The Coconino weekly sun., 1895-08-01
SILVER AND GOLD.
Messrs. HOrr and Harvey Tackle the Coin-
 age Question.

age Question.
 CHICAGo, July 26.-At the opening of the Horr- Harvey silver debate yester- day it was announced that but two moro sessions will be held, and that for this reason the daily bout will be some- what heightened in order to admit of the delivery of the number of words originally agreed upon. The debate yesterday was marked by more than usually sharp encounter between the two contestants. MT. Horr called his opponents attention to statement which he had made in his criti- cisms upon Senator Morgan, wherein he said that the silver dollars of 412H grains were largely coined previous to the demonstration of sil- yer in 1873 and after the passage of the law of 1851. making subsidiary coinage of Jess value than its face. There fore he inferred that Senator Morgan was mistaken in stating that none of the 4l2H dollars had been coined from silver mined in this country. Mir. Harvey says that the old dollars of 4leH grains were coined for the people of Nevada and California, notwithstanding that at that time the bullion was worth more uncoined than coined. Mir. Horr de- nied 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 govern ment at a certain fixed value, and further that such coins circulation but should be recoined at the mint. The report of the director of the mint showed that over LOGO, 900 in silver had thus accumulated, having been found in gold during the process of assaying it.
 At this point Harvey challenged Horr's statement, saying that he had not brought his authorities with him, | and therefore his arguments were en- titled to no standing in the debate. He then handed Mr. Horr statement of the director of the mint, which he said re- ported that during the year 1870, 4l2, ,462 | silver dollars had been coined at Car son City. Mr. Harvey again called his | opponent to task for not contining his | remarks to the order of debate origin ally agreed upon, and said that he would not be diverted from this order. He then entered upon discussion of primary and credit money, say | ing that an over issue of credit money caused a drain upon the primary money for redemption purposes. An example of this had just been witnessed in this country in the issue of bonds by the present administration, for the purpose of maintaining the gold reserve.
 The amount of gold in the United States was estimated at from $4OO, ,OOO,- GOO to 5000, 900, 900, and of our credit money about Sl,OOO, 900, GOO. This was too much credit money, he said, and accounted for the country's financial derangement. The remedy was to in- crease the primary money by remone- tizing silver Every moments delay would endanger the safety of the re- public.
 Mir. Horr replying, called attention to a misstatement of the coinage at the | Carson City mint. Instead of Sil2, ,492 the actual amount was SIP, 492 Mr. Harvey said that he had mistaken the dollar mark for figure and admitted his error.
 Mr. Horr continued by saying that up to the present Mir. Harvey had not said single word in proof of the ac- tual subject of dispute. He had argued at length that the act of 1873 was con- ceived in sin and brought forth in cor ruption, but had not brought forth any proof and could not; it did not ex- ist. History showed that variation | of per cent. between the commercial and legal ratio between gold and sil- yer always drove the dearer metal out of the market. Now, with a differ- ence of 50 per cent, what evidence was there that a concensus of the civilized nations - England excepted - could bring them to parity? Much less, how could the United States alone do it?
 Mir. 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 reducing the sizs of the gold dollar. MT. harvey, referring DacR to the silver coinage between 1858 and 1873, said that the silver coined at Phila- delphia was coined into subsidiary | money, not dollars. He added that the premium on silver was a premium at London, that transportation charges would more than eat that up, so the bullion owners in this country would take it to the hints for coinage. Taking into consideration bank cred it's and checks and the amount of money in circulation the normal amount of money necessary for the transaction of business throughout the country was $4,sOO, 900, 900. 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 $4, 500, 000,- 900.
 Taking up the statement in Mir. Harvey's book that it cost $2 per ounce to produce the silver in the United States, Mir. Horr characterized it as nonsense.
 MT, Harvey, in turn, said that what Mir. Horr had said about the cost of e;l,,nn ho oo,,1l l,,o a