The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1892-02-04
Mr.. LEECH'S OPINIONS.
Are Given to the House COMMITTEES
on Coinage, Weights and
Measures
Free Coinage Would Bring Silver
From All the Nations of
tho Earth.
Or Would Send Gold to Preminm-A,itl
Option Legislation Both Favored
and DiscOuntonanced.

WARRINGTON ToDs o. uo uOudc COtAuAks-
tee 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 Pa.), Leech
said his minimum estimate of the produc-
tion of Silver in tho United States during
las year was 580OO,0O0 ounces; the official
estimates would probably exceed that
amount. If the amount used in the arts
and sciences was deducted the American
product would be less than the government
purchases. The amount Of currency in cir
oulation in the United States, he said, ia
$N.50 per capita, larger than In any other
country except France. Leech did not think
there is any lack of circulating medium in
this country. Leech having answered in the
Negative the question Of Stone as to
based on silver, Bland inquired if he held
that there is no country in Europe where
paper money ia based on silver. Leech's
response was that there is no country in
Europe whore paper money is re-
deemabls solely in silver. Williams
tIll.) called attention to the fact
that Lesch had said there is no country
except the United States whose notes are
based on silver, and asked if the European
countries and the United States were not
on the same basis in this respect. Leech
admitted that this is SO, and here as we'll
as in Europe, notes are based on both gold
and silver. Williams asked if he regarded
the issuance Of silver certificates to circu-
late instead of silver dollars as an obsta-
Gle to free coinage?
lad iu md !
he thought the notes preferable. The is
suance of gold notes is open to the same
objection. but not to the same extent as In
the case Of silver notes. as they could be
circulated easier. Williams inquired why
Leech thought the silver coins of other
countries would be dumped here if we
adopted free coinage. o
IT think European silver would come
here in ship-loads just as fast as it could
be brought"
| Williams Nanted to know how silver coins
could be dumped here when they are needed
abroad for circulation in the countries hay
ing 9Th them.
circulation than is needed. They reject it.
and it naturally Rravitates into the vaults
! OF banks, where it is used for issue notes.
] All Europe is practically on gold stand
ard. partly from choice and partly from
necessity. The countries of Europe are in
standard, and do not believe any loss of a
small per cent would stand in the way of
their doing that. Besides, they would be-
| lieve it would be temporary measure;
that We could not sustain the free coinage
of silver, and that it would be to their in-
terest to take advantage, while we were
ment, il the belief of European tnanciers.' p
To Bland, Leech said he believed silver
would come here as long as we exchanged
geld for it. Shipments would cease when
We got on silver basis. We would be COM
PEELED to pay shippers in gold because they
could get legal tender notes which are prao-
tcally interconvertible with gold.
Leech said that in his judgment free sill
yer coinage would either send gold abroad
or to n premium. Replying to MIR. Bland
he said he thought we had gold enough to
buy the worlds stock of silver.
query by johnson IN. p as to whethe,
abroad with view to learning sentiment
toward bi-metallism and international
agreement, led to a discussion as to the
4 field of an international agreement. Leech
replied that certain gentlemen travelling in
Europe have been requested to learn the prob
being secured. England had shown dis
position favorable and encouragement had
been received. He (Leechl would regard
an international agreement as a very great
benefit to oil people. He admitted that q
free coinage bill would benefit England
more than if an agreement was reached.
Mr.. Bland asked If it was not fact that
these agreements and talk of them, gener-
ally arose about the time the silver ques
tion is raised here, but Mr.. Leech replied
he thought not. Mr.. Bland said his expert
ence was contrary to Mr.. Leech's belief.
e. D. Stark, of Cleveland then presented
an argument in favor of free coinage.