollar for dollar, to produce gold thar
silver. lie read from book by Alex
Del Mar, an opinion that, pound TO
pound, it cost more to produce silve
than gold. or dollar for dollar, 10 to
Why did men continue to mine silve
at loss Why did men gamble ol
the board of trade where large ma
jority lost ? 1t was the gambling in
stinot implanted in the human breast
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