The herald., 1895-07-26
THE WORDY WAR RESUMED
HOrr and Harvey Defend Their
FavOrite Metals
vt WAS A RIPPING MATCH
Ha, vey Accused of Saying Much but
Proving Nothing
r.. p.A ,tive Cost of Production Between
/s,,,,. and Gold Discussed With
4 for he 4 affa
Ut WAS A RIPPING MATCH
..,...a apn IS Special Wire.

- hear,,' 1eemed to be the motto ot
the Illinois CLIO today. The audience al
the Horr-Hary ~ controversy appeared
to he rapidly d es s'eloping the feeling oi
the western ma. ron whose lighting en-
thnsiasm on the exciting occasion over
came her other EN- otlolns.
The bus band and the grizzly bear re-
t.rred TO could ha. Aly have autem pted
more thoroughly to ip each other up the
back and elsewhere th an ohd MesSfs' horr
and Harvey this afterr oon.-
Horr besap by SAYING that 412lS grain
silver dollars coined b, ,stween the years
1879 and 1873 we're all COINED at thelPhlla-
delphia mint and frcm 1oreigh SILVER
CONS which had accum ulated in the
treasury under the act OF CONGRESS Whlch
r,odo them receivable but did not per-
nit them to be paid out az gam. lhat IS
why silver was coined at less than pulilon
value. After 1858 the governments dld not
coin dollar of our silver coinage Tor
private owners.
Harvey in reply denie d the statement
and declared he could noet prove 1t. lie
presented u mint statemen nl' showing tnaS
over 400 600 silver dollars hi'd been coined
in the mint in Carson CttN Nevada, IN
1870. Harvey then resumed discussion OF
the question OF primary ana creulb
money. lie said that as s,,d9i as there
was :n over-lssue of creoNt- money IL
caused distrust of the COVER nment abll
,ty to pay. This caused a r1n on the
treas lry. for redemption cd the credlt
money, and the onlyss remedy is either
TO increase the amount OF primary money
or decrease the amount OF credit II. oney.
The amount of gold in the United tates
was estimated at $780, 900. 600 to S60O.NOO,-
900 and of our credit money about Slo,-
600 600. Tins was too much credit money
he said, and accounted for the country's
financial arrangement. The remedy was
TO increase primary m oney bv remone-
tizip< silver. Every moments delay ell
dangered the safety of the republic.
MIR, Horr, replying, called attention to
misstatemens of the coinage at the Car
son City mint. Instead OF TilZ, 49Z, the
actual amount was ST. 992.
Mr.. Harvey said that he had mistaken
the dollar mark for figure, and admit
ted his error.
to the present Mr.. Harvey had not said a
single word in proof of tire actual sub
iect in dispute. He had ar gued at length
that the act of 1878 was conceived in sin
and brought forth IN CORFU ption, but had
not brought forth any proof and could
not Had not history showed that a var
jation of per cent between the CONNER
cial and legal ratio between gold and sill
yer always drove the dearest money out
of the market2 Now the difference is 50
;. per cent. What evidence was there that
the consensus OF the civilized nations,
England excepted, could bring them to a
parjty. much less how could the United
States alone do it? Mr.. Horr declared
that MIR. Harvey's object was not so much
to build up silver as to put down gold,
as was shown by his provision for refluc-
ing the size of the gold dollar. Mr.. Horr
said that statist jshow tnat 122 manu-
featured articles have deprecijted in
value since 1879, an average OF per cent;
silver had deprecated 30 per cent; some
other articles had deprecated as much,
owing to special conditions. Taking up
the statementsin Mr.. Harvey's book, that
il had cost So per ounce to produce the
silver in the United States, Mr.. Horr
characterized it as nonsense. He present
ed statistics OF different mines collected
by L. NJ. ScuddeE, showing that one mine
produced at Is cents per ounce; another
at "A cents The silver miners would not
have continued to mine slAyer at a cost
of 81 per ounce when the product was
worth only 90 Genus.
Mr. Harvey in turn said that what Mr..
Horr had said about abe cost OF produc-
ing silver he could have said with much
more force VIII regard to gold. silver
was only produced from quartz; most OF
the gold was produced from placer mines.
1t costs less, dollar for dollar to produce
gold than silver. He read from book
by Alexander Delmar an opinion that
pound for pound it costs more 10 produce
silver than gold or dollar for dollar to /.
Why did men continue to mine silver al n
loss? Why did men gam BILE on the board
of trade when large majority lost? 1t
was the gambling instinct planted in the
human breast. Another thing-much of
the silver produced was produced in con-
junction with gold mining, and Il large
portion of the silver ploducei was the re
suit OF attempts to develop mines which
proved failures in the end, and the losers
were disposing OF their output to save
something out of the wreck. There were
he declared, only three or four silver
mines in the country and they were hay
ing a precarlouS existence, liable to close
any week.
MIR. Harvey then denouced Mr.. Scudder
as the tool OF the banking interests sent
out TO the silver country to defame his
nation.
Mr.. Horr declared that the statement
that it costs more to produce pound of
silver than pound of gold was not true
and had not been ture for great many
thousand years.
1t is true. he said, as measured in
human toll, that silver had deprecated
much more than gold.
He then presented statistics in substan-
tiation of the depreciation Of gold, show
ing the prices foI agricultural products
and lanor.
proceeded to argue that advances in the
price OF grain under gold basis in the
years quoted had resulted either from
short crops or in an increased demand
brought about by the finding OF new uses
for it. Mr.. Harvey said the banks should
go out of the government business in
stead OF the government going out OF the
banking business. Let the banks be
banks of deposit and discount and not the
makers OF money. The argument that
confidence and not money is all that is
wanted is made by green-backer would
be ridiculed by these same men. Conf
dence won I buy anything. 1t will get a
man in debt to q banker, that is all. You
might as well talk about doing without
air and water as to talk about doing
without money. There is no condition
of civilization that you can imagine by
which Won can be a part OF that ciVilila-
ton and yet do without money. CAP
plause.) And by the legislation of 1873
it has been enhanced IN exchange about
double within our property. That is the
crucial point in this iinancal discussion.
(Applause.l A man loaning money in
1873, that one thousand bushels of wheat
would have paid, you must now give him
two thousand bushels OF wheat to pay
that debt. (Applause.)
The men who own bonds payable in
money, and securities payable in money
aggregating more than all the assessed
value of the property in the United
States, have legislated SO as to enhance
the value OF their property until You have
nj fN r,Ar n nV