The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1895-08-01

justified in calling him greenbacker,3 anu
said that he believed in gold and silver as
primary money to the fullest extent under
bimetallic laws that governed it prior to
1873 In relation to the claim Of Mr. Horr
that all the Civilized nations OF the earth
were In favor of the gold standard, Mr..
Harvey said that all the civilized nations Of
the earth We're at one time slaye-holdins
nations. and the individual Shareholders had
made precisely the argument advanced by
Mr. Horr. He then went back to credit
and redemption money, and declared that 4
credit money may be issued by the gov
eminent with safety, only In such quanti-
ties as will not embarrass 1t In
eminent for redemption. If the gov
eminent requires redemption money
1t can float bonds among It's own people to
the full amount necessary to obtain what
primary money 1t needs. No government
should ever borrow from the people of an
monetary weakness No government, he de-
clarcd, should issue credit money in quan-
tity beyond the amount Of primary money
among It's own people. and it should have
no money in it's treasury except for its cur
rent expenses and improvements. The
money should be among the people. 81
This closed the debate for to-day, and an
adjournment was taken until Thursday.
Chicago, July 2G-"Go it, husband; so
it, bear" seemed to be the motto in the
Illinois club to-day. The audience at the
Horr- Harvey controversy appeared to be
rapidly developing the feeling of the West
ern matron whose fighting. enthusiasm on
an exciting occasion Overcame her other
emotions. The husband and the grizzly re-
ferred to could hardly have attempted more
thoroughly to rip each other UP the back
and elsewhere than did Messrs. Horr and
Harvey this afternoon <s..#.-ls..
Mr., HOrr ODened the discussion. He De-
gan by saying that the 4121@ grain silver
dollars coined between the years 1883 ana
| 1873 were all coined at the Philadelphia
| mint and from foreign silver coins which
| had accumulated in the treasury under an
act of congress which made them recelV-
| able but did not permit them to be PAID
| out again. That was why silver was coined
| ut less than its bullion value. After 1898
| the government did not coin dollar OF
our silver for private owners. ~
Mr. Harvey, in reply, denied the state
| ment and declared that he could prove IT.
! He presented mint statement showing
| that over 100000 in silver dollars had been
| coined at the mint at Carson City, New,
| in 1870. Mr.. Harvey then resumed the dis
cussion of the question of primary ana
| credit money He said that as soon as there
was an over-issue of credit money it caused
distrust of the governments ability to pay.
| This caused q run the treasury 1or 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
$780, OOO, 900 to 5000, 900 and of our credit
money about $1,OOOOO0,OO0. This was too
much credit money, he said, and accounted
for the country's financial arrangement.
The remedy was to increase the primary Dy
remonetzing silver. Every moments deiay
would endanger the safety of the republic.
Difference in Figures.
Mr.. Horr, replying, called attention to
| misstatement Of the coinage at the carson
City mint. Instead of SIP, 1872, the &C 10
amount was $12, 1872.
Mr.. Harvey said that he had mistaken tht
S mark for figure and admitted MS
error.
Mr. HORT continued by saying that up II
the present Mr.. Harvey had not said :
single word in proof Of the actual subJec
in dispute. He had argued at length tina
the act Of 1873 was conceived in sin ant
brought forth in corruption, but he had no
brought any proof of it and could not; !
did not exist. History showed that varia
ton of fraction of per cent between tn
commercial and legal ratio between gol'
and silver always drove the dearer meta
out of the market. Now, with differenc
of so per cent, what evidence was ther
that concensus Of the civilized nations
England excepted-could bring them to
parity; much less, how could the Unite'
States alone do it. Mr.. Horr declared tina
Mr.. Harvey's object was not so much t.
) build up silver as to pull down gold as wa
shown by his provision for reducing tn
size Of the gold dollar
Mr.. Harvey, referring back to the silve
: coinage between 1858 and 1873, said tina
| the silver coined at Philadelphia was come
into subsidiary money, not dollars. H
added that the premium on silver was a pre-
MUM at London, and that transportatio
charges would more than eat that up; S
: the bullion owners in this country woul
f take it to the mints for coinage. Takin
| into consideration bank credits and check
: and the amount of money in circulation, tn
I normal amount of money necessary for tn
: transaction Of the business Of the country
a continued Mr.. Harvey, was four thousan
eight hundred million dollars. Of this one
third only was in money and the rest wa
a borrowed. The inference was plain-th
normal amount of money which we shoul
have was four thousand eight hundre
million dollars AS matters now stand, h
|. said, the banks were lending and gettin
o interest on two dollars for every dollar i
e circulation. ..- ........g .
e Something Rich Promised.
d Mr.. Horr said that the question whethe
d the banks were curse to the countr
o would be discussed in its proper place, an
: Mr. Harvey would probably be disguste
:; with himself when it was done for havn
u brought the matter up. Returning to tn
. Q1SCuSSlOu, HOrr Sdlu CQaC StaTlSClC
S showed that 122 manufactured articles ha
c deprecated in value since 1870 an averag
e Of per cent; silver had deprecated so pc
cent. Some other articles had depreciate
S as much, owing to special conditions
L Taking up the statement in Mr.. Harvey
e book that it had cost 50 per ounce to Pre-
y duce the silver in the United States. MI
Horr characterized it as nonsense. He pre-
II scented statistics of different Mines collate
;. by NJ. l.. Scudder, showing that ore min
:, had produced at II cents per ounce: anotl
. er at "a cents. The silver miners would nc
> have continued to mine silver at cost G
Z So per ounce when the product was onl
}, GO cents. .-- Es.Esss51 Ees
% Mr.. Harvey, in turn, said that what MI
. Horr had said about the cost of producin
y, silver he could have said with much NOR
- force with regard to gold. Silver was onl
produced from quartz; most Of the gold wa
- produced from placer mines. 1t costs les
~ dollar for dollar, to produce gold than 81
g YER He read from a book by Alex. D.
=, Mar an opioon that, pound for pound
', cost more to produce silver than gold, o
" dollar for dollar, is to L. Why did me
II continue to mine silver at loss? Why di
" men gamble on the boards of trade whel
- a large majority lost? 1t was the gambl1
y. instinct implanted in the human breas
81 ! %J,ip NT,,n, of r{lr mr.