The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-07-26
"Coinv Pushed the Fighting and Horr
Was Badly wfnded at the Close
of the Exhibition.
THE SOUND-MONEY TALKER
REFUSES TO BE INTERRUPTED AND
TELLS OPPONENT TO SHUT UP.
Hot Words When the Men Get 10 Ar
guing About the Way the
Farmer II Robbed.

| IL. .bearv" seemed to be the motto in the
| Illinois Club to-day. The audience at the
| Horr-Harvey controversy appeared to be
rapidly developing the feeling OF the West
| ern rnatron whose fighting enthusiasm on
| on exciting occasion overcame her other
| emotions. The husband and the grizzly
| could hardly have attempted more thor
| oughly to rip each other UP the back and
| elsewhere than did Messrs. Horr and Har-
vey this afternoon.
Mr.. Horr opened the discussion by saying
that the 4l21a-grain silver dollars coined
| between the years 1856 and 1873 were all
coined at the Philadelphia mint. and from
| foreign silver coins which had accumulated
| In the treasury under an act of Congress
| which made them. receivable, but did not
| permit them to be paid out again.
Mr.. Harvey, in reply, denied the state
ment and declared that he could prove
| it. Mr.. Harvey then resumed the discus
sion Of the question OF primary and credit
| money. The amount OF gold in the United
| States was estimated at from si0o, 600 900
! to $500. 100000 and OF credit money about
| 81, ,00o0 900. This was too much credit mon
| ey. he said, and accounted for the coun-
| try's financial arrangement.
| Mr.. Horr, replying. called attention to
a misstatement of the coinage at the
| Carson City mint. Instead OF $412,492, the
| actual amount was $12,492. 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 time Mr.. Harvey had not
said single word in proof of the actual
subject Of dispute. He had argued at length
that the act of 1873 was conceived in sin
and brought forth in corruption, but he
had not brought any proof of 1t. and could
not say 1T did not exist. History showed
that a variation OF a fraction of 1 per
cent between the commercial and legal
ratio between gold and silver always drove
the dearer metal out of the market. Now
with a difference OF 80 per cent. what
| evidence was there that a consensus of the
civilized nations-England excepted-couid
bring them to a parity? Much less, how
could the United States alone do it? Mr..
| Horr declared that Mr.. Harvey's object
was not so much to build up silver as to
| pull down gold. shown by his pro-
! vision for reducing the size Of the gold
| dollar.
PREMIUMS ON SILVER
| Mr.. Harvey, referring back TO the silver
| coinage between 1853 and 1873. said that the
| silver coined at Philadelphia was coined
! into subsidiary money. not dollars. He
| added that the premium on silver was a
premium at London, and that transporta-
ton charges would more than eat it up;
so the bullion owners in this country would
take ii to the mints for coming Taking
| into consideration bank credits and checks,
and the amount or money In circulation,
| the normal amount of money necessary
for the transaction of the business of the
r. n four
| thousand eight hundred million dollars.
or 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. matters now
stand. he said that the banks Were loan
ing and getting interest on two dollars for
every dollar in circulation.
Mr.. Horr said that the question whether
| the banks were curse to the country
would be discussed In Its proper place, and
Mr.. Harvey would probably be aisgusted
with himself when 1t was done for having
discussion, Mr.. Horr said that statistics
| showed that 122 manufactured articles had
deprecated in value since 1879 an average
| per cent. Slime other articles had depre-
| cated as much owing to special conditions.
book i that it co cost 81 per ounce to ppoduce
| the silver in the United States. Mr. Horr
characterized II as nonsense. He, produced
statistics of different mines collected by
NJ. L. Scudder. showing that one mine had
| produced at thirteen cents an ounce; an
| other at twenty-four cents. The silver
| miners would not have continued TO mine
| silver at cost of 81 per. ounce when the
| product was worth only go cents.
Horr had rsa said about % the sA cost % Of producins
| silver he could have said with much more
| force with regard to gold. Silver was only
produced from placer mines. Ii cost less.
| dollar for dollar, to produce gold than sill
| yer. He read from book by Alexander
It Vat cost more 70 produce silver than gold. Or
| dollar for dollar sixteen to one. Why did
men continue to mine silver at loss? Why
where a large majority lost? 1t was the
| gambling instinct implanted In the human
/ breast.
COST OF GOLD AND SILVER
| Another thing: Much of the silver pro-
| duced was produced in conjunction with
| gold mining. and large proportion of sill
silver production was the result Of attempts
| to develop mines which proved failures in
the end. and the losers were dsposing of
their output TO try to save something from
| the wreck. There were, he declared. only
three or four silver mines In operation in the
country. and they were having a precarious
existence. liable to close any week. Mr..
| Harvey then denounced Mr.. Scudder as the
| tool OF the banking interests, sent out to
| the silver country TO defame his Nation.
| Mr.. Horr declared that the statement
| that it cost moro to produce POUND OF
| silver than a pound Of gold was not true.
and had not been true for a great many
| thousand years. 1t was true, he said az,
| measured in human toll. both gold and sill
| yer had deprecated in value; but silver
| had deprecated much faster than gold
| Mr.. Horr then presented statistics for a
series OF years in subs;antation of the
| depreciation of gold. showing the prices for
| agricultural products and the wages OF Ia
| bor
| Mr. Harvey took up the subjecS and pro-
ceeded to argue that advances In the price
| OF grain under a gold basis In the years
| quoted had resulted either from short crops
| by finding new uses for IL.
/ Mr. Harvey said the banks should GO ouf
| of the government business instead of fbe
+, government going out OF the banking busi
ness tApplause). Let the banks be bafk
| OF deposit and discount. and not makers
OF money. They are making Ii now with
bank credit and you are paying them in
terest for IL. The argument that confidence
and not money Is all that is wanted II
| made by a Greenbacker would be riiiculed
by those same men. Confidence won't bIy
anything: IL viii get a man I'm debt TO a
banker. that Is all You might as well
| talk about doing without air and water as
talk about doing without money. There
is no condition OF civilization that you can
imagine BY which you can be part of that
civilization and yet do without money. (Ap-
plause).
by legislation In 1919 money has been en-
hanced In exchangeable value with your
property. That Is the crucial point In this