St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-12-09
Director Leech Speaks at
Length on the Vexed Sill
YER Question.
The Proposed Measure Of Sec
retary Window Strikes
Him Favorably.
Expressions Of Opinion by
Papers Of the East and
West.
The Lower House Still Stirred
Up Over the SilcOtt
Affair.

WASHINGTON, Dec. c.-DiItcWC Ot
the Mint Leech, In a statement fur
nished for publication, says that he be-
lieves Secretary Windom's proposed
silver measure not only the best plan
for the present utilization of silver. but
that it cOutains in itself the solution OF
the silver problem. at will afford. l
believe" says Mr.. Leeeh, ''a ready
market for the surplus silver product
of the.world. the normal effect of which
will be to gradually and permanently
enhance the value of silver until 1t
reaches point so nearly corresponding
with its value in coinage ha can
with safety do away with all temporary
measures and restore the law as it ex-
listed from the foundation of the gov
ernment to 1872. have not seen a
single objection in newspaper COM
ments which was not fully consid-
cred by the secretary in the prepare
ton of his report. 1t is a curious
fact that the papers represent
ing the extreme gold sentiment of the
East, and the extreme silver ef the
West should both oppose the plan, and
for Numerically different reasons; the
former because it proposes to utilize
silver more fully as money. and the lat
ter because they say it degrades silver
to the level of commodity. 1t is nss
true that the secretary's plan is similar
to one
SUGGESTED BY SHERMAN,
or, so far as | am aware, by any one
al 10 ft,f 20 iol oHn
teristics is entirely original with Seere-
Window. and, while suggestion 90
issue certificates on silver bullion based
on market value, redeemable either i'm
quantity or value, was contained in a
pamphlet published by l. w. Sylvester.
of the New York assay Office, one OF
the brightest and strongest writer's
on monetary subjects, the plan OF
the secretary in its ramiications
and details is essentially different from
that proposed by Mr., Sylvester, which
is the nearest approach to it have
seen. With regard to the objection
urged 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 degrading to
silver to receive it in unlimited quansi-
ties and issue notes upon it redeemabie
at the option Of the holder in full legal
tender dellars. the notes themselves
being for all practical purposes full
legal tender; first, because they are re-
ceivable for government dues. and sec
ond. because they are interchangeable
with full legal tender coin, than the
present law to buy silver as cOmmed-
itv. 'rhe only difference is that in the
latter ease we r.
COIN 1T INTO DOLLARS
and in the former We issue notes upon
il. for which the holder can receive dol
lars. The proposition to issue certifi-
Gates on silver bullion is not new. but
has been advocated in congress, in var
ious forms. by the most advanced silver
men. In the same mnaner it mas been
repeatedly proposed in congress to issue
certificates ON gold bullion, and in my
Judgment this proposition should be-
come a law. 1t would have been rec
commended by the present secretary OF
the treasury but for the fact that he did
not wish to entangle the present mea-
sure with any other proposition. Gold
bars are used more extensively in the
settlement of International balances
than coin. OF the shipments of gold
from the United States to Europe in
the period extending from May, 1888. to
July, 1899, fer the purpose of settling
the balances of trade and the
amount due on letters OF credit,
over s61.O00,000 was in gold
bars, showing that gold bullion
ia nreferred as money in the settlement
of balances of trade. Why is it not just
as degrading to make payments in gold
bars. INSTEAD of gold coin. as it would
be TO receive bars and issue the repre-
sentative of coin upon it2 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 the reasons:
Because under its operations more than
81. OtgO. 900 worth per month conId be re-
ceiyed. Any restriction
ACTS AS A MENACE
to the price of silver. Increased COIN
age under the present law could not
continue indefinitely, and it would be
only a question of time when it would
have to be discontinued. By supplying
an unlimited market for the product of
silver. it leaves it open to all the natural
operations Of the laws of supply and de
mand. The tendency of this wiil
be to gradually and perfna-
nently enhance its value, thus
enabling pr0dncels TO realize
a Target price for their product. At the
same time il will materially enhance the
intrinsic value of the large stock of sill
yer in circulation in this country, either
as coin or its representative, l believe
that the adoption of the measure recon-
mended by the secretary would in few
years so enhance the value of silver
that an international agreement looking
to the opening of the mints of the
world, or at least the states of the Latin
union and the countries OF this cOnti-
nent. TO the free coinage of both mettls
at a fixed ratio. would not only be pOssi-
ble but desirable and readily accom-
plished. SO far as concerns the criti-
eism that the plan of the secretary
would make large addition to paper
currency based on silver and thereby
imperiI the continuance of the gold
standard, it must be evident to every
one that the predominant sentiment of
the country IS in favor of the use of sill
yer as money. and the only thing to be
considered is what is the best way 20
safely use it" as