The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-02-04
THE SILVER QUESTION DISCUSSED.
Director OF the Mint Leech Appears
Before the House Committee.


Before the House Committee.
WASHINGTON, Feb. S.-The House COM
mittee on coinage. weights aud measures
to-day examined Director Leech Of the
mint bureau on matters relating to the silver
question. The examination took the form
of argument between Mr. Leech and the
free silver members Of the committee
although all the members present were anx-
ious for statistical information.
Director Leech said his minimum esti-
mate of the production OF silver in the
United States during last year was Sc, ,000, =
900 ounces-the official estimates would
probably exceed that amount-and deduct
ing the amount used in the arts and
sciences, the American product would be
less than the government purchases The
amount of currency in circulation
in the United States, he said, as
$24 so per capita. This was larger than in
any country exceps France. In his judg-
medium in this country. The New York
banks hold about $25, 100000 Of idle money
over and above their reserves.
MIR. Leech expressed the opinion that the
silver coins of other countries would be
dumped here in shiploads il we adopted free
coinage. He said that he believed silver
would come here as long as we exchanged
bOA0 AOI Abs HOutu 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. This result would be due in
great measure 10 the desire of European
countries to get on a gold basis Mr.. Leech
admitted that it was q matter OF opinion
and Of conjecture, but in his Judgment free
silver coinage would either send gold
abroad or create premium.
Mr.. Bland-Have we gold enough to buy
O shipload Of silver'
Mr.. Leech-We think We have enough to
buy the worlds stock.
In Mr.. Leech's opinion Europesn fnan-
ciers believe we could not sustain the silver
and would take advantage of our experi-
ment to rid themselves of embarrassment
now existing from the use Of silver coin.
A query by Mr.. Johnson of North Dakota
as TO whether or not the United States had
any agent abroad with view to learning
the sentiment toward bimetaism and in
ternational agreements, lead the discussion
into the field of international agree
ments. Mr.. Leechs reply to
MIR. Johnson's question was that we had
requested certain gentlemen, who were
going to travel in Europe, and who had
social and financial standing eua-
bling them to talk with pub
lie officers and financiers. to
learn the probabilities of some interna-
tional agreement being secured. Those
| gentlemen had nothing but general letter
from the treasury department They re-
ceived no compensation. Several letters
had been received from them and laid be
fore the President within the last few
| months
Mr. Tracey of New York - You were
somewhat encouraged to believe that an
agreement might eventually be reached ?
| Mr.. Leech-We were encouraged. Eng
| land had shown a disposition to act favor.
| ably. He Leech would regard an inter-
national agreement as very great benefit
| to all mankind.
E. D. Stark Of Cleveland, o., then pre-
| sented an argument in favor of free coin.
nRo