The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1895-07-31

grains were largely coined previous tc
the characterization of silver in 1873
and after the passage Of the law OF
1853. making subsidiary coinage of less value
than its face Therefore he inferred that Sem
ator Morrill, was mistaken in stating that none
Of the 4l2H dollars had been coined from
silver mined in this country. Mr.. Harvey
said that the old dollars of 4l21s
grains were coined for the people Of
Nevada and California notwithstanding
that 1t that time the bullion was worth more
uncoined than coined Mr. Horr then denied
that these dollars were coined from silver
mined in this country and sent to the mias
for that purpose Congress had provided
that foreign coin should be received by the
government at a certain fixed value
and further that such coins should not
again put into circulation but should be re-
coined at the mint The report Of the director
of the mint showed that over s.. 100000 in sill
yer had thus accumulated, having been found
in the 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 argu-
ments were entitled to no standing in debate.
He then handed Mr.. Horr state
ment OF the director of tie mint.
which he said reported that during the year
1870. 412, 462 silver dollars had been coined at
Carson City. Mr. Harvey again called his op-
ponent to task for not confniag his remarks to
and said that he would not be diverted from
this order He then entered upon q dis
cussion OF primary and credit money. say
ing that an overissue Of credit money
caused drain upon the primary money
for REDEEM ption purposes An example Of this
had just teen Witnessed in this country in the
issue OF bonds by the present administration
for the purpose of maintaining the gold re-
serve
Mr.. Harvey said he had received letter
within the last few days from a large New
York manufacturer in which the writer stated
that all the money the bank sent him to paw
on his men was in silver certificates
The run on the United States treasury must
continue till the credit money outstanding,
estimated at 81. 900. 900 900. was reduced to the
quantity of gold in this country, which was
variously estimated at from s40o, 6O0o00 10
$500. o90 600 or the stock Of primary money was
increased To bring order out Of confusion the
first necessary step WAS to build up the stock
Of primary money. All credit money rested on
primary money. and il the gold standard was
adhered to the people must look to gold alone
to sustain its credit Each government gold
loan was step towards national bankruptcy,
temporarily restoring confidence but finally
resulting in an increased demand for gold To
correct this system the reconciliation Of sill
yer was necessary. Every moments delay
endangered the safety of the republic
MI Horn took his opponent to task for max
ing mistake in his figures regarding the
amount Of silver dollars coined in 1870 at the
Carson City mint and asserted that the mint
report from which the silver champion
had quoted sustained Mr.. Horrs propo-
sition that not any OF the silver pro-
duced in this country and sold by silver
owners, taken to the mint for coinage, was
embraced In that money which Mr. Harvey
said was coined after 1855 The mint report
showed that from 1870 TO 1874. in the mint OF
-
the old silver dollars The report showed
they were coined from the silver accumulated
In assaying the gold taken 10 that mint
Mr.. Horr added: Up to tkis moment MI