Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1889-12-09
THE WINDOW PLAN.
Mint Director leech Talks of
the Silver Measure.
AN ARGUMENT FOR ITS ENACTMENT.

Opposed by Men of Extreme Views on
Both Sides of the Question-Advantages
of the Proposition as Leech Views It
Safe and Elastic Currency and an
Idea That should BE Applied 60 Gold
Miscellaneous Capital City News
WASHINGTON CITY, Dec. 9.-Director Of
the Mint Leech, in an interview with rep
resentative of the United Press yesterday on
the subject OF Secretary WINDOWS proposed
silver measure, said: II am thoroughly ia
miliar with the measure in all its details,
propably more 80 than any person except the
secretary himself II commends itself TO my
judgment not only ~ the best plan for the pres
ent utilization of silver, but believe IL con
tains in itself the solution OF the silver prob
lem; that it will afford a ready market for
the surplus silver product of the world, the
moral effect OF which will be to gradually
and permanently enhance the value OF sill
yer until il reaches point 50 nearly corre-
spending with its value in coinage that we
can with safety do away with all tempo
rary measures, and restore the law as il ex-
iSted from the foundation Of the government
TO 1878.
Case In which Extremes Meet.
Il have not seen single objection in news
paper comments which was not fully con-
sidered by the secretary in the preparation
OF his report 1t is a curious fact that the
papers representing the extreme gold senti-
ment OF the east-those who are opposed to
any use OF silver as money except for change
purposes-Rnd the extreme silver men of the
west-those who would force free coinage of
silver regardless Of the dangers % our finan-
cial prosperity-should both oppose the plan,
and from diametrically different stand
points; the former because IL proposes 20
utilize silver more fully for money. and the
latter because they say it degrad,~ silver to
the level Of n commodity.
The Degradation" of silver.
''ln regard TO the objection urgtl by some
of the advanced silver men that this measure
would degrade silver from its position as
money, | fail TO see how It is any more de-
grading to silver TO receive it in unlimited
quantities and issue notes upon il redeemable
at the option of the holder in full legal
tender dollars, the notes themselves being
Tor all practical purposes a full legal tender
first, because they are receivable for govern
ment dues, and second, because they are in
Interchangeable with full legal tender coin.
than the present law TO buy silver as a com
modify. The only difference is that in the
latter case We coin il into dollars, aud in the
former We issue notes upon it for which the
holder can receive dollars
Gold Bullion Certificates
"The proposition to issue certificates on sill
yer bullion is not new, but has been advo-
Gated in congress, in various forms, 10y the
most advanced silver men. So the PROPOSE
ton 10 issue certificates ON gold bullion has
been repeatedly presented in congress, and
In my Judgment should become law be-
lieve that it would have been recommended
10y the present secretary but for the fact that
he did not wish 10 entangle the present meas
ure with any other proposition. Gold bars
are used more extensively in the settlement
of international balances than coin OF the
shipment of gold from the United States TO
Europe In the period extending from May,
1888, 10 July, lSs9, for the purpose OF settling
the balances of trade and the amount due ON !
letters OF credit, over SOL 600 900 was in gold !
bars, showing that gold bullion Is preferred |
20 money In the settlement of balances Of |
trade
"Why is 1t not just as degrading 10 make |
payments in gold bars instead OF gold coin |
as il would he TO receive silver bars and is |
sue the representative OF coin upon IT.
Good Thing for silver Men.
The plan proposed by the secretary is /
far more advantageous TO silver producers |
than the enforcement OF the extreme limit |
OF the present law, for these reasons: Be
cause under it, operations more than 81. O0O.- |
900 worth per month could be received: any |
restriction acts as a menace to the price of !
silver; increased coinage under the present
law could not continue indefinitely, aud il |
would lie only question OF time when it
would have to 10 discontinued. BY supply |
ing an unlimited market for the product of |
silver 1t leaves it open to all the natural OPP |
erations Of the laws of supply and demand |
The tendency OF this will be to gradually and |
permanently enhance its value, thus enabling |
producers To realize a larger price for their |
product. At the same time it will materially |
enhance the intrinsic value of the large stock |
of silver in circulation in this country either /
~ coin or its representative.
VIII Pave the Way to Free Coinage.
Moreover, believe 1t will pave the way |
to what is most desired by all true bimetaL
lists, free coinage Of both metals at a fixed
ratio do not know of any bimetalists of
national or international reputation who
would consider 1t for the interest
OF our silver producers or of our
country for this government alone TO
open its mints to the free coinage of full
legal tender silver dollars while the market
price of silver is nearly 30 per cent less than
its value coin l believe that the
adoption OF the measure recommended by
the secretary would, in a few years, so
enhance the value OF silver that an intsrna-
tional agreement looking to the opening OF
the minis OF the world, or at least the states
II the Latin union and the countries Of this
10 the free coinage OF both metals
At fixed ratio would not only be possible.
but desirable and readily accomplished
Absolutely safe and Perfectly Elastic.
The currency issued under this measure
would bo absolutely safe, having behind il
the faith OF tho government 10 Redeem. a. |
either in silver bullion OF in gold, with the
privilege TO the holder TO receive silver
dollars The notes issued under
this measure would be the most elastic cur
rency We have, in that they would adapt
themselves TO the requirements of business
better than any form of paper money which
we have at present The legal tender notes
are limited by law to sSiG, 0O0,D0 The gold
certificates can be- issued only ON gold coin,
the quantity Of which Is supplied only by
coinage So with the silver certificates
They are dependent largely on the monthly
quota Of coinage. The national bank notes,
which were always considered the most fiex-
ible form Of paper money, have ceased TO be
30 on account of the high price of bonds re-
quired to be deposited for their issue arsi on
this account the banks are fast retiring them
from circulation.
Profit ar Loss to the Government.