Evening journal., 1895-07-24
HORR HARVEY DEBATE.
The Big Silver Discussion Is
Continued IN Chicago.
STATEMENTS IN COIN" DISPUTED
Mr. Horr Denies the Truth OF Some of the
Statements In Professor Harvey's Famous
Book, and the Latter Defends Them VIII
Ready Arguments.

Book, and the Latter Defends Thorn with
Ready Arguments.
CHICAGO, July 2I-The contention Of
Mcssrs. Horr and Harvey over the silver
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 40 years silver had been
steadily coined IN spite Of the assertion to
the contrary; that by the table copied
from the reports OF the mint the CONNER
cial ratio between gold and silver had been
maintained at about the French coinage
ratio Of 151I TO for 200 years; that dur
ing the 22 years since 1878, as the result
of demonstration, 4he commercial ratio
had declined to 30 TO 1 that in the 83S
years prior to 1873 the quantity ratio be-
tween gold ana silver had ranged from SO
Of silver to 1 of gold to Of silver TO / Of
gold, and that during all that time the
commercial ratio had clung closely to the
legal ratio. During all that time the COM
mercial pro0 of silver bullion had re-
nained steady. Since 1878 it had steadily
and rapidly decreased JIG was the domi-
nating influence Of London on exchange
to all parts Of the world which led to gold
being recognized by the world as tho
standard in al commercial transactions.
Mr.. Horr called attention to what he
called misleading statements in Mr.. Har-
vey's book. For instance, he declared to
be untrue the statement that it was be-
lievcd that the cost Of producing all Of tho
gold in the world was about 81 per ounce,
while some put it much higher. Mr.. Horr
pointed out that there had been a vastly
Ia tfI4
prices, and at the cost which Mr. Harvey
spoke Of the silver miners in three years
would have lost over 500, 600, O0O
Again, Mr., Harvey had put the aggre-
gate amount of silver in the world at
about So 900, ,0ON0O0 it was estimated
that there was about SO, 600, 600 600.
Mr.. Harvey had said the debts of the
United States amounted TO $40, 900, 00O, =
GOO. This was an absurdity. The state
ment Of the amount of interest which the
United Stntes paid annually to Europe was
also untrue.
Mr.. Harvey Explains.
Mr. Harvey said that the amount Of sill
vor referred to by him in his book was tho
] amount available for coinage. He said this
| government had fixed the price Of gold,
ana all,the friends Of silver, wanted was
for it to fix the price of silver in the belief
that the nation could better keep out Of
the pawnbroker's with the two metals than
one. Returning to his argument on BIZ
motallism, he said that the option Of tho
debtor to pay in the cheaper metal should
not bo impaired. This would always main
| tain parity
Mr.. Horr declared that since 1874 the
| production OF silver has been steadily on
the increase, and that gold has since 1875
been also on the increase, but while silver
had increased in quantity three times
during that period, gold had only doubled
in quantity.
Mr. Harvey went back to the discussion
| Of primary money MS a measure of values.
! In 1867, he declared, all the money III cir
| culation was Sls.2S per capita and in 1875
il was Sl9.l9per capita, and at these time.
all money was primary money, the meas
urc Of values being paper itself In 1884,
we had per capita circulation Of S24. S3
He thon said;
"Now you win say that the quantity o.
| money In circulation affects prices. Y0r
had more money-primary and credit com
| bined-in circulation in 1894 per capt.,
than You had in the two years named pre-
| yious to 1873 and yet prices were higher
than now
Mr. HoT said Mr.. Harvey's definition
of primary money was money of redemp
tion. Groenbaoks had to be redeemed t.
make them good and they could not b!
any hook or crook be construed into pri
mary money.
Mr. Harvey denied that Mr. Horr wa
justified in calling him a greenbacker
and said that he believed in gold and sil
vor as primary money to the fullest ex
tent under the bimetallio laws that gov
erned IL prior to 1873.