The Dickinson press., 1895-08-03

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 on two dollars for every dollar In
sometbing Rich Promised.
Mr.. Horr said that the question whether
the banks were curse to the country
would be discussed In its proper place, and
Mr.. Harvey would probably be dlsgusted
with himself when 1t was done for having
brought the matter up. Returnin. TO the
discussion. Mr.. Horr said that statistics
In value since 1870 an average
of per cent; silver had deprecated 50 per
cent. Some other articles had deprecated
as much. owing to special conditions.
Taking up the statement In MIR. Harvey's
book that it had cost S2 per ounce to pro-
ducc the silver in the United States. Mr..
lIorr characterized it ns nonsense. He pre-
by NJ. L. Scudder. showing that one mine
had produced at IL cents per ounce; anoth-
er Mt "a cents. The silver miners would not
have continued to mine silver at a cost of
Sc per ounce when the product was only
60 cents.
Mr.. Harvey, In turn. said that what Mr..
Horr had said about the cost of producing
silver he could have said with mucl, more
force with regard to gold. Silver was only
produced from quartz; most Of the gold was
produced from placer mines. 1t costs less.
dollar for dollar. to produce gold than sill
ver He read from book by Alex Del
Mar an opiolon that, pound for pound, 1t
cost more to produce silver than gold, or.
dollar for dollar. i6 10 1. Why did men
continue to mine silver ut loss? Why did
men gamble on the boards Of trade, where
Il large majority lost? 1t was the gambling
instinct implanted In the human breast.
Another thing: Much of the silver pro.
duced ws 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 the wreck.
There were. he declared, only three or four
silver mines In operation In the country.
and they were having precarious exist
ence, liable to close any week. Mr.. Harvey
then denounced Mr.. scudder as tool Of the
bNnking interests, sent out to the silver
country to dcfame his nation.
MIR. lIOrr Denies 1t.
Mr. HGrr declared that the statement that
1t cost more to produce pound of silver
than a pound of gold was not true, and
had not been true for great many thou
sand years. 1t was true, he said, thar, as
measured in human toll, both gold and
silver had deprecated in value; but silver
had deprecated much faster than gold
MIR. Horr then presented statistics for &c.
ries OF years in substantiation of the de.
probation Of gold, showing the prices OF
agricultural products and the wages oI
labor.
:eed"'' tc argue that advances In the price
quoted had resulted either from short crops
or In the increased demand brought abou,
by finding new use for it. Mr.. Harvey said
the banks should go 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 moi
makers of money. They are making 1t now
with bank credit. and you are paying them
interest for 1t. This argument that conf
dence and not money is all that Is wanted
II made by the greenbacker, would be ridi
culed by these same men. Confidence Wont
buy anything; 1t will get man in debt tc
q banker, that Is all. You might US well
talk about doing without mir and water as
to talk about doing without money. There
Is no condition of civilization that you cal
imagine by which you can be Il part of that
civilization and yet do without money
(Applause.) And yet by the legislation IL
1873 it has been enhanced in eXchangeablt
value with ynnr property. That is tho
crucial po.nt :l this financial discussion
(Applause9 A man loaning money in 1s7:
that 1000 bushels of wheat would have
paid. you must now give 1000 bushels Of
wheat to pay that debt. (Applause.) Tht
men who own bonds payable in money ant
securities payable In money aggregatin:
more than all the assessed values of the
property In the United States, have legis
lated SO as to enhance the value of thcil
twice as much to them when they come t,
buy your property as they give up to 20,
when you go with your hard earnings. will
the product of your loom and your field, t,
buy their property.
CrOss-Fire of Words.
Mr.. Horr: 'Now l want to call the at
| tention Of my friend to the fact that IL
| can't get Mt how farmers nre doing sim
ply by selecting one article which hap
pens to be cheap"
Mr.. Harvey: 81 want to ask you righ
here. before these people. to answer m
argument made just before sat down."
Mr.. Horr: II am going to do 1t II 20
will wait and keep still. That is what
am up here for now Qaughter). The yer
last thing he said was in reference to tn
fact that farmer had to give twice a
| much wheat to pay his debt as he did be
fore the demonetization Of silver. Whn
ails you? That is the very thing l ar
speaking about. Now, was stating tina
you can't possibly find out the facts in rc1
erence to the farmer simply by taking on
article, and that the lowest one you Gu
find. Now, will call your attention to
confirmation Of the figures which l hav
heretofore given. Those figures show tina
prices for farm products. all taken tog ethel
you know. have not declined. Here in tn
| United States, comparing the presen
values to those Of twenty years ago.
find my confirmation In an analysis Of na
tional wealth by the great statistical AT
thority, Mr.. Mulhall, SO often quoted b
Mr.. Harvey. In the June North America
Review. MIR. Mulhall says that the avel
| age yearly accumulation Of the agriculture
workers. per capita, of the United States
was for the decade, 1861 to 1870. $11.0
each.
| Mr.. Harvey-''Will you pardon me"
| MIR. HOrr-"Don't bother me. For the de
cade 1870 to 1880. $471O per capita; and TO
the decade 1881 to 1880. s47.50 per capita
Here is an ability on the part of the farm
| ers Of this country to save In the last cen
sus decade nearly three times us great a
In the decade before the silver Legislation
| Of 1873"
Mr.. Harvey-"Dld not you have that writ
ten before you left New York? He say
we have increased in wealth. Nobody dis
| putes that. The United States has not onl
been a workshop in producing wealth, bu
| 1t has been sweat shop (applause) 1t ha
been producing wealth, but have the me-
who produced that wealth got the wealth
The rich men are controlling the Legislation
Of America and the old world. and ther
is no plan by which European civilization
can rise from under 1t, and when we hav
passed four or eight years further aloni
there will be no way for US to rise from un
der It, We are making In the United state
| to-day the last stand of free men III tn
| civilization of the world"
The answering Of questions occupied
much of the remainder Of the day, tn
debate finally being adjourned at MI
Horr's request till Saturday at p. m.
Not Talking for Money.
Because of some reports which have gon
out regarding the Harvcy-Horr silver d.
bate, Judge Henry G. Miller, who Is one q
the judges Of the debate, has given out th
| following:
"Chicago, July 1e.-I am about to ente
| into debate with Mr.. Horr Of New Yor
| on the financial subject, which Is to b
printed in book form and from which, as
the business arrangements connected therl
with. am to receive profits from the sal
| <havaoP dn mot ufsh fhnso nrofitS nv