The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1895-07-27

posed to be then in existence. Mulhall,
whom you refer to as good authority,
gives the stock of gold coin and bullion
in 1890 six thousand million dollars,
and the amount Of silver at about six
thousand million dollars. Q10ihai's
Dictionary of Statistics, page 309)
Coin" tells US on page SO: 1--WE
have in the United States in round
| figures 81. 0O,00O,OOO of all kinds of
I money! The statistical abstract of
the United States, page 80, says: ''The
total amount is $2,42O,O0O, 0OO." That
gives one amount, you give another.
You tell us, page So, 1--WE are paying
England $500, 10000 annually in gold
in the payment of interest on our
bonds, national and private bonds, ma
tional and private bonds owned by her
people," Who says that, Harvey? 1
deny it and defy any proof that will
show that we owe all the countries OF
Europe combined that much that is,
| the bonds that would require that
much of interest to be sent abroad. 1
defy him to prove anything of the
kind. You state that the Indebtedness
of the United States is forty thousand
! million dollars; that is, that the peo-
/ rle of this country, if that be true, owe
nearly two-thirds as much as all the
| property in the United States is worth.
I brand such a statement simply as
/ false. I don't say that Mr.. Harvey
! doesn't believe it, because it is impossi-
! BILE for me to tell what a man in his
state of mind may believe Qaughter),
| but I say the fact is contrary to his
| statement.
Cost of Production.
Mr.. Harvey-When we reach the cost
of production of silver I think I will
make Mr.. Horn feel like the ordinary
eastern man who has spent 100000 in
western silver mining and taken about
/ $3.50 out, and will satisfy him about the
cost of production. Naughter) When
he refers to the amount of gold and
silver in the world he omits to say that
my statistics gave the amount of gold
and silver available for use as money.
Its quantity for use as money is the
subject we are interested in. 1t will do
him no good to jump around in Coins
Financial School," from one to the
other of it, before we get through. He
is not going to distract me from the
regular line of the debate. (Applause)
I now distribute among you table
showing the worlds production of sill
yer and gold from 1892 to 1892, taken
from page 103 of the book last referred
to, the Official Coinage Laws and
Statistics" issued by the treasury de-
partment at Washington, and I pass
the book to Mr.. Horn. I now make the
table part of my remarks
Here lin the table, which is omitted
for space reasons) we see that from
1892 to 1900 there was 1926 in silver
produced to 81 in gold or a quantity
ratio-ounce for Ounce-of about so of
silver to of gold. And yet there was
no fuctuation of the commercial with
the legal ratio. For the first so years
of this century there was produced in
the world SITS of silver to 81 of gold.
A quantity ratio of about % ounces of
silver to 1 ounce of gold. The world
is now producing about s11O in silver
to 81 in gold.
Mr.. Horr-While discussing your
visionary claw of unlimited demand
for silver by free coinage" on pages At
and 48 of your book you make Mr.
!
as present in your school which never
existed, ask: How can the govern
ment, by passing law, add a cent to
the commercial value of any COM
modity?" You answer: Suppose,
said 'Coin,' that congress should pass
a law tomorrow authorizing the pur-
chase by the government of 100000
horses, cavalry horses, of certain
sizes and qualities. And the govern
ment entered the market to get these
horses. Horses would advance in
value. Not only the kind of horses de-
sired, but also other horses upon which
there would be a demand to take the
place of horses sold to the government
supply and Demand.
The government continued Coin
-Harvey-'can create a demand for a
commodity Now, that answer has
misled thousands of honest and IN
thinking people. My friend here, DR.
Robinson, says, cit is using a seeming
truth to lie with, which is the mos
crafty and dangerous kind of false
statement You used this illustration
to teach that free coinage would ere
ate an unlimited demand for silver ant
increase it's value in the markets of The
world. The horses would be bought
. kept and used by the government; anC
the price of them would be paid tt
those who sold them, in money. I'm
der such coinage as you advocate, sill
yer would be received by the govern
, ment, coined, and then, in effect, re
turned to the owner again. He nigh
not get the same dollars made from
the identical silver which he took to tn,
t mint, but he would get those coined
from silver received and treated pre-
/ cisely as his was, so that he would
practically get back the same thing
S The only honest connection possible be