The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1898-02-12
FACTS ABOUT SILVER.
Comments OF Former Director or
the Mint.


L. o. Leech, formerly director of the
mint and now second vice president
and cashier Of the National Union bank
at 80 Nassau street. said, in speaking Of
the situation in the silver controversy:
1T Is somewhat remarkable that the
Teller resolution that the obligations
Of the government are legally payable
in silver dollars-a fact no one disputes
should have been reported 10 the
senate just at the moment that the
Indian government took the final step
to place that great empire on n gold
basis by a law authorizing the issue
OF currency notes against deposits OF
gold. Next 20 the closing of the minis
of India to the free and unlimited coin
age OF silver this is the most significant
ard important fact in recent monetary
I logislation-far more important than
the adoption of the gold standard by
japan, for the reason that for ages In
dla has been the great absorber Of the
Surplus silver product, the silver sink
Of the world, and the most active mover
in the efforts for international bimet-
+ allism. In marked contrast TO the ac-
4 ton OF the great silver nations of the
orient, in the efforts to place their
domestic and foreign commerce on the
4 same basis Of valuation as that OF the
commercial countries Of Europe, Is the
ptful piece Of political bravado now
/ being enacted in the senate Of the
! United States, where grave and rev.
+ erend senators declare with mock
4 Eolemnity that the obligations OF the
government of the United States
which has had the god standard prac-
tically since 1884, and legally since
1s53-which is bound by duty, honor
/ ard sclf-interest, as well as By an un-
I broken line Of practice for over 50 years,
\ TO pay its obligations in coin OF full
value-may legally be paid in dollars
I which contain less than so cents worth
Of pure metal
"To what a helpless and ridiculous
position has the silver controversy in
! the United States degenerated, when
the only feasible way Of keeping II
alive is to get an irresponsible COM
bination OF democrats, populists and
\ 'silver-producing senators to resolve
that the bondholders better watch out,
that the foreigners better keep shy OF
the obligations Of this government, for
the said combination declare that the
bonds may be- paid in silver dollars.
What an inspiring spectacle il must be
TO the youth Of the country TO see the
highest legislative body Of our land seri-
ously at work to injure the national
credit and dishonor the national faithl
Fortunately, every intelligent citizen
knows that the farce which is being
enacted In the senate chamber is sim
ply an effort to galyanize Organism,
and still more fortunate is the fact
tffat the people Of this country decided
10y a decisive majority ut the last ma
tioual election that all our silver and
paper currency must be maintained
at parity with gold, and we favor
oil measures designed TO maintain In
violably the obligations Of the United
States, and all our money, whether coin
or paper, ut the present standard, the
standard OF the most enlightened ma
tons OF the earth The resolution re-
ported from the finance committee OF
The senate ought to be entitled: The
senate against the people in the matter
OF free silver N. y. Sun,