Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1898-01-25
Leech on the Teller Resolution.

All the friends Of sound money may
not agree in all particulars with the
monetary views of Mr. T.. O. Leech
formerly director of the mint, but the
pith and pertinency of these following
comments made by him on the present
form of free silver agitation in the
United States Senate viii appeal to
their common sense:
1T is somewhat remarkable that the
Teller resolution that the Obligations
of the Government are legally payable
III silver dOllarS-a fact no one disputes
should have been reported to tn
Senate just at the moment that the
Indian Government took the final step
to place that great empire on a gold
basis by a law authorizing the issue Of
currency notes against deposits 81
gold. Next to the closing of the mints
of India to the free and unlimited coin
age Of silver this is the most sGnit
cant and important fact in recent mon
etary legislation-far more important
than the adoption of the gold standard
by Japan, for the reason that for ages
India has been the great absorher of
the surplus silver product, the silver
sink of the world. and the most active
mover in the efforts for international
bimetallism. In marked contrast to the
action of the great silver nations of the
Orient in the efforts to place their do
mestic and foreign commerce on the
same basis of valuation as that of the
commercial countries of Europe is the
pitiful piece of political braVado n"N
being enacted in the Senate of The
United States. where grave ana
reverend senators declare win
mock solemnity that the oblig2-
tionS of the Government of the United
States--Which has had the gold stand
ard practically since 1894 and legally
since 1Sr3-Whch is bound@ by duty,
honor, and self-interest. as We'll as by
an unbroken line of practice for ove"
thirty-tive years. to pay its obligations
in coin of fun Value-may legally b"
paid in dollars which contain less than
80 cents worth of pure metal
To what Il helpless and ridiculous
position has the silver controversy IN
the United States degenerated. when
the only feasible way of keeping i,
alive is to get an irresponsible com
bination of Democrats. PopnilSts. and
Silver producing senators to rcSol& e
that the bond holders better watch OUT
that he Foreigners better keep shy #
the obligations of this Government. for
the said combination declare that tn"
bonds may be paid in silver dollars.
What an inspiring spectacle is must h@
to the youth of this country to see tn
highest Legislative body of our land
seriously a work to injure the national
credit ana dishonor the national faith +
Fortunately. every intelligent citizcn
knows that the farce which is heing
enacted N the Senate chamber is sim
ply an effort to gaiVanize Organism
and still more fortunate is the fact tina
the people OF this country decided by 4
decisive ajority al the last national +.
election that All our silver and paper
currency must he maintained at a +
parity with gold and we favor al +
measures designed 20 maintain inViola
bly, the obligations Of the United
States. and all cur money Wheth"r
coin OF paper at the present standard. +
the standard of the most enlightened .
nations of the earth The resolution +
reported from the finance committee
of the senate ought 70 he entitled The
Senate against the people in the matter
Of free silver.