Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1895-08-29

club yesterday. The audience at thu
Horr-Harvey controversy appeared t
be rapidly developing the feeling Of
the matron whose fighting over
came her other emotions. Her hus
band and the grizzly referred to coull
hardly attempt more thoroughly tt
rip each other up the back and else
where than did Messrs. Horr and
Harvey.
Mr.. Horr opened the discussion
he began by saying that the 412h
grain silver dollars coined between
the years 1853 and 1873 were ali coined
at the Philadelphia mint and from
foreign coins which lad accumulated
IN the treasury, during an act of con
gress which made them receivable but
did not permit them to be paid out
again. That IA why silver was coined
at less than its bullion value. After
1853 the government did not coin q
dollar of u silver coinage from pri.
vatesowners.
Mr.. Harvey denied the statement
and declared that Mr.. Horr could NOT
prove it. He presented a mint state.
ment, showing that over 100000 in
silver dollars had been coined at the
mint at Carson City, New, in 1870.
Mr.. Harvey then resumed the dis.
cusslon of the question of primary and
credit money. He said that as soon
as there vas an over-issue of credit
money, it caused distrust in the gov.
ernment's ability to pay. This caused
a run on the treasury for the redemp
ton of credit money, and the only
remedy was to either increase the
amount Of primary money, or a de.
crease Of the amount of credit money.
The amount of gold in the United
States was estimated at from S4OO,.
100000 to S6O0,OOO,0O and of our credit
money about, s1,OOO,OOO,OOO. This was
too much credit money, he said, and
it accounted for the country's inan.
cial arrangement. The remedy was to
increasethe primary money by remone.
tizing silver. Every moments delay
would endanger the safety of the re.
public.
Mr.. Horn, replying, called attention
to a misstatement of the coinage at
the Carson City mint. Instead OF
e412,492, the actual amount was s12,-
429.
Mr.. Harvey said that he had mis-.
taken the 3 mark for a figure 4 and
admitted his error.
MI. Horn continued by saying that
up to the present, Mr. Harvey had not
said a single word in proof Of the &C.
tual subject Of dispute. He had argued
at length that the act Of 1873 was con-
ceived in sin and brought any proof Of
it and could not; it did not exist.
History showed that a variation Of q
fraction of l per cent. between the
commercial and legal ratio between
gold and silver always drove the
dearer metal out OF the market. Now,
there was a difference of so per cent.
what evidence was there that q CON-
census of the ci7ilozed nations-Eng-
land excepted-could bring them to a
parity; much less, how could the
United States alone do it.
Mr.. Horr declared that Mr.. Harvey's
object was not so much to build up
silver as it was to pull down gold, Is
was shown by his provision for reduc-
ing the size of the gold dollars.
Mr.. Harvey referring back to the
silver coinage between 1853 and 1873,
said that the silver coined at Philadel-
phia was coined into subsidiary coin
money, not dollars. He said that the
premium on silver was a premium at
London and that transportation
charges would more than eat that up;
SO the bullion owners of this country
would take it to the minis for COIN
age.
Taking into consideration bank
credits and checks and the amount of
money in circulation the normal
amount of money necessary for the
transaction of the business of the
country, continued MI. Harvey, was
four thousand eight hundred million
dollars. OF this one-third only was in
money and the rest Yves borrowed.
The inference was plain: The normal
amount of money which we should
have was s4%,SOO,OOO,OOO. AS matters
now stand, he said, the banks we're
lending and getting interest on 81 for
every dollar in circulation.
Mr.. Horr said that the question
WuCCA0 Iu0 O6AAS WCAO . OAA60 w VAO
country would be discussed in its pro-
per place, and MI. Harvey would pro-
badly be disguised with himself when
it was done for having brought the
matter up.
Returning to his discussion, Mr.
Horr said that statistics showed that
122 manufactured articles had depre-
ciated in value since 1879, an average
of I per cent; silver had deprecated
so per cent. Some other articles had
depl eciated as much, owing to special
conditions.
Taking up the statement in MI. Har-
vey's book that it had cost s2per ounce
to produce silver in the United States
Mr.. Horn characterized it as nonsense.
He presented statistics of different
mines. collated by NJ. L. Scudder, show
ing that one mine had produced at IL
cents an ounce, another at "a cents.
The silver mines would not have con-
continued to. mine silver at q cost Of
g per ounce when the product was
worth only 90 cents.
Mr.. Harvey, in turn, said that what
A 49, - n