The news and herald. (Winnsboro, S.C.) 1877-1900, 1895-07-30
TIE GREAT TEN DAYS DEBATE
Between the Author Of "Coin's FL
nanciaI SCHOOL, and En- Congress
man Roswell q. Iorr.


! be.an NJ. Harvey: chat haze iioi IN the
pr.'>:;r>2 III this debate yet made any charge
! j;Gainst the integrity III .bt American people,
| h"t Do rot int"2,, that those who are cor
rnrt it, high ril:@s shall escape criticism by
i throwii:: ;i,ound :iior3 ns cloak the intag
r;ty Of !hc american pccrIc.'
The discussion If lie act u 1898; By which
! silver W.: G!H!Df"tiZe;l. was then taken up,
Mr.. Potter : P2:tiu TIE transaction being the
suhjcct. The aGlhprrt CON" quoted freely
| from Tic Congressional Record TO show that
! Mr. Hooper, Of Massachusetts,. moved 70 dis
rense witl the reading % the substitute bill
| derln..2ti:inc silver. Here was an attempt" "
sald III Harcey, ITO ie=isiatc or tn" life
b!o,! OF u nation without reading the ri!l. "
| Mr. llprr saii before he BEGAN bis opening
stat"mrut for the day he wanted to protest
against something Mr.. Harvey had said
! about u;p him. day before yesterday. Mr.
| Harvey had then stated that whenever Mr..
| Hprr ill no; reply 10 his arguments he
would take it for granted he could not re-
ply. Il will lay down tins ruls for NJ" Har-
"ry's cuiIanre.' said the gold advocate. Il
dom admit anything h. 2avS IS true unless
/ come ri:hi ont and say 50. l want &c say
annt:i". thing. I'le ctrcr day l quoted
something from 'Cniu'S Financial S:hool.
and Mr Harvey refused Z. back Cola up in
j
are VIC going " dc il, L case .! this? If GIr.
Harvey won't lack up Coin who will? This
is IN instance where the boy is iather Of the
man. II il had not been for young Cola
we would have had no Mr. Harvey
MI Uurr then devoted iinISeftU Il defense
of Mr. Ho2rer'S acton III regard to the bill
| OF 1873.
L was now Mr.. IIarrey's turn again. and
he continued reading from the Congressional
Record on the passage cl the substitute adj
voca:ad by III. Hocier. IL reply to ques-
Icr. Mr.. Hooper had said The bill made no
changes in the existing coinage laws. Short
~ afterwa:d- d-witlliu the n;uithe bii! was
passed without being read. Mr.. Harvey now
went into the Senate history OF the bill. Sen
atcr Sherman, he alleged. had made frequent
ritations from the records in proof Of bis as
ser;ions made repeatedly almost 20 accele-
rate action on the bill. when the mattar was
Gcst brought up in the Senate, and TO con-
vince ;lIc other Senator'S thar the bill was
pue q no importance whatever, and they need
no. give nr"r IN hour altogether tc its con-
s!derat!on. "l!l in these things continued
the speaker ''nc succeeded"
Editor uorr denied that undue haste had
peen made i'll tie passage Of the bill, either
in She S-uate or the House, and defled Mr..
Harvey 10 prodace any proof that there
Vas anything hiddeL about the bill.
At Mondays session Of the Horr-Harvey
silver gold debate. at Chicago, there were
Just 53 persons present when Mr.. Eotr re-
opened the discussion. for the first time
since the beginning Of the debate reading
from manuscript During the nineteenth
century ali the G,ceat countries had adopted
a gold standard, he asserted, but had not
discarded silver. However, mono OF them
bad opened their mints to the Tree coinage
Of silver Then he dipped into the history
of finance in France and was still talking
about it when interrupted by tn" pcll.
