The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1895-07-24
THE FINANCIAL DEBATE.
Day of the Great Harvey.
HOrr Controversy.
INCREASE OF PRECIOUS METALS.

Doubled in Quantity Since 1874, while
Silver Has Increased Threefold-AIr.
Harvey on Primary Money.
CHICAGO, July 24.-The contention or
Messrs. Horr and Harvey over the silver
question was resumed in tho 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
turing the past forty years silver had
been steadily coined, in spite of the asser-
ZION to the contrary; that by the table
copied from the reports of the mint the
commercial ratio between gold and silver
Shad been maintained at about the French
coinage ratio of l5% to l for 200 years;
thai during the twenty-five years since
1874, as a result of characterization, the
conAmercial ratio had declined to 80 to 1;
thaki in the 1888 years prior to 1873 the GUAM
tity ratio between gold and silver had
ranged from ffty-six of silver to one of
gold to four of silver to one of gold, and
thai during all that time the commercial
ratio had chung closely to the legal ratio.
During all that time the commercial price
of silver bullion had remained steady.
Since 1873 it had steadily and rapidly de-
creased. 1t was the dominating influence
of Lyndon on exchange to all parts of the
world which led to gold being recognized
by the world as the standard in all COM
mercisl transactions.
Mr.. forr, in his opening remarks, pro-
ceeded to call attention to what he called
misleading statements in Mr.. Harvey's
book. FSr instance, he declared to be un.
true the ste.tement that it was believed
that the cost Noducing all of the gold
in the world was Sbout 81 per ounce, while
some put it mufh higher. Mr.. Horr
pointed out that tiNre had been a vastly
increased production at greatly reduced
prices. At the Co.'S which Mr.. Harvey
spoke of the silver Miners in three years
would nave lost over MOO O0,O 900.
Again, Mr.. Harvey, had put the aggre-
gate amount of silvfr in the world at
about 50, 600, 900, 900. u was estimated that
there was about SO, 00GOOO,0 900. Mr.. Harvey
had said that the dobts of the United
States amounted to $40, coo, 900, 900. This
was an absuidity. fhe statement of the
amount of Interest which the United
States paid annually to Europe was also
untrue.
Mr.. Harvd said that the amount of
silver referred to by him in his book was
the amount &atlable for coinage. He said
this governnPnt had fixed the price of
gold, and all he friends of silver wanted
was for it to 4; the price of silver, in the
belief that tht nation could better keep
out of the harfs of the pawnbroker with
two metals TIN one. Returning to his
argument on Anetallism, he said that the
option of the dPtor to pay in the cheaper
neral oh~ri1 MT be impaired. This would
al a parity.
81 ared that since 1874 the
'er has been steadily on
nSthat gold has, since 1875,
sshdncrease; but while silver
Aquantity three times dur
~ TOD had only doubled in
wenf)ack to the discussion
WA 4 Nney Va measure of value.
r yolartl, all the money in
- Is S18. per capita, and in
-E%19 perl lpita, and at these
10y wash rimary money, the
w. Athues beihy paper itself. In
4 per cbita circulation of
.orth Main Ssn said Nov, you will all
-oa - Iuantity money in circula'
dnu. ilices. N had more money
Nd credit mbined-in circu- I
81 per capiY than You had in
@ps named NCious to 1878, and
Iere highelIbn than now.
IS, 80 a.q.aid Mr., oy's definition of !
Nlfney was many of redemption. 9
had to be 1eemed to make
,ra OOl6 and theyatuld not by any
Ok be cons asd into primary 8
is per BILL aon,.s Mr. Horn ,. 8
Eht calling hi "a groonbacker, :
80 Aidlat he belS1d in gold and q
NWEki mary none 10 the fullest eX- q
dshe bimetal laws that gov a
HJis,r to 1873.
iaent was t "a until tomor- l