The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-02-04
LEECH ON SILVER COINAGE.
Europe Would Like to Dump the Metal
in America-Too Many Dollars NOW

III america-Ioo Many Dollars Now.
WASHINGTON City. Feb. 3.-The COM
mlttee on coinage, weights and measures
today examined Director Leech, of the
mint bureau, on matters relating 10 the
silver question. In answer to Stone of
pennsylvania Leech said that his mini
mum estimate of the production of silver
IN the United States during last year was
oS,O0o,0o0 ounces. Official estimates would
probably exceed that amount. II the
amount used in the arts and sciences were
deducted the American product would be
less than the government purchases. He
continued:
The amount OF currency in circulation in the
United states is S2i 30 per capita. which is lager
than in any country, except France. l do not
think there is 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 that there
was no country in Europe where paper
was based on silver.
Leech's response was that there was no
country in Europe where paper money was
redeemable solely in silver
Williams, of Illinois, called attention to
country except the United States whose
notes were 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 was so, and
that 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 an obstacle to
free coinage.
Leech replied in the negative, and said
he thought notes preferable. The issu-
ance 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
circulated easier.
Williams inquired why he thought the
silver coins of other countries would be
dumped here if we adopted free coinage.
Leech-I think European silver would come
here in ship loads just fast it could be
brought.
Williams wanted to know how silver
coins could be dumped here when they
were needed abroad for circulation in the
countries having it.
Leech-There is much more of it in domestic
it, and it naturally gravitates into the vaults of
banks, where il is used for the issue of notes.
All Europe, practically, is a gold standard,
partly from choice and partly from the necessity
of the countries. Europeans are inclined
to adapt themselves to the gold stand
ard. aud | do not believe any loss of
a small per cent would stand in the way OF their
doing that. Besides. they would believe it
would be a temporary measure; that we would
not sustain the free coinage of silver, and that
il would be to their interests to take advantage
while we were making an experiment. That,
in my judgment, is the belief of European
flnanciers.
To Bland, Leech said:
He believed that silver would come here as
long as we changed gold for it. Shipments
would cease when we got on silver basis. We
would he compelled to pay shippers in gold be-
cause they could get legal tender notes, which
are practically interconvertible with gold. In
his judgment free silver coinage would either
send gold abroad. or up 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 Da-
kota as to whether or not the United States
had an agent abroad with a view to
learning the sentiment toward bimetal-
lism and an international agreement, led
to discussion as TO the field for an inter
national agreement Leech replied:
Certain gentlemen travelling in Europe have
been requested to learn the probabilities OF
some international agreement being secured.
England had shown a favorable disposition,
and encouragement for an agreement had been
received He ueech) would regard inter
national agreement as a very great benefit 10 all
people lie admitted that free coinage bill
would benefit England more than il al agree
nent was reached.
Mr.. Bland asked if it was not fact that
these agreements and the talk Of them
generally arose about the time the silver
question was raised here. but Mr.. Leech
replied that he thought not. Mr.. Bland
said his experience was to the contrary of
Mr. Leech's belief.
E. d. Stark, of Cleyeland, then presented
an argument in favor of free coinage.
Admission Arguments by Delegates.
WAsHISGToS CITY, Feb. 3.The House
committee on territories listened for an
hour this morning to an argument by Del