The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-07-26

Out a Few Theories.
CHICAGO, July 25.-"Go it. nus
band; go it. bear seemed to be the
motto in the Illinois club today. The
audience at the Horr-Harvey contro-
versy appeared 10 be rapidly devel-
oping the feelings of the western ma
iron whose lighting enthusiasm on an
exciting occasion overcame her other
emotions. The husband and the griz-
zly3referred to could hardly have at
tempted more thoroughly to rip each
other up the back ana elsewhere than
did Messrs. Hcrr and Harvey this af-
ternoon.
Horn began by saying that the 412lc-
grain silver dollars coined between the
years 1888 and 1873 were ali coined at
the Philadelphia mint and from for
eign silver coins which had accumu-
lated in the treasury under the act of
Congress which made them receivable
but did not permit them to be paid out
again That was why silver was
coined at less than its bullion value.
After 1858 the government did not coin
a dollar Of our silver coinage for pri-
vate owners.
Harvey Denies 1t.
Harvey. in reply, denied the state
ment and declared Horr could not
prove Il. He presented the mint state
:,aent, showing that over 100000 in
tever dollars had been coined at the
sealnt at Carson City, New, III 1870.
Harvey then resumed his discussion Of
the question OF primary and credit
money. He said as soon as there was
l9sa over issue of credit money Il
e&sed a distrust of the governments
SAty 10 pay. This caused a run on
Me treasury for the redemption of
credit money, and the only remedy
was to either increase the amount of
primary money or decrease the
amount Of credit money. The amount
of gold in the United States was esti-
mated at from S400 0000 600 10 $500 Co.,
600, and of our credit money ABOUT
$1,000 0O0. 600. This was too much
credit money. he said, and accounted
for the countrys financial derange-
ment. The remedy was TO increase the
primary money by remOnetizing silver.
Every moments delay endangers the
safety Of the republic.
Admits an Error.
Ar Horn. replying, called attention
1 - Eissstatement Of the coinage at
the Carson mint. Instead of SAP, 492,
the actual amount was ST., 4S2. MIR.
Harvey said that he had mistaken
the mark Tor a figure, and admitted
his error.
Mr.. Horr continued by saying that
up to the resent Mr.. Harvey had not
said single word in proof of the act
on the subject of dispute. He had ar
gued at length that the act of 1873 was
conceived in sin and brought forth in
corruption, but had not brought forth
any PROOF ana cOUid not. .e-.,- not il-a-
tory showed that a variation OF one
per cent. between the commercial and
legal ratios between gold and silver
always drove the dearer metal from
The market? Now, with a difference of
80 per cent, what evidence was there
that the consensus of the civilized ma
tiOus, England excepted, could bring
the n 10 a parity; much less how could
the9 United States.
SIr Horn declared that Mr.. Harvey's
9Sject was not SO much to build up sill
fer as to put down gold as was shown
rSoY his provision for reducing the size
<kt the gold dollar.
Good For the Banks.
Mr.. Harvey, referring back to the sill
yer coinage between 1858 and 1873, said
that the silver coined at Philadelphia
"
dollars. He added that the premium
on silver was a premium at London
and that transportation charges would
more than eat that UP, 50 the bullion
owners in the country would take il
TO the minis for coinage. Taking INTO
consideration bank credits and checks
ssd the amount of money in ciicula-
ffbn, the normal amount of money for
the transa action of business throughout
the country, continued Mr.. Harvey,
was four thousand, eight hundred mil
lion dollars. Out OF this one-tl1ird only
was in money and the rest was bor-
rowed. The inference was plain-tlle
normal of money which we should have
was four thousand, eight hundred mil
lion dollars. AS matters now stand
ne said that the the banks were loan
ire and getting interest On two dol
Mr.. fIorr said that the question
xvheth the banks were curse to a
country would be discussed in its pro-
ner place, and Mr.. Harvey would be
5roba bly, disguised with himself when
ft was done for having brought the
matter up. Returning to his discus
sion. Mr.. Horr said that the statistics
CHOW that 122 manufactured articles
1--WE deprecated in value since 1879,
4 JhxaFerage OF per, cent; silver had
deprecated SO per cent; some other az
ticles had deprecated as much owing
20 special conditions.
.AH Nonsense,
Taking up the statement in Mr.. Har-
vev's book, that it had cost 50 per
ounce to produce the silver in the Uni
fed States, Mr.. Horr characterized 1t
as nonsense. He presented statistics
of different mines collected By II. Z.
Scurder. showing that one mine pro-
duced at IS cents per ounce; another
Al "A cents. The silver miners would
not have continued 10 mine silver at
q cost of 81 per ounce when the pro-
duct was worth only so cents.
Mr.. Harvey IL turn said that what
czr tHofr had said about the cost Of
lsroSluang silver he could have said
9Nth{ much more force in regard to |