Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1895-08-03
HARVEY AND HORR DEBATE
The Audience Takes a Partisan
Interest.
Coin Claims the People Are Paying Double
Interest Under the Present tinan-
cial system and Banks Kule
the Nation.

'bleachers" at "A ball game.
Mr.. Horn opened the discussion. He be
gan by saying that the fl2k grain sl
yer dollars coined between the years i65:
and 1873 We're all coined at the Phila
delphia mint and from foreign silVeI
coins which had accumulated In thu
treasury under the act of ongres
which made them receivable, but die
not permit them to be paid out again
That was why silver was coined at lest
than lis bullion value After 1853 tbs
| government did not coin a dollar of oui
silver coinage for private owners
Mr.. Harvey in reply denied the state
ment and declared that he could no.
prove it. He presented a mint state
ment showing that over $i00, 600 In sill
Yer dollars had been coined at the mini
at Carson City. New, in 1870. Mr.. Har
vcy then esumed the discussion OF. the
question OF the primary and credit
money. He said that as soon as there
was an over issue OF credit money IL
caused distrust i'm the governments
ability to pay. This caused a run on
the treasury for the redemption OF cred
ii money. and the only remedy was &c
either Increase the amoun Of primary
money or decrease the amour of credit
money. The amount of gold In the
United States was estimated at from
$400, 600, 900 to 5000, 600, 600, and OF oul
credit money about 81 900, 900, 900. This
was too much credit money, he said. and
%ccounte for the cOuntry's financial
| arrangement. The remedy was TO In
crease the primary money by remone'
tizing silver. Every moments delay
would endanger the safety OF the repub-
lie.
Mr.. Horr, replying. called attention
to a misstatement of the coinage at the
Carson City mint. Instead of $4l2.492
the actual amount was S12, 492.
Mr.. Harvey said that he had mistaken
the dollar mark for a figure 4 and adj
mitted his error.
Mr.. Horr continued by saying that up
to the present time Mr.. Harvey 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 con-
ceived in sin, and brought forth In cor
ruption, but he had not brought any
proof of il, n could not; II did not ex-
list. History showed that Il variation Of
a fraction Of ] per cent between the
commercial and legal ratio between
gold and silver always had driven the
dearer metal out of the market. Now
with a difference OF so per cent, wha
evidence was there that consensus of
the civilized MISUNDERSTANDING eX.
c~epted-could bring them to q parity
much less. how could the United states
alone do Il. Mr.. Horr declared that
Mr.. Harvey object was not so much t.
build up silver as to pull down gold, as
was shown by his provision for re.
ducing the size of the gold dollar.
Mr.. Harvey. referring back to the
silver coinage between 1853 and 1873
said that the silver coined at Philadel
phia was coined into subsidiary money
not dollars. He added that the prcmium
on silver was a premium at ond
and that transportation charges would
more than eat that up; SO the bullion
owners in this country would take il
to the hints 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 81, SOC. 600. 900. or this one third only
was in none and the rest was Dor.
rowed.
Mr.. Horr said hat the question
whether the banks were a curse to the
country would be discussed in its proper
place and Mr.. Hal sey would probably
be Disguised with himself when II was
lone for having brought the matter up.
Returning TO his discussion, Mr.. Horn
said that statistics showed thai 100
manufactured articles had deprecated
in value since 1879. an average Of
per cent; silver had deprecated so pei
cent. Some other articles had depre-
ciated as much, owing to special condi.
tions.
Taking up :he statement I'm Mr.. Har.
vey's book that IL a cost 81 per ounc
to produce the silver i'm the United
State. Mr.. Horn characterized II as
nonsense. He presented statistics oil
different mines collected by NJ. l.. Scud
der. showing that che mine had pro
duced at )3 cents per ounce, another al
"a cents. The silver miners would moi
have continued to mine silver at the
cost of 81 per ounce when the product
was worth only so cents.
Mr.. Harvey, in retarn, said that what
Mr.. Horn had said about the cost Of pro-
ducing silver he could have said with
more force with regard to gold. Silver
was only produced from quartz; most
OF the gold was produced from plao-t
mines. 1t cost less, dollar for dollar, &c
produce gold than silver. He read from
a book by Alex Delmar an opinion that
pound for pound, IL cost more to pro.
duce silver than gold. Why did meL
continue to mine silver at a loss? Why
did men gamble on the board of trade
where a large majority lost? 1t was the
gambling instinct implanted I'm the hu.
man breast.
Another thing, much of the silver pro-
duced was produced in conjunction with
gold mining, and a 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 try to save
something out of the wreck. There were.
he declared, only three or four silver
mines In operation In this country, and
they were having a precarious exist
ence. liable to close any week. Mr.. Har-
vey then denounced Mr.. Scudder as the
tool Of the banking interests sent out to
the silver country to defame his nation
Mr.. Horr declared that the statement
that II cost more to produce a pound OF
silver than a pound of gold was not
true n had not been true for a great
many thousand years. 1t was true. he
said. that as in human toll
both gold and silver had deprecated
In value, but silver had deprecated
much faster than gold. Mr.. Horr then
presented statistics for a series Of years
In s~ubstantiation of the depreciation of
gold. showing the prices OF agricultural
products n other products Of labor.
Mr.. Harvey Dol up the subject and
proceeded to argue that advances In the
prices of grain under a gold basis had
resulted from short crops or the In.
creased demand brought about by find
ing new uses for II.
Mr.. Harvey said the banks should 20
out OF the government business instead
OF the government going out of the
banking business. (Applause.) LET the
banks be banks OF deposit and discount,
and not makers OF money. They are
making II now with bank credit. and
you are paying them interest for II. The
argument that confidence and % mon
ey IL all that IL wanted. II made by a
greenbacker. would be ridiculed by
those same men. Confidence won't buy