The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1895-08-03

t6O0. 900 900. or tho stock OF primary money was
Increased To bring order out OF confusion the
nrst necessary step was 10 build up the stock
OF primary money All credit money rested on
primary money. and II the gold standard was
adhered 70 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
correct this aystem tho reconciliation OF sill
yer was necessary. Every moments delay
endangered the safety OF tho republic.
Mr. Horr took his opponent TO task for maxi
ing mistake In his figures regarding tho
amount OF silver dollars co.Had Ia ies1 nc the
Carson City mint and asserted that the mint
report from which tho silver champion
had quoted sustained Mr. Horr's propo-
Eition that not any OF the silver pro-
duced m this country and sold by silver
owners, or taken TO tho mint for coinage. was
embraced In that money which Mr. Harvey
said was coined after 1853 Tho mint report
showed that from 1870. TO 1874. IN the mint OF
Carson City. there wore only coined iQ,ees OF
the old silver dollars The report showed
they were coined from the silver accumulated
IA assaying the gold talson to that mint
Mr. Horr added Up 10 this moment Mr.
Harvey has not said one word upon the real
question In debate Hc spent hours to prove
that the law OF 1873 was conccivef IN sin and
brought forth iniquity l gave q short. sue
LlAtt history OF inc OIL ana tue stops taken Ia
Ats passage. lie has not contr0verted sim
gle statement OF mine. He has nowhere proven
any act OF bribery or the influence OF money
IN single step taken during the progress OF
tho bili through congress Ho or no one
else ever will, because there wns none He
has now printed long tables TO prove that
when the entire world except England. was at
tempting TO control tho price OF silver by
Legislation. they succeeded in keeping tho
legal price within ave cents on the dollar OF
tho market or commercial price and that gem
orally the variation between the market ana
the legal prico was only about two points.
have virtually Shown--and he virtually admits
nc least he has nowhere denied it-that
variation OF one-QuArtor OF ono point has
thus far been SUFFICIENT 20 drive the dearer
metal from every country In tho world NV
proposition " that gold has remained nearly
stationary In price since 1919 and that silver
has failon In price In accordance with tho
Grce. law OF supply ana demand, ana that tho
chcaponcd processes OF production. with tho
increase OF tbs supply has driven down the
price OF silver
Mr. Harroy--I want TO say to Mr. Horr. whlle
cl>putlng all that no has said, the silver de-
rived from gold In refining gold nt the minis
was not coined into dollars. but was coined
Into hnctional silver When he says that
tho government was willing TO loso
TINT or per cont premium
ne saye that the government wns willing 70
90 something tnAt the fnulfl0uui was not The
country needs SSle0OoO0OO0 10 moot the
normal demand Cor money. 10 needs IL just
ns Il needs q normal supply OF wheat For
each dollar In existence we are paying the
banks interest on two dollars This n the way
tho banks work up the actual volume In ex-
isfcnco 10 the normal volume. With $1,000
t00oO0 IN existence. tho people are using IL ana
paying Interest on $500 100000 additional
This interest varies from 10 y per cont Tho
banks are Interested In holding down tho
volume OF money ana supplying tho
remainder needed With their credit system
They take tho quantity OF money In exist
tcncc and stretch Il Ike piece OF rubber
And thcy sometimes int loose Of their end II
- used to mould public opiuion IN their in
tcrcst IL can be truthfuliy said that All
money III circulation represents borrowed
money 10 IL human nature, known 70 al men.
that mokf debtors are moral towards Money
a iIc losh they arc nfrnld OF aud the money
lenders hold the whip hand
Alr Horr-WhencVcr silver mining costs two
.dollars an ounce mon vino are IN Il paying
shc|r expenses and can only soil u for sixty
.rents viii quit that business the world over
The nlnos that are mining silver % less than
xIxty cents will keep right on IN the busl-
ness Now. Mr.. Harvey. tho fact that these
mlncs have been running since 1917. according