The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-01-31
FREE COINAGE HEARINGS
THE DIRECTOR OF THE MINT GIVES
HIS VIEWS.

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He Thinks the Passage of the Bill
Would Flood the Country With
European Silver and Hoard Gold
Edward Atkinson Says Free Com.
age Would stop Credit.
WASHINGTON, Jan. 3O.-Silver hearings
were continued by the House coinage COM
mittee to-day. Director Leech Of the mint
was questioned by the members of the eom-
mittee. The effect Of the passage Of the
free coinage bill, he thought, would be thai
foreign nations having stocks Of silver on
hand would ship 10 here. But before these
shipments could arrive the alarm would
be so great that gold would b Q withdrawn
from the treasury and boarded by the banks,
SO that the government would have no gold
With which to pay for silver. The effect Of
freecoinage would be contraction of the cur
rency, but how long this would last he could
not tell.
CREDIT THE BASIS OF BUSINESS.
Edward Atkinson was then given q hear
ing. He said that credit depended, not
upon the quantity Of money, but the quail
ity. In the business of the world credit
was factor 10 an extent, twenty or thirty
times as great as that of actual money. He
declared that free silver coinage would stop
credit, which would stop business, as busi-
ness had already been restricted very
largely by the fear OF such legislation.
Mr.. Atkinson gave the following as his
view Of the recent financial furry: The
pinch was not due TO an actual scarcity OF
money, but to scarcity Of money In the
right place; TO a reduction of bank reserves,
that obliged the banks 10 restrict credit.
No .nl
latton than six weeks ago, there
is an abundance of money and an
abundance Of credit. He declared to his
certain knowledge that since the present
free silver bill was passed by the Senate
large transactions, amounting to hundreds
Of thousands Of dollars, had been summa-
rily suspended after being well under way.
BLAND WORKING For A VOTE.
As soon as Mr.. Atkinson finished Mr..
Bland, saying that.these statements were the
same that he had heard for years. moved to
fix day for final vote. which motion Mr..
Vaux moved 10 amend by fixing Tuesday
as the next meeting day Of the committee.
MIR. Walker Of Massachusetts Immediately
objected aud said his business would not
permit him to be present 30 often. He de-
clared warmly that the committee had
never had any hearings on the question Of
free coinage, and the free sil-
yer. men Immediately locked horns
with him on this statement. Mr.
Walker kept the floor for five minutes or
more, and when an attempt was made to
vote on Mr.. Vatx's motion be made a point
Of order that 12 o'clock had arrived, to
which Mr.. Williams of Illinois retorted
with remark that MIR. Walker had used
| up all the time necessary for vote.
Chairman Wickbam overrgled Mr..
Walkers point of order, but the propriety
Of the ruling was questioned, and finally by
unanimous consent, an adjournment was
taken until Tuesday.
The free coinage men begin TO feel how
hopeless their bill is in Speaker Reeds
grasp. All they have in the way Of COM
fort is the promise Of some of the members
OF the House coinage committee that some
kind of a silver bill will be reported TO the
House some time, but it Is so indefinite that
that they do not see their chance to get a
vote of the House on the free coinage sub
stitute which they want to offer. Speaker
Reeds committee on rules will not give
them q day for its consideration.