Mr. Harvey said he had had many requests
to put into the record-the utterances OF
Ingalls,, Blackburn and Others on the subject
of finance, but owing to the limited number
OF words at his disposal he could not prom
jse to do so. However, he would probably
mention them in his $500 word summary at
the end OF his part Of the debate. An attack
on Senator Morrill, followed. "He was not
very careful Of the truth. said Mr.. Harvey,
''when he stated that 70 silver dollars had
been coined for many years prior to 1913.
Copies Of the mint reports for several years
previous to 1873 were here submitted. show
Ing that several millions Of dolla-s IN silver
had been coined in those periods.
Now" said the author ofCoin, "If Sena-
tor Morrill, could not tell the truthin one par
L
could not tell it i'll any"
Mr.. Horr warmly defended Senator MOI
riI. He said: "When Senator Morrill, made
the assertion that there had been no silver
coined for many years prior to 1873, he dld
not mean to be taken literally. He meant
that by comparison To the amount OF gold
coined there had been practically none COIN
ed and that is true. Mr.. Harvey admits that
he made one bad miSstatement III his book.
According to his method Of argument nave
a right to assume that ile is wrong Jn every
thing"
Mr.. Harvey turned to the discussion OF BIZ
metallism, taking up first that branch OF it
relating 20 unlimited coinage. and went into
the history of the matter among other
nations.
st makes no difference" said Mr.. Horr,
fs1hat the history of unlimited coinage Is
It is admitted on every hand that ali nations
have now closed their minte TO silver and
that is the main point.
The discussion OF bi-metall.sm was COL
tinued throughout tie afternoon.
The Horr-Harvey silver-gold debate Tues
,dav entered on its sixth round. Mr. Harvey
led with a vindication Of the Importance OF
the debate. which he said rested upon five
historical reasons:
First. for two hundred years prior to
the decentralization Of silver in 1878, silver
was seeking the mints OF the world for coin
ace into money. Second, for two hundred
Years prior to 1873 there was no variation
! brtwccn the commercial and the legal ratio
I Of 1915 to !. During the % years since 1915.
however, the two ratios had separated W.ac-
". ami gone from l512 to to about ~ 10 l.
Third. for 33S years prior to 1873 the guam
tjty ratio between silver and gold ranged
r., I nf n
| Of gold. but notwithstanding this wide
variation the commercial ratio had chung
tenacjousiy to the legal ratio. Fourth, the
price of silver in the London market as was
in gold. no to 1878, was practically steady,
while. since that date, silver had declined
from 60 pence per ounce to 2S.7 pence per
ounce. Fifth, that this violent fluctuatlon
from the price Of silver has been gong on
since its demonstration and IS going on TO-
| dav
Mr. Horr did not reply directly to his op-
| poncnt but took up Mr.. HarveyS statemcht
Of Yesterday that but one error had been
| found in his work, saying that there WHre
myri;;Ls Of mistatcInents. not in express
statements Of facts, but by false implication
which aay man Of Scnse would repudiate on
| si,ht. AZ this point Mr.. Horr created some
fer;sion ut the expense 0f Harvey by saying
| t,at l." did rot deny that his opponent be-
! t;cy.,l ali hc bad written.
| !. - matter Of fact. it was impossible Tor him
+, ,cli what {; man i'll Mr.. Harvey's state OF
,:i:i,i might be capable Of believing. Inc
::;..trnent III Coins Financial School that
e:..rv ounce OF silvcr produced up to the
present time had cost the producers Two
| dollars ~: ONCE was secuted hy Mr.. HOfr.
II the rn:ac-":sm:.:s had been producing silver
Il; this cost AMI :;cIinS it Us they had been
d"!r:; at frorn Il 20 - $l.57 an ounce they
had lost by th" transaction during the last
three ycar.; SOM two hunIred and thirty-slN
million Of dollars.
The next poir; CT attack was the statement
on page 53 OF Harveys book that the pcopl'
Of this country are annually paying to En-
land $500, ,O00. .0G0 interest on national an'
private bonds Mr.. Horr denied this pro
...ition nntl,. nnd i.Mallenrrl any one L