The sun., 1898-01-23
23d ST.
SILVER IN THE SENATE.
Comments or i. O.. Leeoh, Formerly Director
Of tho AaInt, on the Teller ResoIution.

Comments or Il. O, Leeoh, Formerly Director
OF tho ssInt. the Teller Resolution.
E. o. Leech, formerly Director Of the Mint,
and now Second Vice-President and Cashier Of
the National Union Bank at 80 Nassau street.
said yesterday, in speaking Of the situation in
the silver controversy:
at is somewhat remarkable that the Teller
resolution that the obligations Of .the Govern
ment are legally payable in silver dolars-a fact
no one disputes-should have been reported to
the Senate just at the moment that the Indian
Government took the final step to place that
great empire on a gold basis by law author
izing the issue of currency notes against de-
positS of gold. Next to the closing of the
mints of India to the free and unlimited coin
age of silver this is the most significant and
important fact in recent monetary Legislation
far more important than the adoption of the
gold standard by Japan, for the reason that for
ages India has been the great absorber Of the
surplus silver product, the silver sink of tho
world and the most active mover in the efforts
for international bimetallism. In marked con-
trast to tho action Of the great silver nations
of the Orient, in the efforts to place their do.
nestle and foreign commerce on the same
basis of valuation as that OF the commercial
countries Of Europe, is the pitiful piece Of po-
ate OF the United States, where grave and rev.
eernd Senators. declare with mock solemnity
u
United States-which has had the gold stan
dard practically since 1884, and legally since
ls73-which is bound by duty honor. and self
interest, well as by an unbroken line Of
practice for over thirty-fve years, to pay its
obligations In coin Of full value-may legally
be paid In dollars which contain less than 90
cents worth of pure metal
''To what a helpless and ridiculous position
has the silver controversy In the United States
dvRenerated, when the only feasible way of
keeping 1t alive is to get an irresponsible COM
binatiou of Democrats, Populists, and Silver
producing Senators to resolve that the bond
holders better watch out, that the foreigners
better keep shy of the obligations of this Gov
ernment, for the said combination declare that
the bonds may be- paid In silver dollars.
What an inspiring spectacle II must be to tho
youth of this country to see the highest legis
lative body of our land seriously at work to In
lure the national credit and dishonor the ma.
tional faith! Fortunately, every intelligent
citizen knows tt at the farce which Is being en-
acted In the Senate chamber 10 simply an ef-
fort to galvanize Organism, and still more for
tunate Is the fact that the people of this coun-
try decided by a decisive majority at the last
national election that all our silver and paper
currency must be maintained at parity with
gold and we favor all measures designed to
maintain inviolabiy the obligations Of the United
States, and all our money, whether coin or
paper, at the present standard the standard of
the most enlightened nations OF the earth.
The resolution reported from the Finance Com
mttee OF the Senate ought to be entitled The
Senate against the people In the matter of free
silver