Waterbury evening Democrat., 1895-07-24
.HORR- HARVEY DEBATE.
The Big Silver Discussion Is
 Continued In Chicago.
STATEMENTS IN "ooIN" DISPUTED.
MT. Horr Denies the Truth of Some of the Statements In Professor Harvey's Famous Book, and the Latter Defends Them With Ready Arguments.


 Ready Arguments.
 CHICAGO, July 24.-The contention of Messrs. Horr and Harvey over the silver question was resumed in the Illinois club house. The days talk was opened by MT. 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 commer- cial ratio between gold and silver had been maintained at about the French coinage ratio of 151S to for 200 years; that dur ing the % years since 1878, as the result of demonstration, the commercial ratio had declined to 32 to 1; that in the 33s years prior to 1873 the quantity ratio be. tween gold and silver had ranged from 56 of silver to of gold to 4 of silver to oi gold, and that during all that time the commercial ratio had chung closely to the legal ratio. During all that time the com mercial price of silver bullion had re. mained steady. Since 1873 it had steadily and rapidly decreased. It was the domi, mating influence of London on exchange to all parts of the world which led to gold being recognized by the world as the standard in all commercial transactions.
 MT. HOrr called attention to what he called misleading statements in MT. liar. vey's book. For instance, he declared tc be untrue the statement that it was be- lieved that the cost of producing all of the gold in the world was about $2 per ounce while some put it much higher. Mir. Horl pointed out that there had been a vastly increased production at greatly reduced prices, and at the cost which MT. Harvey nf hn c;l n rS would have lost over $10O, 900, O00.
 Again, MT. Harvey had put the aggre gate amount of silver in the world at about $3,OOO, 900, GOO. It was estimated that there was about $6, 900, GOO, 900.
 Mir. Harvey had said the debts of tho United States amounted to $40, 900, 900, 900. This was an absurdity. The state ment of the amount of interest which tho United States paid annually to Europe wa: also untrue.
 MT. Harvey Explains.
 Mir Harvey said that the amount of sil yer referred to by him in his book was tht amount available for coinage. He said thi. government had fixed the price of gold and all the friends of silver, wanted wa! for it to fix the price of silver in the belle that the nation could better keep out O. the pawnbrokers s with the two metals thar one. Returning to his argument on bi metallism, he said that the option of tht debtor to pay in the cheaper metal should not be impaired. This would always main tain a parity.
 Mir. Horr declared that since 1874 tht production of silver has been steadily or the increase, and that gold has since 1871 been also on the increase, but while silve had increased in quantity three time during that period, gold had only doubled in quantity.
 Mir. Harvey went back to the discussion of primary money as a measure of values In 1867, he declared, all the money in cir culation was SIS. 28 per capita, and in 1S7; it was $19. 19 per capita, and at these time all money was primary money, the meas ure of values being paper itself. In 189 we had a per capita circulation of $24. S3 He then said:
 Now you will say that the quantity O money in circulation affects prices. Yol had more money-primary and credit com bined-in circulation in 1894 per capiti than you had in the two years named pre- vious to 1873, and yet prices were highe than now"
 MT. Horr said Mir. Harvey's definition of primary money was money of redemp tion. Greenbacks had to be redeemed t make them good, and they could not b. any hook or crook be construed into pri mary money.
 MT. Harvey denied that Mir. Horr wa justified in ,calling him a greenbacker and said that he believed in gold and sil yer as primary money to the fullest ex tent under the bimetallic laws that gov crned it prior to 1873.