Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1892-02-04
The SILVER QUESTION.
Mint Director Leech Examined by the
House Coinage Committee.

(By telegraph TO the Dlspatch.l
WAsH1NaroY, ID. c., February 9.-The
House Committee on Coinage, Weights,
and Measures to-day examined Director
Leech, of the Mint Bureau, on matters re-
lating TO the silver question. The exami-
nation took the form Of an argument be-
tween MIR. Leech and the free-silyer men,
bers of the committee, although all the
members present were anxious for statistl-
cal information. Director Leech said
his minimum estimate OF the produc-
tion of silver III the United States
during the last year was 5S,OOO.0O0
ounces-the official estimates would
probably exceed that amount-and that, deduct
ing the amount used In the arts aud sciences,
the American product would be less than the
government purchases. The amount oil cur
rency In circulation In the United states, no
said, was S24.5U per capita. Ihls was larger
than I'm any other country except France. In
his Judgment there IL no lack OF a circulating mo
diuin in this country, the New YORK banks hold
ing about $50 100000 OF idle money over ana
above their reserves.
TREE COINAGE.
Mr.. Leech expressed the opinion that the silver
coins Of otner countries would DO dumped mere
in snip-lOads II We adopted free coinage. he
said that he believed that silver would come
here as long as we exchangei goii ior SILVER.
The shipments would cease when we got on a
silver bass. We would DO compehei 10 pay lho
shippers gold because they could get legalten-
der notes, which are practically intefconyertlDe
with gold. This would DO due In great mea-
sure 70 the desire OF Europeans TO get on gOid
basis. =,
Mr.. .Leech admitted that It was mater OF
opnion and of conjecture, but III his judgment
free silver coinage would either send gold
abroad or 70 a premium.
MIR. Bland: Have wo gold enough to buy ship
load OF silver?
MIR. Leech: We think We have enoagh to buy
the worlds stock.
ciers believe We could not sustain the SILVER, and
would take advantage CT our experiment 10 rid
| themselves Of tho embarrassment now existing
/ from the use of silver coin.
INTERNATIONAL AGREEMENT.
A ouery by MIR. johnson, of North Dakota, as
! 10 whether or not the United States had any
agent alb ,oad with a view 10 learning the senti-
/ merit toward bifnetallism and an International
| a reement, led the discussion INTO the neld OF
International agreement.
| Mr.. Leech's reply to Mr.. Johnsons question
was that we had requested certain gentlemen
| who we're gong 10 travel IN Europe, and who
| Ead a social and financial standing enabling
them to talk with public officers and hnancierr,
| 10 learn the probabilities OF some International
| agreement being secured. Those gentlemen had
| a general letter from tho Treasury Department.
| They received no compensation. Several letters
/ had been received from them and laid before
1 the President within the last few months.
| Mr. Tracey, OF New York: You were somewhat
| encouraged TO believe that an agreement might
| eventually be reachedf
| Mr. Leech: We we're encouraged. England
| had shown q disposition 10 act fayJrably. lie
| lAlr. Leech) would regard TN intern lt.onal
| agreement as u very great benefit 10 all man
| kind.
Mr.. z. ID. Stark, OF Cleveland, o., then pro
| sented an argument in favor Of Tree coinage.