St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-07-26
DEBATERS ARE WARMING UP
THE GOLD MAN HOTLY DISPUTES
MANY OF HCOIN'S,, CONTEN-
TIONS.
AGRICULTURAL PROSPERITY.
Mr.. IIOrr Establishes the Fact
That 1t Is Constantly on the
Increase.

auQ1ence at the HOrr-HarVey con-
troVerSy appeared to be rapidly de-
veloping the feeling of the Western
matron whose fighting enthusiasm
on an exciting occasion overcame
her other emotions. The husband
and the grizzly referred to could
hardly have attempted more thor
oughly to rip each other up the
back and elsewhere than did Messrs.
Horn and Harvey this afternoon.
Mr.. Horn opened the discussion. He
began by saying that the 41211a-grain
silver dollars coined between the
years 1853 and 1873 were all coined
at the Philadelphia mint, and from
foreign silver coins which had &C
cumulated in the treasury under
an act of congress which had made
them receivable, but did not per-
nit them to be paid out again. That
was why silver was coined at less
than its bullion value. After 1858
the government did not coin a dol
lar of our silver coinage for private
owners. Mr.. Harvey in reply denied
the statement and declared that he
a mint statement showing that over
100000 in silver dollars had been
coined at the mint at Carson City,
New, in 1870. Mr.. Harvey then re- :
sumed the discussion of the question
of primary and credit money. He
said that as soon as there was an
over-issue of credit money is caused
distrust of the governments ability
to pay. This caused a run on the
treasury for the redemption of the
credit money, and the only remedy
was to either increase the amount OF
primary money or a decrease of the
amount of credit money. The
amount of gold in the United States
was estimated at from $500, 900 600
to $500, 100000, and of our credit
money about $1,000, 900, 000. This was
! too much credit money, he said, and
accounted for the country's finan-
cial arrangement. The remedy was
to increase the primary by remon-
etiZing silver. Every moments de-
lay would endanger the safety of
the republic.
o1I11NI ~ w N 1OlD.
Mr.. Horn, replying, called atten-
ton to a misstatement of the coin
age at the Carson City mint. In
stead of $412, 492, the actual amount
was $12, 492. Mr.. Harvey said that
| he had mistaken the dollar mark
for a figure 4, and admitted his err
ror. Mr.. Horn continued by saying
! that 70 ha
had not said a 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 it and
could not; it did not exist History
! showed that a variation Of a frac-
ton of per cent between the COM
mercial and legal ratio between
gold and silver always drove the
dearer metal out of the market.
Now, with difference of so per cent,
what evidence was there that a
consensus of the civilized nations
England eXcepted-could bring them
to parity? Much less, how could
the United States alone do it? Mr..
Horn declared that Mr.. Harveys OBJ
Ject was not so much to build up
silver aas to pull down gold, as was
shown by his provision for reducing
the size of the gold dollar.
Mr.. Harvey, referring back to the
silver coinage between 1853 and 1873
SAID that the silver coined at Phila-
delphia was coined into subsidiary
money, not dollars. He added that
the premium on silver was a pre-
mum at London, and that trans
| portation charges would more than
eat that up; so the bullion owners
IN this country would take it to the
mlnts Tor coinage. Taking into con-
s1deratlon bank credits and checks
and the amount of money in circula-
ton, the normal amount of money
necessary for the transaction of the
business of the country, continued
Mr. Harvey, was $4,000, O0O, 900. Of
this one-third only was in money
and the rest was borrowed. The in
ference was plain-the normal
amount of money which we should
have was $4,000, 900, 900. AS matters
now stand, he said, the banks were
lending and getting interest on two
dollars for every dollar in circula
ton.
QUESTION OF VALUES.
Mr. HDrr said that the question
! whether the banks were a curse to the
| country would be discussed in its prom
| er place, and Mr.. Harvey would prob
| ably be Disguised with himself when
1t was done for having brought the
| matter up. Returning to his dis
| cussion, Mr.. Horn said that statistics
showed that 122 manufactured articles
had deprecated in value since 1879, an
average of seven par cent; silver had
| deprecated fifty per cent. Some other
articles has deprecated as much,
owing to special conditions. Taking
up the statement in Mr.. Harvey's book
that it had cost two dollars per ounce
to produce the silver in the United
States, Mr. Horn characterized it as
nonsense He presented statistics of
| different mines, collated by M. L.
Scudder; showing that one mine had
| produced at twelve cents per ounce;
another at twenty-four cents. The
silver miners would not have continued
| to mine silver at a cost of two dollars
per ounce. when the product was
worth only sixty cents.
Mr.. Harvey. in turn. said that what
Mr.. Horr had said about the cost of
producing silver he could have said
! with much more force with regard to
gold. Silver was only produced from
! quartz; most of the gold was pro-
| duced from placer mines. It cost less,
dollar for dollar, to produce gold than
silver. He read from book by Alex
ander Del-Mar an opinion that, pound
for pound, it cost more to produce
silver than gold, or, dollar for dollar,
sixteen to one. Why did men continue
to mine silver at loss? Why did men
gamble on the board of trade, where
a large majority lost? 1t was the
| gambling instinct implanted In the
| human breast. Another thing: Much
of the silver produced was produce1 IN