The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1895-07-26
TU00I, TIT WIL IIUIIIL
He Gets Impatient at Mr.. Har-
vey's Questions.
And Replies to a Polite inter-
ruption Very Sharply.
COSTOF MONEY METALS
Harvey Says Silver Costs More
in Work Than Gold.
A Side Shot Taken at the
National Banks.

OF the relation OF the coinage value anu |
bullion value of silver. Mr. Harvey then /
resumed the discussion of primary and |
credit money, and declared there was too |
much credit money in the country, which |
was respons bic for the financial troubles.
Mr. Horr replying called attention TO q
misstatement of the coinage at the Carson
City mint Instead Of S4l2, 4S@, the actual
amount was S12,492.
Nr Harvey said that he had mistaken
the -" mark for q figure and admitted
his error
Mr.. Horr continued by saying that up
to the present Dir. Harvey had not said Z
single word in proof of the actual sub
ject of dispute. He had argued al
length that the act of 1878 was conceived
in sin and brought forth in CORFU ption but
had not brought forth any proof HIS
tory showed that variation of one per
cent between the commercial and legal
ratio between gold and silver always
drove the dearsr metal out of the mar
ket Now with a difference of Sd per
cent what evidence was there that the
concensus of the civilized nations-Eng
land pted-could bring them to a
parity, much less how could the United
States one do il: MI Horn declared
that Mr.. Harvey's object was not so much
TO build up silver or 50 much TO put down
gold as to reduce the size of the gold
dollar
Mr. Harvey, referring back to the sill
yer COMA between 1858 and 1878, said
the silver coined at Philadelphia was
coined into subsidiary money, not dollars.
He added that the premium on silver
was premium at London, and that the
transportation charges would more than
eat that UP, so that the bullion owners of
this country would take it to the minis
for coinage.
Taking into consideration bank checks
and credits and the amount of money in
circulation, the normal amount Of money
necessary for the transaction of business
throughout the country, continued Mr..
Harvey, was $4,8JO,OOO, 900 OF this one
third only was in money and the rest was
borrowed The inference was plain: The
normal amount Of money whit b we should
have WAS 94,SJU,OOO,OOU As me matters
now stand, ne said, the banks were
loaning and getting interest for two dol
lars for every dollar in circulation.
Mr. Horn said that the question
whether the banks " ere a curse to the
country would be discussed in its proper
place. aud Mr. Harvey would probably
lie disguised with himself when it was
done, for having brought the matter
up.
Returning to his discussion Mr. Horr
stated that statistics show that 122 manu-
featured articles have deprecated
in value since 1879, an average of 7
per cent Silver had deprecated 50
per cent some other articles had de-
Prsciated as much owing to special con-
ditions
Taking up the statement in Mr.. Har-
vey's book that it had cost 50 per ounce
TO produce silver in the United States.
Dir. Horr characterized it as nonsense
He presented statistics Of different
mines collected by 81. L Scudder. show
ing that one mine had produced it at Is
cents an ounce and another al p cents
The silver mines would never have con-
tinued to mine silver at cost OF 50 per
ounce when the product was worth only
CO.
Mr.. Harvey in turn said, what Mr. Horr
had said about the cost of producing sill
Yer ne could have said with much more
fores with regard to gold. Silver was
only produced from quartz. most of the
god was produced from placer mines.
1t cost less dollar for dollar to produce
gold than silver. He read from 2 book
By Alexander Delmar an opinion that it
had cost more TO produce silver than
go.I. or dollar for dollar, or Is to 1. Why
did men gamble on the board of trade
where majority lost? 1t was the gamb-
ling instinct ia the human breast
Another thing Much of the silver
produced was produced in conjunction
with gold mining, and a large proportion
of tbs silver produced WAS the result of
attempts to develop mines which proved
failures IN the end aad the losers were
dIsposing of their output to try 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 existence.
and likely to close any week
H. 81 i
der as the tool of the banking interests.
sent out to the silver country to defame
his nation.
Mr. Horr declared that the statement
that It cost more to produce a pound of
silver than a pound or gold was not true
and had not been true for a great many
thousand years It is true, he said, as
measured in human toll, both gold aud
silver had deprecated in value. but sill
yer had deprecated much more than
gold He then presented statistics in
suostantiation of the depreciation of
gold, showing the prices for aericuI ture
and labor.
Mr.. Harvey took up the subject and
proceeded to argue that advances in the
price OF grain under gold basis in the
years quoted had resulted either from
short crops or in the increased demand
brought about by the finding OF new uses
for #.
hr. Harvey said the banks should 90
out OF government business instead Of
government going out of the banking
business (Applause); let the banks be
banks OF deposits and discount. and not
makers of money. They are making it
now with bank credit aud you are paving
them interest for it. The argument thai
confidence and not money Is all that is
wanted by the greenbacker would be
ridiculed by these same men Conf
dence will not buy anything. Il will
get man in debt to banker, that is ali.