The Weiser signal. [volume] (Weiser, Idaho) 1890-1904, 1895-08-01
"Coin's" Financial Theories the
Basis of a Discussion.
THE GREAT DEBATE NOW ON
Argument in the Widely Read
Book.

the Horr-Harvey controversy appeared
to be rapidly developing the feeling of
the western matron whose fighting en-
thusiasm on an exciting occasion over
came her other emotions. The husband
and the grizzly referred to could hardly
have attempted more thoroughly to
rip each other up the back and else
where than did Messrs. Horr and Har-
vey this afternoon.
Mr.. Horr began by saying that the
412h grain silver dollars, coined be-
tween the years 1853 and 1873. were all
coined at the Philadelphia mint and
from the foreign silver coins which had
accumulated in the treasury under the
act Of congress which made them re-
ceivable but did not permit them to
be paid out again. That was why sill
yer was coined at less than bullion
value. After 1858 the government did
not coin a dollar of our silver coinage
for private owners.
Harvey, in reply, denied the state
ment and declared that he could not
prove 1t. He presented the mint state
ment showing that over 100000 in sill
yer had been coined at the mint in
Carson City. New. in 1870
Harvey then resumed the discussion
Of the question of primary and credit
money. He said as soon as there was
an over issue of credit money 1t caused
a distrust OF the governments ability
to pay. This caused run on the treas
ury for the redemption of the credit
money and the only remedy was either
to increase the amount of primary
money or decrease the amount of credit
money.
The amount of gold In the United
States Is estimated at from $500, 900 900
to 5000, 100000 and of our credit money
about 1.000,000.000. This was too much
credit money, he said, and accounted
for the country's financial arrangement
The remedy was to increase the prim-
airy money by reconciliation OF silver
Every moments delay endangered the
safety OF the republic.
A MISTAKE CORRECTED.
Mr.. Horr, replying. called attention to
the misstatement of coinage at the Car
son City mint Instead of SAP 492. the
actual amount was $12,492.
Mr.. Harvey said that he had mis-
taken the dollar mark for figure. and
admitted his error.
Mr.. Horn continued by saying that up
to the present Mr.. Harvey had not said
a
ject of dispute. He had argued at
length that the act of 1878 was conceived
In sin and brought forth in corruption.
but had not brought forth any proof and
could not. Had not history showed
that variation of l per cent between
the commercial and legal ratio between
gold and silver always drove the dearer
metal from the market? Now. with
difference of so per cent, what evidence
was there that the consensus of the civ
ilized nations England excepted, could
bring them to a parity? Much less, how
could the United States alone do It.?
Mr.. Horr declared that Mr.. Harveys
object was not so much to build up sill
yer as to put down gold. as was shown
by his provision for reducing the size
OF the gold dollar.
THE CIRCULATION.
Mr.. Harvey. referring back to the sill
yer coinage between 1858 and 1873, said
that the silver coined at Philadelphia
was coined into subsidiary money, not
dollars. He added that the premium on
silver was a premium at London and
that charges would more than eat that
up, so the bullion owners in this coun-
try would take 1t to the minis for coin
age. Taking into consideration bank
credits and checks in the amount Of
money In circulation the normal amount
OF money for the transaction of bust
ness throughout the country. continued
Mr.. Harvey. was $4,000. 000, 900 Out of
this one-third only was in money and
the rest was borrowed. The Inference
was plain that the normal amount of
money which we should have was $4,-
S00000,000. AS matters now stand, he
said that the banks were loaning and
getting interest on 81 for every dollar in
circulation.
Mr. Horn said that the question wheth-
: er the banks were a curse to the coun-
try would be discussed in it's proper
place, and Mr.. Harvey would be prob
ably Disguised when 1t was done for
having brought the matter up.
COST OF MINING SILVER.
Taking up the statement in Mr.. Har-
vey's book that II had cost 81 per ounce
to produce the silver in the United
States, Mr.. Horr characterized 1t as
nonsense. He presented the statistics
of different mines. showing that one
mine produced it at 10 cents per ounce,
another at "a cents. The silver miners
would not have continued to mine silver
at a cost of 81 per ounce when the prod
PARTING SHOTS.
Mr.. Harvey said that what Mr.. Horn
said about the cost of producing silver
he could have said. with more truth
with regard to gold. Silver was only
produced from quartz: most of the gold
was produced from placer mines II
cost less, dollar for dollar, to produce
gold than silver. He read from a book
by Alexander Selman an opinion that
pound for pound. 1t cost more to produce
silver than gold. or dollar for dollar
16 to 1. Why did they continue to mine
silver at loss? Why did men gamble
at the board of trade when a large ma.
jority lost? 1t was the gambling in.
stinct implanted in the human breast.
Mr.. Harvey then denounced Mr.. Scud
der as the tool OF banking interests sem
out to the silver country to defame his
nation.
Mr.. Horr declared that the statement
that II cost more to produce pound OF
silver than a pound of gold was moi
true, and had not been true for great
many thousand years 1t was true, h,
said, as measured i'm human toll. botl
gold and silver had deprecated i'm value
but silver had deprecated much NOR,
than gold.
There was no debate on Wednesday
and the contestants will rest again to.
morrow, to spar again on Saturday
Raised the Pay of Engineers
Minneapolis. July 25.-The 800" road
has raised the pay of its engineers and