Cameron County press. [volume] (Emporium, Cameron County, Pa.) 1866-1922, 1898-02-17
FACTS ABOUT SILVER.
Comments of Former Director of
the Mint.

Z. o. Leech, formerly director of the
mint, and now second vice president
and cashier of the National Union bank
| at 30 Nassau street, said, in speaking of
| the situation in the silver controversy:
at is somewhat remarkable that the
| Teller resolution that the obligations
| of the government are legally paya bic
in silver dollars-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 authorizing the issue
| Of currency notes against deposits of
| gold. Next to the closing of the minds
| of India to the free and unlimited coin
age of silver this is the most significant
| ard important fact in recent monetary
legisiation-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-
a}lism. In marked contrast TO the ac-
ton of the great silver nations Of the
orient, in the efforts to place their
domestic and foreign commerce on the
same basis of valuation as that of the
commercial countries Of Europe, is the
pitiful piece of political bravado now
being enacted in the senate Cf the
United States, where grave and rev.
erend senator's declare with mock
solemnity that the obligations OF the
government of the United States
which has had the god standard prac-
tically since 1884, and legally since
1S72-which is bound by duty, honor
ard sclf-interest, as we'll as by an un-
broken line of practice for over 35 years,
to pay its obligations in coin of full
value-may legally be paid in dollars
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 il
alive is to get an irresponsible COM
bination of democrats, populists and
'silver-prodmcing senator's to resolve
that the bcndholders 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 ii 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 faith!
Fortunately, every intelligent citizen
knows that the farce which is being
enacted in the senate chamber is sim
ply an effort to galvanize Bryas! !sm,
and still more fortunate is the fact
that the people of this country decided
by a decisive majority at the last ma
tional election that all our silver and
paper currency must be maintained
at n parity with gold, and we favor
al measures designed to maintain in
violably the obligations of the United
States, and all our money, whether coin
or paper, at 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.