The Mt. Sterling advocate. (Mt. Sterling, Ky.) 1890-current, 1895-08-06
SCIENCE OF MONEY,
Harvey's Subject at His Sixth
Talk with Horr.
SOME MISTAKES IN COINS SCHOOL

@scientifc BsnetalI sm," which ~ Ex,
planned At Length sithy Points from
| the Days Discussions.
[copyright 1885,. BY Azel F. Hatchl
The sixth session of the money debase
began with Harvey on the floor, and he
proceeded to make statement reviewing
from his standpoint the value OF the fifth
days debate. He claimed that every ma
terial proposition he was contending for
had been strengthened by what had been
brought out Horr then proceeded with
the discussion. He said: ION yesterday
Mr. Harvey stated that had found but
one error in the statements in his
book. and he defied me TO call attention
to any other mistake that he had made.
The mistakes that are mado in Mr.. Har.
vey's book are, many OF them, not mis-
takes as to the words that he uses, but
misleading differences from positions
which he takes. will now in my open
ing remarks call some attention TO what
mean. In your book, Mr.. Harvey, you
say: 1T is estimated by all men of judg.
ment who have given practical attention
to mining that the silver now In existence
has cost not less than 81 per ounce. aud
many put IL much higher You will find
that silver has not cost that much for
production because, silver has been con-
stantly increasing in production at low
price. running from 81 % an ounce down
to 81 cents an ounce, and the people of
the world never keep constantly produc-
ing an article at SO much less than it
costs them TO produce it,
Horr said that If ''Coin' was correct
Nhns fl xvsr II. 81 I--& Gs1tQ
100000. He didn't believe that men
would continue Mt a business in which
they lost nearly $50 000,0O0 a year. He
then proceeded: again, Mr. Harvey
says on page 80 of his book: There is in
the world now, according to the report Of
the director of our MINT SO, ~, 0iS 500 in
gold and So So. 571 $40 in silver The
mint director didn't give that as the
amount of silver and gold in the world at
all. The director of the mint gave sim
ply the amount of coin supposed to be
then ia existence. Mulhall. whom you
refer to as good authority, gives the stock
of gold coin and bullion in 1890 at six
thousand million dollars, and the amount
of silver at about six thousand million
dollars
Coin tells us on page 80: We have in
600, 0G0 of all kinds of money The Sta-
tistical Abstract Of the United States.
page 30, says: The total amount is az, :.
420, 900 000.' That gives one amount, you
give another. You tell us, page So: we
are paying England $780, 0O0, 0OO annually
in gold in the payment OF interest on our
bonds, national and private bonds owned
by her people. deny it and defy any
xx-itI ch.n hot n
countries of Europe combined that much;
that is, bonds that would require that
much OF interest TO DO sent abroad. You
state that the Indebtedness of the United
States is forty thousand million dollars;
that is, the people of this country, If that
be true, owe nearly two-thirds as much
as all the property in the United States
is worth brand such statement sim.
ply as false"
Harvey on taking the floor again said
he would prove in the proper place that
silver cost what he said 1t cost and FORE
Swallowed that he was going to count In
its cost all that had ever been spent pros
pecting or digging for it, whether profit
ably or not. Replying to Horr's COM
ments as TO the quantity of gold and sill
yer in the world he said: "Wnen he re.
fers TO the amount of gold and silver in
the world he omits TO say that my statis-
tics gave the amount of gold and silver
available for use as money. It's quantity
for use as money is the subject we are in
terested in" He then produced table
showing the worlds production of gold
and silver for each year from 1S49 TO 1892,
and for groups of years including the
period from 1874 to lS4s inclusive The
,V,A FOR. Il. pfkA
yer (coining value) 5,077, 5g9, 900. IL
showed that the silver produced in 1879
was (coining value) $50, 25). 600; that in
1873 1t was $Sl, SOC, 00O, and THAI, general
ly increasing each year, it went ON until
the production for 1892 was 1896, ass, 900.
The figures are for the whole world and
are official
The argument Harvey made on this
table was: "Here we see that from 1879
Go 1900 there was So rs in silver produced
TO 81 in gold, or quantity ratio--ounce
for ounee-or about fifty of silver 10 one
of gold. And yet there was no fiuctua-
ton OF the commercial with the legal
ratio. For 328 years prior TO 1873. as far
back as we have statitics that are undis-
puted, the change in the relative guam
tity of relative production had no effect
Oh 0'iOiA ApiheANO NtiuO lOu0
in twenty-five years demonetization has
revolutionizsd the metallic currency of
the world"
Harvey then challenged Horr to assign
any other reason than overoroduotion for
the break in the commercial parity of the
two metals.
Referring to scientific bimetallism" he
his statement OF the fifth
session, and added: Excepting in the
unit, there should be no Discrimination
between the two metals as they stand be-
fore the law. The right TO make a con-
tract to be liquidated in any specific prop
erty should not apply to money. All such
contracts, when made payable in money,
should call for, lawful money 10 per-
NIT raid to be made upon either gold or
silver Is to permit individuals or combi-
nations of men to dictate 20 the govern
ment what should DO legal tender money
The government Is the creator of money,
and the creator should regulate that
which 1t creates. To make debts payable
In one to the exclusion OF the other Ia to
make greater demand for the one and to
aiscredit the other; II Is giving the indi-
vidual right TO promote his selfish inter
Bsts at the expense OF the common good
to interfere with that which the law ore
ates for the benefit of society"
leRa In. A.. -