The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1895-07-26
GET THERE, HARVEY
Horr Reaching For Something That He
Can't Find.
JACKSON'S HOLE NOT IN IT
Something New Sprung In Regard
to the Cost of Producing Silver
and Gold J. Statistics by
the Opposition.

Chicago. Ill. July 25.-"Go II, hus-
band; go 1t. bear" seemed to be the
motto in the Illinois club to-day. Tho
audience at the Horr-Harvey contro-
versy appeared to be rapidly develop
ing the feeling OF the western matron
whose fighting enthusiasm on an excit-
ing occasion overcame her other emo
tions. The husband and the grizzly re-
ferrcd to could hardly have attempted
more thoroughly to rip each other up
the back and elsewhere than did
Messrs. Horr and Harvey this after
noon. Mr. Horr replying called atten-
tion To the misstatement of the coinage
at the Carson city mint. Instead OF
S4la.492. the actual amount was sl2.49e
Mr.. Harvey said that he had mis-
taken the dollar mark for a figure and
admitted his error.
Mr.. Horr continued by saying that up
to this time Mr.. Harvey had not said a
single word In proof OF the act on the
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. Had not history
shown that variation of per cent.
between the commercial and legal ra-
ito between gold and silver always
drove the dearer metal from the mar
ket? Now with a difference of so per
cent. what evidence was there that
the concensus OF the civilized nations.
England excepted. could bring them to
a parity; much less how could the Uni
ted States alone do 1t? Mr.. Horr de-
clared that Mr.. Harvey's objection was
not SO much to build up silver as to put
down gold, as was shown by his provi-
sion for reducing the size Of the gold
dollar.
Mr.. Harvey. referring back TO the
silver coinage between 1858 and 1873.
said that the silver coined at Philadel-
phia was coined into subsidiary money.
not dollars. He added that the premi-
um on silver was a premium at Lon
don, and that transportation charges
would more than cat that up, so the
bullion owners in this country would
take II to the mints for coinage. taking
into consideration bank credits and
check and tho amount of money In cir.
eulation. The normal amount of money
for the transaction Of business
throughout the country. continued Mr.
Harvey. was four thousand eight hun,
dred million dollars. Out 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 thousand
eight hundred million dollars. As mat
ters now stand. he said that the banks
were loanlng and getting interest or
Two dollars for every dollar in circula.
tion.
3 Mr.. Horr said that the question
whether the banks were a curse to the
country would be discussed in its
proper place and Mr.. Harvey would
be probably disgusted with himself
when 1t was done for having brought
the matter up Taking up the state.
ment In Mr. Harvey's book that 1t had
cost - per ounce To produce the silver
In the United States, Mr.. Horr char.
acterized it as nonsense. He presented
statistics of different mines showing
that one mine produced at IL cents
per ounce, another at "a cents. The sill.
Yer miners would not have continued
TO mine silver at cost of 81 per ounce
! when the product was worth only 81
! cents.
Mr.. Harvey said that what Mr.. Hor,
said about the cost Of producing silver
! he could have said with much NOR,
/ force with regard TO gold. Silver was
only produced from quartz: most OF
the gold was produced from placer
mines. It cost less. dollar for dollar
10 produce gold than silver. He read
from a book by Alexander Selman ar
opinion that pound for pound It cos
more to produce silver than gold oi
dollar for dollar lS to /. Why did
they continue to mine silver at a loss,
Why did men gamble at the board OF
trade when a large majority lost? II
was the gambling instinct implanted
in the human breast. Mr.. Harvey ther
denounced Mr.. Scuddcr as the tool o,
banking interests. sent out to the silver
country to defame his nation.
| Mr. Horr declared that the statement
that 1t cost more to produce a pound
OF silver than a pound Of gold was no
true and had not been true for a grear
many thousand years. 1t was true, h,
said. as measured in human toll. bott
gold and silver had deprecated in
value. but silver had deprecated much
more than gold.