Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1895-08-06

isago. July &C II, .hus.: 81, Us q
+ lt.S.bear, seemed TO be the motto In the
Illinois club to-day: IS The audience at the
Horr- Harvey controversy appeared 3 to be
rapidly developing the feeling Of the West
ern .matron whose fighting enthusiasm on
an exciting occasion overcame her other
emotions. The husband and the grizzly re-
ferred to could zharlly have attempted more
thoroughly to rip each other up the back
and elsewhere than did Messrs. Horr and
Harvey this afternoon. III. = III s f ,4s
US Mr.. Horr opened the discussion. He be-
gan by saying that the 412h grain silver
dollars coined between the years 1853 and
1873 were all coined at the Philadelphia
-mint and from foreign silver coins which
had accumulated lii the treasury under an
act Of congress which made them receiv-
able but did not permit them to be paid
out again. That was why silver was coined
ut less than Its bullion value. After 1853
|, the government did not coin a dollar of
our silver for private owners.
\ Mr.: Harvey, IN renly, denied the state
,ment and declared that he could prove 1t.
He presented n mint statement showing
that over 500, 600 iii silver dollars had been
coined at the mint ut Carson City, New,
In 1870. Mr. Harvey then resumed the dis
cusslOn Of the question OF primary and
credit money. H. 81: Il that soon rs there
was an Over-issue of credit money 1t caused
distrust of the governments ability to pay.
This caused run on the treasury for the
redemption Of credit money, and the only
remedy was to either increase the amount
of primary money or decrease the amount
of credit money. The amount Of gold In
the United States was estimated at from
500, 100000 to 5000, 100000 and of our credit
money about $1,OOO,OO0.OOO. This was too
much credit money, he said, and accounted
for the country's financial arrangement.
The remedy was to increase the primary by
remonetizing silver. Every moments delay
would endanger the safety of the republic.
Difference In Figures.
Mr.. Horn, replying, called attention to a
misstatement of the coinage at the Carson
City mint. Instead of $412,402, the act:aa!
amount was $12,402. -,
Mr.. Harvey said that he had mistaken tho
S merk for a figure and admitted his
error.
Mr.. Horr continued by saying that up to
the present Mr.. Harvey had not said a
single word In proof of the actual subject
in 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; 1t
did not exist. History showed that a varia-
ton Of a fraction of per cent between the
commercial and legal ratio between gold
and silver always drove the dearer metal
out of the market. Now, with a difference
of 50 per cent, what evidence was there
that a concensus Of the civilized nations
England excepted-could bring them to a
parity; much less, how could the United
States alone do it. Mr.. Horr declared that
build up silver as 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 Philadelphia was coined
into subsidiary money, not dollars. He
added that the premium on silver was pre-.
miuN, at London, and that transportation
charges would more than eat that up; so
the bullion owners III this country would
take 1t to the mints for coinage. 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 Mr.. Harvey was four thousand
eight hundred million dollars. Of this one.
third only was in money and the rest was
borrowed. The inference was plain-the
normal amount of money which we should
have was four thousand eight hundred
million dollars. AS matters now stand, he
said, the banks were lending and getting
interest OH two dollars for every dollar in
circulation.
Something Rich Promised.
Mr.. Horr said that the question whether
the banks were q curse to the country
would be discussed III its proper place, and
Mr.. Harvey would probably be .disgusted
with himself when it was done for having
brought the matter up. Returning to the
discussion, Mr.. Horn said that statistics
showed that 122 manu- &C: ured articles had
deprecated In value since 1870 an average
of per cent; silver had deprecated 80 per
cent. Some other articles had deprecated
as much, owing to special conditions.
L. Taking up the statement IN Mr.. Harvey g
book that it had cost 81 per ounce to pro-
duce the silver In the United States, Mr..
Horr characterized it as nonsense. He pre-
sented statistics of different mines, collated
by NJ. L. Scudder, showing TINT one mine
had produced ut II c nts per ounce; anOth-
er at "a cents. The silver miners would not
have continued to mine silver at a cost Of
81 per ounce when the product was only
GO cents:
Mr. Harvey, in turn, said that what Mr..
Horn 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 quar- z; most of the gold was
produced from placer Mines 1t costs less,
dollar for dollar, to produce god than sill
yer. He read from book by Alex. Del
Mar an op:oion that, pound for pound, it
cost more to produce silver than gold, or,
dollar for dollar, is 10 1. Why did men
continue to mine silver ut Il loss? Why did
men gamble on the boards of trade, where
a large majority lost? 1t was tile gambling
instinct implanted in the human breast.
Another thing: Much of the silver pro-
duced VS. produced in conjunction with gold
mining, and large proportion Of the silver
production was the result of attempts to
develop mines which proved failures in the
end, and the losers were disposing of their
output to save something out of wreck.
There were, he declared, only three or four
silver mines in operation III the country,
and they were having Il precarious exist
ence, liable to close any week. Mr.. Harvey
then denounced Mr.. Scudder rs tool of the
banking interests, sent out to the silver
country to defame his nation
MIR. IOrr Denies 1t. .-. =
r. Mr.. Horr declared that the statement that
it cost more to produce a pound Of silver
had not been true for a great many thou.
sand years. 1t was true, he said, that, as
measured In: human TOLL both gold and
silver had Deprecated lii value; but silver
had deprecated much faster than gold
Mr.. Horr then presented statistics for d Sc.
ries Of years In substantiation Of the de.
probation. Of gold, showing the prices OF
agricultural products and the wages Of
labor - $ - L u sa<ss.s >
Mr.. Harvey took up the subject and pro.
cseded to argue that advances in the price
of, grain under gold basis In, the years
quoted had resulted either from short crops
or In the Increased demand brought about
by finding new use for it. ri Mr.. Harvey said
the banks should so out Of the government
business instead of the government going
out Of the banking business: Let the banks
be banks Of deposit and discount and not
makers Of money; They are making 1t now
with bank credit, and you are paying them
interest for It, This argument TINT conf
sdence and not money Is all that is wanted,
II made BY the greenba cker,s would be ridi.
culed by these same men. Confidence won't
T.,