Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1895-08-03
THE BIG TALK ENDS.
Horr and Harvey Finish Their
Ten Days Debate.
Closing Hours Devoted to Clearing Up
Points of Dispute Not Settled to
Satisfaction of the Contest
ants During the Regu-
lar Argument
Copyright 1895, by Azol F. Hatch ]

rest the silver debate was resumed yes
terday, before good-sized audience of
attentive listeners.
Mr.. Harvey said he had received let
ter within the last few days from a
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 certificates. The run on
the United States treasury must con-
tinue until the credit money outstand
ing, estimated at 500, 900 600, was re-
duced to the quantity of gold in the
country, which was variously esti-
mated at from $500, 900, 900 to 5000, O0O,-
600, or the stock of primary money was
! increased.
To bring order out of confusion, the
first necessary step was to build up the
stock of primary money. All credit
money rested on primary money and if
the gold standard was adhered to the
people must look to gold alone to sus-
tain its credit. Each government gold
loan was step toward national bank
ruptcy, temporarily restoring conf
dence, but finally resulting in an in
creased demand for gold. To correc.
this system the RECOMMENDATION of silver
was necessary. Every moments de-
lay endangered the safety of the re-
public.
Mr.. Horr took his opponent to task
for making a mistake in his figures re-
garding the amount of silver dollars
coined in 1870 at the Carson City mint.
The mint report showed that from
1870 to 1874, in the mint at Carson City
there were only coined 19,2SS of the old
silver dollars. The report showed they
were coined from the silver acculnu-
lated in assaying the gold taken to that
mint. Mr.. Horr added: up 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
1878 was conceived in sin and brought
forth in iniquity. gave short, sue
cinct history of the bill and the steps
taken in its passage. He has not sue
cessfully controverted single state
ment of mine.
He has nowhere proven any act of
bribery or the influence of money in n
single step taken during the progress
of the bill through congress. He, or
no one else ever will, because there was
none. He has now printed ten tables
to prove that when the entire world ex-
cept England was attempting to con-
troll the price of silver by legislation
they succeeding 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.
Il have virtually shown-and he vir-
tually admits, at least he has nowhere
denied it-that variatio of one-quar-
ter of one point has thus far been suf-
fcent to drive the dearer metal from
every country in the world. My prop
osition 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 de-
mand, and that the cheapened process
of production, with the increase of the
supply, has driven down the price of
silver
Mr.. Harvey want to say to Mr..
Horr, while disputing all that he has
said, the silver derived from gold in re-
fining gold at the mints was not coined
into dollars, but was coined into frac-
tional silver. When he says that the
government was willing to lose that 2
or per cent. premium he says that the
government was willing to do some
thing that the individual was not. The
country nseds 81, 500, 900, 900 to meet the
normal demand for money. 1t needs it
just as it needs a normal supply of
wheat. For each dollar in existence
we are paying the banks interest on
two dollars This is the way the banks
work up the actual volume of money
in existence to the normal volume.
With $1,000, 100000 in existence, the
people are using it and paying interest
on ST., 800, 900, 900 additional.
This interest varies from to IL per
cent The banks are Interested in
holding down the volume of money and
supplying the remainder needed with
their credit system. They take the
quantity of money in existence and
stretch it like piece of rubber and
they sometimes let loose of their end.
1t is used to mold public opinion in
u, their interest. 1t can be truthfully
said that all the money in circulation
represents borrowed money. 1t is hui
man nature, known of all men, that
most debtors are moral towards.
Money is the lash they are afraid of
and the money lenders hold the whip
hand.
: Mr.. Horr-The whole question OF
whether banks are curse to the world
and as to the credit of the country be-
ing the country's life-blood, will come
later in this debate, when | reach it in
the regular order. 1t will be presented
to Mr., Harvey's perfect satisfaction,
Indeed, doubt whether he will not
: leave the room in perfect disgust with
himself for having entered into this
debate.
Whenever silver mining costs So an
ounce, men who are in it paying their
expenses and can only sell it for sixty
cents, will quit that business the world
: over. The mines that are mining silver
at less than sixty cents will keep right
on in the business.