Connecticut western news., 1895-07-25
THE SILVER DEBATE.
mEssRs. HARVEY AND noRR RESUME
 TAelR DISCUSSION.
NIT. Herr D~nIe. th. Truth ef som. ef th@ Statement. In Professor H.rvsy's Fsmeas Book. and th. Latter Defesds rh..a wIth Ready Arguments

Shstsment@ In Professor Hnrvays Ea@oua
 Book. and the Latter Defends Th.-a wtsh
 Ready Arguments.
 cHIoAco. July 2a.-The Horr. Harvey silver debate was resumed hcro The grcatcst interest ccnterrd In Harvey's effort to demonstrate that tho full re- monetization of silver by the United States would double the value of every. thing in the country except debts. Mir. Horr pronounced this proposition absurd.
 We might as we'll say that If we cut our yardstiok in two " said he. "wc would double the amount of clothing in the country. If half the gold In tho world were destroyed, would not the value of the gold dollar be doubledf'
 The remainder of the debate ocntcred about this point, the advocates of each side giving generous applause to the sd. vantage gained by thcir favorito.
 CHICAGO. July ss,-Tho contention of Messrs. Horr and Harvey over the silvcr question was resumed In the Illinois club house. The days talk was opened by Mr. Harvey. He said that the debate of the last session was of value as showing that during the past 60 years silvor had been steadily coined in spite of the assertion to the contrary; that hy the table copied from the reports of the mint the oommcr- ciai ratio bctwccn gold and silvcr had been maintained at about the French coinage ratio of i6A to l for 200 years; that dur ing tho sa years since 1878, as tho result of dcmonctiastion, tho commercial ratio had declined to aa to |; that in tho S8a years prior to 1878 the quantity ratio be- tween gold and silver had ranged from bG of silver to l of gold to of silver to of gold. and that during all that time the commercial ratio had chung closely to tho legal ratio. During all that time the oom. mercial price of silver bullion had rc- mained steady. Sinco 1873 it had steadily and rapidly dccreascd. It was the domi- mating influence of London on exchange to all parts of the world which led to gold being recognized by the world as the standard In all commercial transactions. Mir. Horr called attention to whns he called misleading statements in Mir. liar. vey's book. For Instance. he declared to be untrue the statement that it was be- lieved that the cost of producing all of the gold in the world was about aa DOT ounce. while some put it much highcr. Mr. Horr pointed out that there had bcen vastly increased production at greatly reduced prices, and at tho cost which Mir Harvey spoke of tho silvcr miners In thrco years would have lost over sio0, GOO, 900. a Mr. Harvey Explains.
 Again, Mir. Harvey had put the nREre- gate amount of silver in the world d about ss oo0, GOO, 900. It was estimated that there was about co, 900. GOO. GOO. Mir. Harvey had said the debts of the United States amounted to s4o. GOO, 00o.- . 900. This was an absurdity. The state ment of the amount of interest which the United States paid annually to Europe was also untrue
 Mir. Harvey said that the amount of sii. yer referred to by him in his book was tile amount available for coinage He said this government had fixed tho price of gold, and all the friends of silver wanted was for it to hx the price of silver~Mn the belief that tho nation could better keep out of | the pawnhrokcr's with tho two metals than oae. Returning to his argument on bi- metallism, he said that the option of the | debtor to pay in the cheaper metal should not bc impaired. This would always main. tain parity.
 Mir Horr declared that sincc 1874 the production of silver has been steadily on the increase, and that gold has sinoe 1873 been also on the increase, but while silver had increased in quantity thrce times during that period, gold had only doubled in quantity.
 | MT hhfNtN went nACk ho Ane QiwouMhtNh of primary money as measure of values. In 1897, he declared. all the money iu cir. cnlation was SIS. ss per capita, and In 1873 1t was tia. iapcr capita, and at these times all money was primary money, the meas. ure of values boing paper itself In iS9t we had per capita circulation of t2t.ss. | He then said;
 Now you will say that tho quantity of money in circulation affects prices. You had more emoncy-primary and credit com bined-in circulation in iSpt DOT capita than you had in the two years named pre-. yion to 1873, aud yet pricos wurc higher | than nown
 Mir Horr said Mir. Harvey's definition of primary noney was money of rcdemp- ton. Grecnhaoks had to be redeemed to make them good. and they could not hy any hook or crook bc construed into pri. | mary money
 | Mir. Harvey denied that Mir. Horf was | justified in calling him a Rrcenbacker, and said that he believed in gold and sii- vor as primary money to tho fullest ox- tent under tho bimctallic laws that goy. erned it prior to is7a.