The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-02-04
onpptriae ba avipri

needed abroad for circulation in the
countries havingit.
Mr.. Leech-There is more of it in domes-
tic circulation than is needed. The people
reject it and il naturally gravitates INTO
the vaults of banks where it is used for the
issue of notes. Besides, this is not ques-
tion of any slight loss. 1t is q question of
standard of q sound currency. All Europe is
practically on q gold standard, partly from
choice and partly from necessity. The
countries of Europe are inclined to adapt
themselves to the gold standard, and i do
not believe any loss of a small per cent.
would stand in the way of their doing that.
Besides, they believe it would be tempo
rary measure; that we could not sustain
free coinage of silver, and that it would be
to their interest TO take advantage of It
while we were making the experiment.
That. in my Judgment, is the belief of
European financiers.
TO Mr.. Bland. Mr. Leech said that he be-
lieyed the silver would come here as long
as we exchenged gold for IL. The ship
ments would cease when We got on silver
shippers gold because they could get legal
tender notes. which was practically inter-
convertible with gold. Mr.. Leech ad-
mitted that it was q matter OF opinion and
of conjecture. but in his Judgment free
silver coinage would either send gold
abroad or to premium.
Mr.. Bland-Have we got enough to buy q
ship-l0ad of silver1
Mr.. Leech-We think we have enough to
buy the worlds stock.
Mr.. Bland suggested that the PROPOSE
ton OF Mr.. Leech was that the people of
Europe would take their silver from home
whore 1t wOnld buy as much as gold. ad-
mitting that it was not worth as much for
foreign transactions, and sell it here. where
they could not buy as much for 1T as at
home.
Mr. Leech insisted that that would be
the case because of o desire of Europe to
get on gold basis. and said Austria was
contemplating that very thing. Mr.. Bland
said that so was Germany contemplating
it. but she stopped soon
A queery by MIR. johnson. of North Da-
kota, as TO whether or not the United
States had any agent abroad with a view
metalllsm and an International agreement
led the discussion into the field of inter
national agreements. Mr. Leech's reply to
the question propounded by Mr.. johnson
men who were going to travel In Europe
and who bad social and financial
standing. enabling them to talk with
public officers and fnanciers, to learn the
ment being secured. Those gentlemen had
nothing but general letter from the
Treasury Department. They received no
compensation. Several letters had been
received from them and laid before the
President within the last few months.
Mr.. Tracey of New York-You were some-
what encouraged to believe that an agree
ment might eventually be reached.
MI. Leeoh-We were encouraged. Eng
land had shown a disposition to act favor
ably. He Mr.. Leechl would regard an in
ternational agreement as very great bene-
tit TO all mankind.
Mr.. Tracey-Would not o country in
EnRland's position receive more benefit if
We alone were to pass free-coinage bill
and they were to get our gold than il an
agreement were reached?
Mr. Leecb-A free-coinage bill would
certainly be largely to their interests.
Mr.. Bland-Is 1t not fact that these in
ternational agreements and the talk of
them generally arises about the time we
get mp the silver question here3
Mr.. Leech-No sir; think we have been
at work quietly while you gentlemen have
been at home.
MIR. Bland said that 1t was his ex-
perience that for twenty years every time
q free.coinage bill was talked of they had
been told to wait for an International agree-
ment; but none had ever come.
Mr.. E. ID. Stark. of Cleveland, o., then
presented an argument in favor of free
coinage.