Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1891-03-21
The Director " the Mint Explains
Why the Treasury Declined 10
Furnish the Bars.
PrRRiEN's EXPERIENCE AMONG
DETROIT eRioANDs.
The Remains OF Jerome Napoleon
Deposited Ia the Royal Crypt
nj Turin.
Director of tue Mint o.. -. Lcecb Inter.
viewed on the subject.

viewed %. the subject.
NEW York, March eO.--Dlrcctor Of
the Mint Edward q. Lcoch, who IN
here On business, Hnid In AN Interview
In regard 10 gold bar subjects: ~ did
not como here with definite purpose
TO ask the Views OF banker. on tho sub.
Jcct at all, but being here incidentally
met bankers and business men with
whom am personally acquainted. |
am satisfied that the gold bar policy Il
good one nnd that II will I've COM
mcnded by the people Of the country
and by tho bankers aud business men
generally.
"wlth whom did you converse aud
about whhi2N he was asked
"With all the leading bank prcsi-
dents. The views OF the leading mur.
chants aud bankers In regard TO the
policy Of the Administrators In declin-
Ing 10 furnish tn. shippers Of gold
with Hue gold bars for shipment abroad,
| ascertaincd incidentally, and have
found thnt the sentiment II universal,
that the government acted wisely In
this dosicion."
In reply 10 other inquiries, Leech
said. "rhls proposition 20 decline 90
exchange gold liars for gold coin has
been favorlta project u mine for some
time, Indeed, ever since | have been
director Of the Mint. found ON the
statute boots n law enacted In 1852,
which authorized the supcrintendenls
u mints to Civ, gold bars In exchange
for gold coin In Equal value. The lRie
Secretary OF the Treasury WINDOW and
myself were disposed 10 believe That
the law WIS Intended 10 give tile de.
partmont discretion, but upon submit
ting the matter TO the Attorney dem
eral, Inc held that the statute was man
datory and that we could not decline
To exchange gold bars for gold coln,no
could we make any charge for such
exchange. The result was that the
Treasury Department was utterly
helpless Ia the matter OF gold ship.
mcnts. Upon Recommendation OF
the late Secretary and myself, Con.
gfcSs amended the law at IL last scs-
sion, BY making the exchange dlscr,.
tionnry With thc secretary, aud allow
Ing tho imposition of change equal To
the cost Of manufacturing the bar.
Tuesday last ! wis notified by the
superintendent Of the assay Office la
New York tia, 81 600, 900 was wanted
In gold bars for shipment. The ex.
change at that date was only SASS,
showing that the movement was not d
general exchange movement, that IL
that II was more profitable 20 buy cx-
change on London than 10 bodily shin
the gold Mt that rate OF exchange. Ii
WINS what IN known a. n special shin.
ment, and upon my recommendation,
and with the concurrence OF the act.
ing secretary, decided 10 exercise the
other alternative allowed by the change
In the law, aud the treasury depart.
ment declined 10 furnish gold blrs Ia
exchange for gold coin for shipment"
"lhe Views OF tho department arr
simply these: That II IL an undcaIr.
ablc and unwisc public policy for the
government 10 furnish gold Ia its most
convenient form nj "a seahOaTd port %
shippers OF gold and we propose 10 ex-
crcise the same discrimination that has
been exercised by European countfie.
In regard To tue export OF gold. That
y, We DO not propose 10 facilitat. II.
This policy II exercised now, not be.
cause OF any change IN the monetary
situation In the United States, not be-.
cause there In any deficiency In the
gold supply or amy distrust that there
may bc any demand forgOld, but solely
because the law II now for the first
time operative which permit, us to OK.
else this discretion.
Superintendent Mason received no.
tice from the Treasury officials this NJ.
ternoon that the two requests Tor gold
bars forexport has been refused. When
the bankers received this news they
ordered $4,000 In coln at the Sub
Treasury, which viii be shipped to-
morrow, making the total shipments
No far known 81, 276,O
WAsinNuToN, March 20.-Acting
Secretary Ncttletnn today rejected
! offers aggrcgatlng $3.50, 900, FOR the ex.
/ change for export Of gold coin for gold
bars. lie said bis action was In ac.
cordance with the policy recently de-
clded upon. II is contrary 10 the hest
interests Of the Government TO rellu-
quish at the present time for export
any considerable part Of the most con.
venlent form OF out gold supply. lie
did nor regard II rs at all probable that
gold would be- forced 10 premium by
reason Of the present policy against
the expectation of the Governments
limited supply ofgold hans.