The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1895-07-29


sion.
copyrighted, 1895, by Aze1 F. Hatch.)
Chicago, July 25.-The Horn Harvey
silver debate was continued to-day be-
fore the usual intelligent audience. Ev-
cry one of the 200 seats was occupied
and many stood in the aisles. The usual
measure of enthusiasm prevailed on
both sides. The condensed report
follows:
Still Defends MorrilI.
Mr.. HORT desire at the outset to
call my opponents attention to state
ment which he made in his criticisms
upon Senator Morrill, wherein he stated
that the silver dollar of 41215 grains
was largely coined previous to the de-
monetization of silver and after the
passage of the law of 1853. Brother
Harvey said that those old dollars of
41215 grains were coined for the people
of Nevada, Colorado and perhaps Cal
ifornia, between 1853 and 1873.
Mr.. Harvey-No, did not say that.
Mr.. Horr-You said that as under
stood you.
Mr.. Harvey said in III and IL for
California and Nevada.
Mr.. Horr-Well, that is between '53
and '73.
Mr.. Harvey-Yes, but does not in
clude those coined from 80 to 81; they
were used all over the country.
Mr.. Horr-The intimation as I under
stood it, Mr.. Harvey, don't want to
nisrepresent you, and the impression
made upon me was that those were
coined-contrary to my statement that
they would not have been coined at
that time because silver was worth
more uncoined than coined, and that
it was done for the use Of the people
in those western states. You were
right, silver was worth more uncoined
than coined, and hence it's owners
would sell it as bullion and would not
seek to coin it. Where, then, did the
silver come from that was thus coined?
l will show you. Congress had pre-
viously provided that certain foreign
silver coins should be redeemable at
the treasury and the several postoffices
and land Offices of the government at
a certain fixed valuation. In the sec
ond section of the act of February 81,
1857, congress provided: "And be it
COAAA0
so received shall not again be paid out
or put into circulation, but shall be re-
coined at the mint"
Mr.. Harvey-May I interrupt you,
Mr.. Horn?
Mr.. Horr-Certainly.
Mr.. Harvey-You are making this
statement on your own ipse dixit, and
I want you when you make such state
ments to produce the authority.
Horr Gives Authority.
Mr.. Hort give my authority as the
report of the minis of the United
States.
Mr. Harvey-Mr. Horn has persist
emily quoted in this debate authorities
which he has not produced here in this
room. 1 want that now impressed on
the mind of the public. He has just
made a statement with reference to
the coinage of silver dollars that I de-
n.y. and he cannot produce the authority
here to prove what he has said. I will
only answer it now incidentally, but
sufficiently. I hand Mr.. Horr the re-
port of the director of the mint for 1892,
and call his attention to Alp, 1852 silver
dollars coined at the mint at Carson
City, Nevada, in the year 1870. Gap
plause.)
At the close of the debate at the last
session [ was closing with the discus
sion of the relation of primary and
credit money. I will now complete it.
An over-issue of credit money creates
a lack of confidence in the ability of
the government to redeem it, and a
In other words, it causes a run on the
government for the redemption of it's
credit money. This forces the govern
ment to issue bonds to borrow primary
money. This strain continues as long
as the over-issue of credit money re-
mains. To borrow primary money and
pay it out again does not stop the pres
sure unless the quantity of credit mon
ey has been in the meantime reduced
to it's normal quantity, or unless the
quantity of primary money in the ma
ton is increased.
The quantity of gold now in the
United States is variously estimated at
from $4OOO00,0 900 to $6O0,O0O,OO0. The
quantity of credit money outstanding
is about 81, 0GO, 600, 900. Hence a sur
plus of from 100000, 900 to $600,O 900
of credit money is now in circulation,
and the run on the United States treas
ury must continue until the credit mon
ey is reduced to the quantity of gold in
the country, or the stock of primary
money is increased. (Applause)
To bring order out of confusion, we
want to go to work at once to build up
our stock of primary money. To do
this, the first step is to remonetize sill
yer and make it with gold, as under
the old laws, substantially one mass of
metal constituting our primary money.
When we come to the discussion of the