The Louisiana populist. [volume] (Natchitoches, Natchitoches Parish, La.) 1894-1898, 1895-09-13
THE FLIGHT OF GOLD.
AN Ex-DiRECTOR OF THE MINTS
"SOUPED."
He is Proved to he Tool and Liar. by
His Own Report. which 10 Fully sus-
tained by the Market Quotations at
That Time.

Edward D. Leech, director of the
United States mints during the Har-
rison administration, contributed an
article to the July issue of the North
American Review, entitled: ..How
Free Silver Would Affect U.s." The
line OF prophecy developed by the sim
gle standard theorists in 1873, and
followed since that time In the press,
in congress and at conventions Of
bankers. is closely adhered to. Ma
tional dishonesty" "a silver basis"
dumping ground for the worlds sill
ver." and 'hight of our stock OF gold"
are the evils specifically predicted
should the United States return to the
policy of the early days of the govern.
ment and coin gold and silver at its
mints on precisely equally terms at a
given ratio of l6 to /, or such other
ratio as congress In its wisdom might
adopt.
The recent director of the mints
adds nothing new to the silver dis
cussion. None of his gloomy fore
oodings are fresh, and most OF them
were proved to be- false by the partial
and uufriendly enforcement of the
bland-Allison act. which at no time
received the favorable consideration
of the executive department Of the
government, including the directors
OF the mints. This experiment in
limited free coinage was preceded by
all the prophecies of disaster which
are newly set forth in the Leech re-
view. But it did not, between 1873
and 1891, a period of over twelve
years, result in national dishonesty nor
placelthis country on q silver basis;
did not draw from other countries
their stock Of silver, and it actually
added, as shown by the mint reports
prepared and published by Director
Leech, to our stock ofgold. The rea-
son for the latter result is easily
found in the increased prosperity of
the country. The balance Of trade
was in our favor, and as international
balances are settled in gold. our stock
OF yellow metal was steadily built up
by these balances until 1890 when,
according to the official report of
Director Leech, an outflow of $7o,-
600, 900 in gold from New York was
artificially caused by the banks and
bankers OF Europe, iu spite of the
fact that "the rate of sterling ex-
change was below the point (s4.sS)
at which gold shipments can
be made without loss.'' The
movement" says the mint director,
"must have been artificially stimula-
ted by banks and bankers in Europe
paying premium on gold or making
discounts to bill-drawers for cash re-
mittances. This was the result OF q
condition of affairs very unusual in
the mercantile world"
The reader can take his choice be-
tween the official report of Director
Leech in 1891, page 81, and
his gloomy forebodings in the July
issue of the North American Reveiw.
If the report was correct-and
it is fully sustained by the treasury
statistics and market quotations OF
the time-then the predictions in the
North American Review article may
be lightly dismissed as the result of q
bad digestion, or of a desire to cater
TO the gold standard element OF the
east, which expects to control the two |
great parties in 1896.-Denver News. |