Courier Democrat. (Langdon, N.D.) 1891-1920, 1895-08-01

.acso' ~ EeiuttOn 70 lue cldlW d Mr. E1DEEa
that all the civilized nations Of the earth
were In favor Of the gold standard, MI.
Harvey said that all the civilized nations OK
the earth were at one time slave-holdtnga
nations. and the individual shareholders had
made precisely the argument advanced BY
ME- Horr. He then went back to credit
and redemption money, and declared that
eminent with safety only In such quanti,s
ties as will not embarrass IL ina
case run is made ON the gov
eminent for redemption. II the goy..'i
eminent requires redemption money
1t can float bonds among Its own people to-
primary money 1t needs. No government
should ever borrow from the people Of ans
other nation. To do 80 was cofession of
monetary weakness. No government, he de-
clared, should issue credit money In quan-s
tity beyond the amount Of primary money
among Its own people, and 1t should have
no money in Its treasury except for its cur
rent expenses and improvements. The
money should be among the people. i8I
This closed the debate for to-day, and an
adjournment was taken until Thursday. Il.
Chicago, July 20.-"Go it. husband; 30
1t, bear," seemed to be the motto in. the
Illinois club to-day. The audience ut the
Horr-Harvey controversy appeared to be-
rapidly developing the feeling Of the Vest
ern matron whose fighting enthusiasm on.
an exciting occasion Overcame her other
emotions The husband and the grizzly res
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. 81
Mr.. Horr opened the discussion. He be-
gan by saying that the 412h grain silver
dollars coined between the years 1853 and
1873 were all coined ut the Philadelphia
mint and from foreign silver coins which
had accumulated in the treasury, under an
act of congress which made them receiv-
able but did not permit them to be paid
out again. That was why silver was coined
ut less than Its bullion value. After 1853
the government did not coin dollar Of
our silver for private owners fss
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 and
credit money. He said that as soon as there
was an over-issue of credit money 1t caused
distrust Of the governments ability to pay.
This caused a run on the treasury Tor 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
$500, 0OO, 900 to $500, 100000 and of our credit
money about $1,OO0,OOOO 900. This was too
much credit money, he said, and accounted
The remedy was to increase the primary Dy
remonetizing silver. Every moments delay
would endanger the safety Of the republic.
Difference In Figures.
Mr.. Horr, replying, called attention to 9
misstatemeht of the coinage at the Carson 2
City mint. Instead of SAP, 492, the actua!
amount was $12, 402. .e:
Mr.. Harvey said that he had mistaken the
S mark for a figure 4 and admitted his
error. #
Mr.. Horn continued by saying that up to
the present Mr.. Harvey had not said
single word in proof Of the actual subject
in dispute. He had argued at length that
the act of 1878 was conceived In sin and
brought forth in corruption, but he had not
brought any proof Of it and could not; u
did not exist History showed that varla-
tion Of fraction of per cent between the
commercial and legal ratio between gold
and silver always drove the dearer metal
of SO per cent, what evidence was there
that concensus of the civilized nations
England excepted-could bring them to a
parity; much less, how could the United
States alone do it. Mr.. Horr declared that
Mr.. Harvey's object was not so much to
Dullu up silver aS 10 pul! uoWA sOAu, 10 was
shown by his provision for reducing the
size of the gold dollar. 5l3s
Mr.. Harvey, referring back to the silver
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 pre-.
MUM at London, and that transportation
charges would more than eat that up; so
the bullion owners in this country would
take 1t to the minis for coinage. Taking
into consideration bank credits and checks
and the amount Of money In circulation, the
normal amount of money necessary for the
transaction of the business Of the country,
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. AS matters now stand, he
said, the banks were lending and getting
interest on two dollars for every dollar Ia
circulation. q
Something Rich Promised.
Mr.. Horr said that the question whether
the banks were curse to the country
would be discussed in its proper place, and
with himself when 1t was done for having
brought tie matter up. Returning to the
| discussion, Mr.. Horr said that statistics
| showed that 122 manufactured articles had
deprecated In value since 1870 an average
Of per cent; silver had deprecated so per
| cent Some other articles had depreciated
as much, owing to special conditions.
Taking up the statement in Mr.. Harvey s
book that it had cost 50 per ounce to pro-
duce the silver in the United States. MI.
Horr characterized it as nonsense. He pre-
se.nted statistics Of different mines, collatei
by NJ L. Scudder, showing that one mine
had produced at IL cents per- ounce; anoth-
! er ut "a cents. The. silver miners would not
have continued to mine silver at cost Of
So per ounce when the product was only
60 cents.
Mr.. Harvey, in turn, said that what Mr..
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 quartz; most of the gold was
produced from placer mines 1t costs less.
dollar for dollar, to produce gold than sil-
yer. He read from book by Alex Del
Mar an opioion that, pound for pound, 1t
| cost more to produce silver than gold, or.
| dollar for dollar, is to 1. Why did men
| continue to mine silver at a loss? Why did
| men gamble on the boards Of trade, where
Il large majority lost? 1t was the gambling
| instinct implanted IN the human breast.
Another thing: Much of the silver pros