The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1892-02-04
THE SILVER SUBJECT
Inquiry by the House Coinage
Committee.
The Director Of The Mint Explains the
Question.
The American Product Less Than the Coy
eminent Purchases Effect Of a
Free Coinage Bill.
special 20 THE MORNING CALL

WASHINGTON Feb. 3.-The House Com
mittee on Coinage, Weights and Measures,
to-day examined Director Leech of the
Mint Bureau on matters relating to the sill
yer question. In answer to Stone of Penn
sylvania Leech said his minimum estimate
of silver production in the United States
during the last year was 58,000000 ounces.
The official estimates would probably ex-
ceed that amount. If the amount used in
the arts and sciences were deducted the
American product would be less than the
Government purchase. The amount Of cur
rency in circulation in the United States, he
said, was S24 90 per capita, larger than in
any country except France. He did not
think there was any lack of circulating
medium in this country.
Leech having answered in the negative
the question of Stone as TO whether any
European paper money was based on silver,
Bland inquired If he held there was no
country in Europe where paper money was
based on silver.
Leech's response was there is no country
in Europe where paper mouey is redeema-
bic solely In silver.
Williams of Illinois called attention to
the fact that Leech had said there was no
country except the United States whose
notes were based on silver, aud asked if
European countries and the United States
were not on the same basis in this respect.
Leech admitted this was so, and said here
as in Europe notes were based on both
gold and silver.
Williams asked if he REGARDED the issu-
ance Of silver certificates to circulate in
stead of the silver dollars as any obstacle
TO free coinage.
Leech replied in the negative and said lie
thought notes were preferable. The issu-
ance Of gold notes is open TO the same OBJ
lection, but not to the same extent as in the
case Of silver notes, as they could be ciTcu-
lated easier.
Williams inquired why Leech thought
silver coins of other countries would be
dumped here if we adopted free coinage?
Leech-I think European silver would
come here in shiplOads just as fast as it
could be brought in.
Williams wanted to know how silver
coins could be dumped here when they were
needed abroad Tor circulation IN the cOun-
tries having it.
LeeCh-Tbere is much more Of it in do
nestle circulation than needed. They re-
ject it, and 1t naturally gTayitates into the
vaults of banks, where il is used for the
issue of notes All Europe is practically on
a gold standard, partly from choice and
partly from necessity. The countries of
Europe are inclined to adapt themselves TO
the gold standard, aud l do not believe any
loss of 4 small per cent would stand in the
way of their doing that. Besides, they be-
lieve it would be a temporary measure !;
that we could not sustain the free coinage
of silver, and that it would be to their iu-
terest to take advantage of it while we were
making the experiment. That, in my judg-
ment IS the belief Of European hnanciers.
To Bland Leach said he believed silver
would come here as long as we changed
gold for it, Shipments would cease when
we got on a silver basis. We would be COM
PEELED to pay shippers gold because they
could get legal tender notes, which were
practically inteTconvertible with gold.
Leech said IN his Judgment free silver
coinage would either send gold abroad or to
a premium.
Replying to Bland he said he thought
we had gold enough to buy the worlds stock
of silver.
query by johnson of North Dakota
as to whether or not the United States had
an agent abroad. with view to learning
the sentiment toward bImetallism and an in-
ternational agreement, led the discussion to
the discussion Of the International agree
ment
Leech said that certain gentleman trav-
cling in Europe had been requested to learn
the probabilities Of some International
agreement being secured. England had
shown disposition to act favOrably, and
some encouragement for an agreement had
been received. He Qeech) would regard an
international agreement as a very great
benefit to all the people He admitted that
a free coinage bill would benefit England
more than if an agreement was reached.
Bland asked II 1t was not fact that
these agreements and the talk of them
generally arose about the time the silver
question was raised here, but Leech re-
piled that he thought not.
Bland said his experience was con-
trary to Mr.. Leech's belief.
E. d. Stark of Cleveland then present. ted
an argument in favor of free coinage.