The record-union., 1892-02-04
Interesting Meeting of the House
Coinage Committee.
MINT DIRECTOR LBECH'S VIEWS ON
THE SILVER QUESTION.
The House Committee on Agriculture
Devoting Itself to Hearings on the
Various Antf-Option Bills Pending
in Congress Memorial From the
Chicago Board of Trade Opposing
Such Legislation.
Special to the REcoRp-Uxrox.

=" ASHINGTON, Feb. 3.-The House
Committee on Coinage, Weights and
Measures, to-day examined Director
leech OF the Mint Bureau, on matters re-
latlng to the silver question. In answer
to Stone Of Pennsylvania Leech said his
minimum estimate OF silver production
IN the United States during the last year
was 5S,0O0,0C0 ounces. The Official esti-
mates would probably exceed that
amount. If the amount used i'll the arts
and sciences were deducted, the Ameri-
can produces would be less than the Gov
ernment purchase. The amount of cur
rency in circulation in the United States,
he said, was S24 50 per capita larger than
III any country except France. He did
not think there was any lack Of a circulat-
ing 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 there
was no country in Europe where paper
money was based on silver. Leech'S re-
SponSe was, thero is no country in llu-
rope where paper money is TeGeemable
solely III silver
illianlS 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-
specI.
Leech admitted this was so, and said
here, as III Europe, notes were based on
both gold and silver.
Williams askeu if ne regarded the issu-
ance OF silver certificates TO circulate in
n sill dol il.t-c l.
10 free coinage.
Leech replied III the negative, and said
he thought notes We're preferable The
issuance 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
silver coins Of other countries would be
dumped here if we adopted free coinage.
Leech-I think European silver would
come here in Shiploads just as fast as it
could be brought in.
Williams wanted to know how silver
coins could be dumped here when thev
were needed abroad for circulation in the
countries having it.
Leech-There is much more Of if in
domestic circulation than needed. They
reject 1t and it naturally gravitates into
the vaults of banks, where it is used for the
issue OF notes. All Europe is practically
on a gold standard, partly from choice
and partly from necessity. The countries
OF Europe are inclined to adapt them
selves to the gold standard, and do not
believe any loss of a small per cent.
would stand in the way of their doing
that. Beside, they believe it would he q
temporary meaSure that we could not
sustain the free coinage of silver. and
that it would be to their interest to take
advantage of it while we were maxine
bnp py ont i,,
is the belief of the European financiers.
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. We would be
compelled to pay shippers gold because
they could get legal tender notes, which
were 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 Johnson of North Dakota
as to whether or not the United States
had an agent abroad with view to
learning the sentiment toward bimetaI
Iism and an international agreement.
led the discussion to the field Of in,
ternational agreement. Leech replied
that certain gentlemen travelling in
Europe had been requested to learn the
probabilities Of some international agree
ment being secured. England had shown
a disposition to act tavorably, and en-
coUragement for an agreement had been
received. lie (Leech) would regard an
international agreement as a very great
benefit 20 all the people. He admitted
that 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
generally arose about the time the silver
question was raised here, but Mr.. Leech
replied that he thought not. Mr.. Bland
said that his experience was contrary to
Mr.. Leach's belief.