The pioneer express. [volume] (Pembina, Dakota [N.D.]) 1883-1928, 1895-08-02

coined at the mint at Carson City, New,
In 1870. Mr.. Harvey then resumed the dis.
cussion Of the question Of primary and
,redit money. He said that 40 soen % there
was an over-issue Of credit money It caused
listrust Of the governments ability to pay.
This caused q 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
Zoo, ,OOO, 600 to $500 600 600 and Of eur credit
money about $1,000. 900. This was too
much credit money, he said, and accounted
for the country's financial deransemsnt.
The remedy was to increase the primary By
silver. Every moments delay
would endanger the safety Of the republic.
Difference In EiEares.
Mr.. H0rr. replying, called attention to
Of the coinage at the Carson
City mint. Instead OF $4l2. .4e2, the actual
amount was $l2, ,492.
8 mark for figure and admitted his
error.
Mr.. Horr continued by saying that up to
the present Mr.. Harvey had not said q
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
=
did not exist. History showed that varia-
tion Of fraction Of I per cent between the
commercial and legal ratio between gold
and silver always drove the dearer metal
out Of the market. Now, with difference
of 80 per cent, what evidence was there
that 4 concensus Of the civilized nations
England excepted-could bring them to
etates alone do 1t. Mr.. Horr declared that
Mr.. Harvey's object was not 20 much to
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
added that the premium on silver was pre-.
MUM Mt London, and that transportation
charges would more than eat that up; %
the bullion owners In this country would
take It 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
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. Az matters now stand, he
said, the banks were lending and getting
interest on two dollars for every dollar in
circulation.
eometbins 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 disgusted
with himself when It was done for having
brought the matter up. Returning to the
discussion. Mr. Horr said that statistics
showed that 12 manufactured articles had
deprecated In value since 1879 an average
Of per cent; silver had deprecated so per
cent. Some other articles had deprecated
- much, owing to special conditions.
Taking up the statement In Mr.. Harvey's
book that It had cost e per ounce to pro-
duce the silver In the United States. Mr..
Horr characterized 1t as nonsense. He pre-.
sentel statistics of different mines. collated
by II. L. scuddcr. showing that one mine
had produced at II cents per ounce; anoth.
eT at "a cents. The silver miners would not
have continued to mine silver at cost Of
81 pei ounce when the product was only
90 cents.
Mr.. Harvey, in turn, said that what Nj.
Horr 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 quarts; most Of the gold was
produced from placer mines. It costs less.
dollar for dollar, to produce gold than oil.
yer. He read from q book By Alex. Del
Mar an opioion that. pound tar paqnd. 1t
cost more to produce silver than gold, OF,
continue to mine silver at loss2 Why did
men gamble on the boards Of trade, where
q large majority lostf It was the gambling
instinct implanted in the human breast.
Another thing: Much Of the silver pro-
duced We 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 q precarious exist
ence, liable to close any week. Mr.. Harvey
banking interests, sent out to the silver
country to defame his nation.
Mr.. 1loRr Denies Il.
Mr.. Horr declared that the statement that
II cost more to produce pound OF silver
than q pound of gold was not true, and
had not been true for q great many thou
sand years. It was true. he said. that, a.
silver had deprecated In value; but siiyes
had deprecated much faster than gold.
Mr. Horr then presented statistics for Q se-
rles of years In substantiation Of the de.
probation Of gold, showing the prices Of
agricultural products and the wages Of
labor.
Mr.. Harvey took up the subject and pro.
eeeded to argue that advances In the price
Of grain under 4 gold basis In the years
quoted had resulted either from short crops
or In the increased demand brought about
BY hnding new use for 1t. Mr.. Harvey said
the banks should 60 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 1t. This argument that conf.
dence and not money 10 all that y wanted.
II made by the greenbacker. woYld be ridt.
culed BY these same men. Confidence won't
buy anything; 1t will get man In debt to
q banker. that 10 ALL You might as well
talk about doing without air and water aa
b no condition Of civilization that you can
imagine By which you can be part Of that
civilization and yet do without money.
(AppIause.) And yet BY the legislation n
1878 y has been enhanced In exchangeablS
value with your property. That is the
crucial point In this financial discussion.
lApRlause.) A man loaning money in 1872
that that ioo9 6ushsls sf wheat It., would have s
wheat to pay that debt. (Applause:j THE
men who own bonds payable In money and
secuFities payable In money aggregatIns
more than all the assessed values Of the
property In the United States, have lesis.
lated 30 As to enhance the value Of their
property until you have got to give up
twice as much to them when they come to
buy your property as they give up to you
when you 20 with your hard earnings. with
thp product Of your loom and your neld. to
buy their pe0perty.
Cross-Fire Of Words.
Mr.. Horr: "Now want 10 call the at.
tention Of my friend to the fact that he
can't get at how farmers are doing sim.
ply BY selecting one article which hap.
pens to be cheap"
Mr.. Harvey: III want to AK you right
Eere. before these people. to answer my
argument made Just before sat down."
Mr.. HOrr: II am going to do It II you
will wait and keep still. That ID what
am up here for now Gaughter). The very
last thing he said was in reference to the
fact that q farmer had to give. twice 40
much wheat to pay his debt as he did be.
forc the decentralization Of silver. What
ais you? That II the yerS Thing am
sseaking shout. Now. was sa:ing that
you can't possibly hnl out the facts In RET.
erence to the farmer simply by taking one
article. and that the lowest one you can
apd, Nov. will call your attention to a