The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-07-26
important Conditions Upon
Which the DebaterS
Disagreed.
FIGURES QUOTED WITH EFFECT.
So Far the Champion Of Silver
Would Seem to Be Winning
the Contest.
copyright, 1895. by Azel F. Hatch.l


reason the daily bouts would be somewhat
heightened in order to admit of the de-
livery of the number of words originally
agreed upon. The debate to-day was
marked by more than usually sharp
encounter between the two contestants.
Mr.. Horn called his opponents attention
to statement which he had made in lis
criticisms upon Senator Morgan, wherein
he stated that the silver dollars OF 41211
grains were largely coined previous to the
demonstration OF silver in 1873 and after
the passing of the law of 1858, making sub
sidiary coinage of less value than
its face. Therefore he inferred that SEN
ator Morgan was mistaken in stating that
none of the 4121a-grain dollars had been
coined from silver mined in this country.
Mr.. Harvey had said that the old dollars
of 4l2M grains were coined for the people
of Nevada and California, netwithstand-
ing that at that time the bullion was
worth more uncoined than coined. Mr..
Horn then denied that these dollars were
coined from silver mined in this
country and sent to the mint 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 be
again sent into circulation, but should be
reeoined at the mint. The report of the
Director of the Mint showed that over
$5,000.000 in silver had thus accumulated,
having been found in the gold during the
process of assaying it.
At this point Harvey challenged Horr's
hat hot no a6 at h,-o.1 ebt
his authorities with him, and, therefore,
his arguments were entitled to no standing
in the debate. He then handed Mr.. Horr
a statement of the Director of the Mint,
which, he said, reported that during the
year 1870 Az, 1852 silver dollars had been
coined at Carson City. Mr.. Harvey again
called his opponent to task for not con-
timing his remarks to the order of the
debate originally agreed upon, and said
that he would not be diverted from this
order. He entered upon discussion of
primary and credit money, saying that an
oyerissue of credit money caused drain
upon the primary money for redemption
purposes. An example of this had Just
been 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 large New
York manufacturer in which the writer
stated that all the money the bank sent
him to pay off his men was in silver GER
tificates. The run on the United States
Treasury must continue till the credit
money outstanding, estimated at ST, 000,-
100000, was reduced to the quantity of gold
in the country, which was variously esti-
mated at from $500, 600, 900 to $500, 000, 900,
or the stock of primary money was in
creased. To bring order out of confusion,
the first necessary step was to build up the
stock of primary money All credit money
rested Oh primary money, and il the gold
standard was adhered to, the people must
look to gold alone to sustain it's credit.
Each Government gold loan was a step
towards National bankruptcy, temporarily
restoring confidence, but finally resulting
in an increased demand for gold. To cor
rect this system the reconciliation of sill
yer was necessary. Every moments delay
endangered the safety of the Republic.
Mr.. Horn took his opponent to task for
making mistake in his figures regarding
the amount of silver dollars coined in 1870
at the Carson City mint, and asserted that
the mint reports the silver champion had
quoted sustained Mr.. Horr's proposition
that not any of the silver produced in this
country and sold by silver-owner or taken
to the mint for coinage was embraced in
that money which Mr.. Harvey said was
coined after 1858. The mint report showed
that from 1870 to 1874 in the mint of Carson
City there were only coined 1928 of the
old silver dollars. The report showed they
were coined from the silver accumulated
in assaying the gold taken to that mint.
Mr.. Horn added:
Sup to this moment Mr. Harvey has not
said one word upon the real question in
debate. He spent hours to prove that the
law of 1873 was conceived in sin and
brought forth in iniquity. I gave short,
succinct history of the bill and the steps
taken in its passage. He has not success
fully controverted single statement of
mine. He has nowhere proven any act of
bribery or the influence of money in
single step taken during the passage of
the bill through Congress. He or no one
else ever will, because there was none. He
has now printed long tables to prove that
when the entire world, except England,
was attempting to control the price of sill
yer by legislation they succeeded in
keeping the legal price within five
cents on the dollar of the market or
commercial price. and that generally the
variation between the market and the
legal price was only about two points. /
have virtually shown-and he virtually
admits, at least he has nowhere denied
it-that variation of one-haf of one
point has thus far been sufficient to drive
the dearer metal from every country in
the world. My proposition is that gold
has remained nearly stationary in price
since 1873, and that silver has fallen in
price in accordance with the great law of
supply and demand. and that the cheap
ened processes of production, with the in
crease of the supply, has driven down the
price of silver"
~ want to say to Mr.. Horr," said Har-
vey, ''while disputing all that he has said,
the silver derived from gold in refining
gold at the minis was not coined into dol
lars, but was coined into fractional silver.
When he says that the Government was
willing to lose that two or three per cent
premium he says that the Government was