The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1889-12-10
Defending Mindom,s Silver Plan,

| WASHINGTON, Dec. S.-Dlrect0r OF the
Mint Leech, in an interview to- day on the
subject of Secretary WINDOWS proposed
silver measure, said it commends itself tC
his Judgment as the best plan for the present
utilization of silver and contains in itself
the solution of the silver problem. st will
afford, l believe" said Leech, "a ready
market for the surplus product of the
world, the normal effect of which will be
to gradually and permanently enhance the
value of silver until it reaches a point so
nearly corresponding with its value in
coinage that we can with safety do
away with all temporary measures
and restore the law as it existed from
the foundation of government to 1878.
It is a curious fact that the papers repre-
senting the extreme gold sentiment of the
| east and the extreme silver men of the
west, should both oppose the plan, and for
Numerically different reasons. The for
mer because it proposes to utilize silver
more fully as money, and the latter because
| they say 1t degrades silver to the level of
commodity. With regard to the latter OBJ
lection, fail to gee how it is any more de-
grading TO silver to receive it in unlimited
quantities and issue notes upon it, redeem
able at thu option of the holder in full
legal tender dollars, than the present
law to buy silver as commodity.
The proposition to issue certificates on sill
yer bullion is not new, but has been advo-
Gated in Congress, in various forms, by the
most advanced silver men. In some man
ner it has been reps atedly proposed in Con-
gress to issue certificates on gold bullion,
and, in my judgment, this proposition
should become law. 1 believe it would have
been recommended by the present secre-
tary of the tire asury but for the fact that
he did not wish to entangle the present
measure with any other proposition. Gold
bars are used more extensively in the set
Element of international balances than coin.
Why is it not just as much of a degradation
to make payments in gold bars instead OF
gold coin, as it would be to receive silver
bars and issue a representative of coin
upon it: The plan proposed by the secre-
tary is far more advantageous to the silver
produ GERS than the enforcement of the ex-
IRENE right of the present law for these
reasons: Because under its operations
more than four millions worth per month
could be received. Any restriction acts are
menace to the price of silver. the in
creased coinage under the present law
would not continue indefinitely, and it
would be only question of time when it
would have to be discontinued. By sup
plying an unlimited market for the product
of silver it leaves it open to all the natural
operations of the law of supply and demand.
The tendency of this will be to gradually
and permanently enhance its value, en-
abling producers to realize large 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 as coin or it's represen-
tative. l believe the adoption of the
measure recommended by Secretary Win
don would in few years so enhance the
value of silver that an international agree
ment looking to the opening of the minis of
the world, or at least the states of the Latin
union and countries of this continent, to the
free coinage Of both metals at a fixed ratio
would not only be possible, but desirable
and readily accomplished. So far as con
Germs the criticism that the plan of the Sec
rotary would make large addition to our
paper currency, based on silver, and thereby
imperil the continuance of the gold stand
ard, at most it must be evident to every
one that the predominant sentiment of the
country is in favor of the use of silver as
money, and the only thing to be considered
is what is the best way to safely use it"