Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1889-12-09
Director of the Mint Leech interviewed
on the Subject.

on the Subject.
WASHINGTON December Sth.-Direetor Of the
Mint Leech, in an interview to-day on the sub
ject of Secretary Windom's proposed silver
measure, said it commends itself to his judg-
ment as the best plan fer the present utilization
of silver and contains in itself solution of the
silver problem. at will afford, believe" said
Leech, "a ready market for the surplus silver
product of the world, the normal effect OF which
will be to gradually and Iermanen ly 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 tenn
porary measures and restore The law as it ex-
isted from the foundation of the Government 10
1878.
1.-The proposition to issue certificates on silver
bullion is not new one, but has been advo-
Gated in Congress in various forms by the most
advanced silver men,.
''In the same manner it has been repeatedly
proposed in Congress to issue certificates on gold
bullion, and in my Judgment this proposition
should become a law. l believe IL would have
been recommended by the present Secretary of
the Treasury but for the fact that he did not
wish to entangle the present measure with any
other proposition.
"Goid bars are used more extensively in the
settlement of International balances than coin.
Why is it not just as degrading to make pay
ments in gold bars, instead of gold coin, as it
would be to receive silver bars and issue repre-
sentatives of coin upon it?
"The plan proposed blythe Secretary is far more
advantageous to the silver producers than the
enforcement of the extreme limit, in the
present law for several re- sons, because under
its operations more than 81, 100000 worth per
month could be received Any restriction Act
is menace to the price of silver.
Increased 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 supplying the unlim-
tied market for the product of silver it leaves it
open to all the natural operations of the law of
supply and demand
"It is curious fact that papers representing
the extreme gold sentiment of the East and the
extreme silver men of the West should both
oppose the plan, and for dramatically 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. With regard to the latter
objection, l fail to see how it is any more de-
grading TO silver to receive it in unlimited
quantities and issue notes upon it redeemsble
at the option of the holder in full legal tender
dollars, than the present law to buy silver as
commodity.
THE tendency of this will be to gradually
and permanen ly enhance its value, thus ell
abling the producers 20 realize large price for
their product. AT the same time it Will ma
terialIy enhance the intrinsic value of the large
stock of silver in circulation in this country,
either as coin or its representative.
81 believe the adoption of the measure recon-
mended by the Secretary would in few years
so enhance the value of silver that an interna-
tional 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 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 concerns
the criticisms that the plan would make large
addition to our paper currency based on silver
and thereby imperil the continuance of the gold
standard, il 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
s