The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1891-01-18
\ BANKERS VIEWS.
w. s. Mccormick Does Not Favor
the Senate Bill.
He is in for Free Coinage, But Wants it Re
stricted to the Product Of
American Mines.


All eyes in the west are now directed OF
Congress with an intensity that has not
been equalled since the silver bill was up
last session. Free coinage has passed the
Senate and is now in the House and THE
HERALD's news from Washington, tele-
graphic and otherwise, will be read from
now on till the struggle ends, with the
most devouring interest. The issue of the
struggle means a vast deal for the silver
producing states and territories, and to
none OF them more than U tab 10 ascer-
tain something of the views of one of our
foremost financial and silver men on the
pending legislation, HERALD representa-
tive yesterday interviewed w. S. McCor-
nick, head of the banking house of Nc
Corn1ck u Co., and asked him what he
thought of the bill as it now stands
las 1t now stands" was his emphatic
response, 81 am opposed to it. | do not
believe 1t can pass the House in that shape.
/ hope 1t won't, and if it does hope Presl-
dent Harrison will veto it."
The reporter had known Mr.. Mccormick
was Republican, but he expressed his
surprise en- hearing this outspoken declar-
alton from one who had always been re-
garded as most decided silver man.
II have always favored, and do favor
| free coinage OF silver" said Mr. Nc
Cornlck, but under proper rest ,ictions.
AS this Dill stands it means that we will
| coin all the silver that the whole world sees
mt to dump in upon US. Free coinage
means that the government will coin, free
of charge, all the silver brought to its minis
OF proper tineness, just as 1t coins bars OF
line gold brought there today. This Senate
measure makes no distinction between
American silver, Mexican silver, German
silver, or English silver. / am in favor of
protecting the product of our own mines.
| and giving that free coinage, but not to ex-
tend the same privilege to the silver of
all other countries"
''Would you propose duty on foreign
silver?n
YES; either that or a charge at the
minis for coming the foreign silver-a
charge that would practically be prohibit
DRY. | Was surprised to see that the bill
was rushed through the Senate without
any provision or restriction. There was a
proposition to charge seignorage on foreign
silver, and this may be all right. It de-
| ponds on what the term seignorage com
prises. If 1t is a slight fixed charge for
coming the silver it means nothing-the
| foreign product would never notice it, If
1t means something that can be regulated
at the discretion OF the minis, it NAV be the
charge will be put high enough to discour-
age the influx of foreign silver 1t NAV be
the Senate locks to the House to put these
safeguards around the bill, and | think il
will provide them"
What in your opinion would be the i'm
mediate effect of unlimited free coinagesn
asked the reporter.
Il think it would result in the with
drawal of our gold. England, and Ger
many, who have none too much good will
for US, might rush over here all the silver
they could spare from their circulation,
and take our gold home for it. Unders tand
me, that II all Europe were to Join US in
the free coinage of silver, the present bill
would be freed from the objections that
| now stand against it. But to inaugurate
the movement alone, we should simply be
the dumping ground of the whole silver
| world.n
What is your opinion of the silver law
now prevailing; that which requires the
| government to purchase four and half
million silver each month";"
1T was very good law, and at almost
any other time IN our history one that
would have been ample to send silverup to
par and keep it there. But it so happened
by coincidence that for six months prior
| to its passage England and China who had
always been importers of silver, stopped
their importing, and there was d surplus of
|
this country when the law was passed.
have been satisfied had the bill passed to
buy this surplus, and had that been done,
the present law to buy four and a half mil
| lions monthly, with the requirements of
the arts would have been sufficient to con-
sumo the silver product of the country and
keep the white metal at par. The
ideal silver legislation, to my mind, %
said Mr.. Mccormick, ''has always been
this, that the government receive all the
fine bars or ingots of silver (of American
production) presented, store them and
issue legal tender certificates to their
value"
ITO what do you attribute the opposition
to silver in the east"
| MAINLY to the fears of the moneyed
class, the lenders and those who enjoy
| fixed incomes. Obviously, the scarcer
money is, the higher rate of interest they
will obtain. Free coinage means more
money and consequently lower Interest,"
StOppiup a Park