The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1892-02-04
HEARINGS ON SILVER
Leech Testifies Before the Coin
age Committee.
THE EFFECT OF FREE COINAGE
Ship Loads of Silver Would Come from
EurOpe-Dtscussfng the Rules of
the House.

WASHINGTON. rep. Sine House COM
mittee on coinage, weights and measures
to-day examined Director Leech of the
mint bureau on matters relating to the
silver question. In answer to Stone, of
Pennsylvania, Leech said his minimum es-
innate OF the production OF silver in the
United States during last year was S.
OOo,OO0 ounces. The official estimate would
PROBABLY exceed that amount. If the
amounts used in the arts and sciences were
deducted the American product would DE
less than the government purchases. The
amount OF currency in circulation in the
United States, he said, was S24.50 per
capita, larger than in any country except
France. Leech did not think there was
lack OF circulating medium In this country.
Leech having answered in. the negative
the question Of Stone as to whether there
was any European paper money based on
silver, Blaad inquired if he held there was
no country in Europe where paper money
was based on silver. Leech's response was
there was no country in Europe where
paper money was redeemable solely in sill
YER.
Williams, of Illinois, called attention TO
the TACT that Leech had said there was no
country except the United States whose
notes were based on silver and asked if
European countries and the United States
were not on the same basis in this re-
speot.
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 silver dollars as any obstacle to
free coinage.
Leach replied in the negative, and said
| he thought notes were preferable The
issuance of gold notes was open to the
same objection, but not to the same extent
as in the case Of silver notes, as they
| could be rcuiated easier
Williams inquired why Leech thought
the silver colnages of other countries
would be dumped here if we adopted free
coinage.
Leech-I think European silver would
come mere In ship loads just as fast as it
could be brought.
Williams wanted to know how silver
coins could be dumped here when they
were needed abroad for circulation in
countries having it.
| Leech-There is much more OF it in
domestic circulation than IL needed They
reject 1t and 1t naturally gravitates into the
vaults OF banks, where it is used for the
| issue of notes. All Europe is practically on
the gold standard, partly from choice and
partly from necessity. The countries of
Europe are inclined to adapt themselves TO q
gold standard, and DO not believe any loss
OF sn1alt per cent would stand in the way
of their doing that. Besides, they would
believe it would be temporary measure
that we could not sustain the free coinage
of silver, and that it would be to their in
terest 10 take advantage of it while we
were making the experiment. That, in my
Judgment, is the belief of European tinsn-
ciers.
To Bland, Leech said he believed silver
would come here as long as we EXCHANGED
gold for 1t. shipments would cease when
we got on a silver basis. 1--WE would he
compelled to pay shippers in gold because
they could get legal tender notes, which
would be practically interconvertible with
gold"
Leech said in his Judgment free silver
coinage would either send gold abroad or
to premium. Replying to Mr. Bland, he
said he thought we had gold enough to buy
the worlds stock of silver. A query by
Mr.. johnson, of North Dakota, as to
whether or not the United States had an
agent abroad with view to learning the
sentiment toward bi-metallism and an in
tern ational agreement, led the discussion
to the field of international agreement.
Leech replied that a certain gentleman
travelling in Europe had been requested to
learn the probabilities of some interna-
tlona agreement being secured England
had shown disposition favorable and en-
couragement for an agreement had been
received. He (Leech) would regard an in
ternational agreement as a very great
benefit to all the people He admitted a
free coinage bill would benefit England
. more than if an agreement were reached.
| Mr.. Bland asked If it was not fact these
agreements and talk of them generally
arose about the time the silver question
was raised here, but Mr.. Leech replied he
thought not. Mr.. Bland said his expert
ence was contrary to MIR. Leech's belief.
E. D. Stark, of Cleveland, then presented
an argument in favor of free coinage