The Sun.
London, England, 1862-07-26 00:00:00

THE WANT OF SPECIE IN AMERICA.

(From the .New York Times.)
THE SCARCITY OF COIN.
The scarcity of change, or rather the hoarding of small
silver, has brought upon us a famine, for the relief of which
every shopkeeper in the city has his little remedy, suggests
his humble plan, and offers his worthless plaster. It is time
that some authority should take hold of what promises to be
a pernicious system, stop it, and put in operation something
that will counteract miserism on the part of the hoarders.
and bring actual relief to the entire community, which now
suffers for the need of small change. Yesterday silver was
at a premium of 12 per cent.—that is, 1 dol. in silver was
worth 1 dol. 12e. in bills. Naturally everyone who has sil-
ver in his hands is desirous of keeping it, while those who
have it not are desirous of getting it, To small dealers the
greatest possible inconvenience is occasioned by this lack
of fractional media, and, to obviate the trouble thrust neon
them, they are beginning, in numbers, by no 'Leans in-
considerable, to offer to their customers individual I 0 U's,
or what are more popularly known as shinplasters. Their
reason for this course seems valid—they must do it or
lose their profit ; but that in no way helps the matter, so
far as the cautious public are concerned, for they wish
to be assured of the worth of these due bills, a feature
most hard to establish. In the meantime the difficulties
stare us in the face. Suppose, for instance, that four
moderately hungry individuals go into Delmonico's and
eat each 25c. worth of roast beef, bread, and butter. They
hand to the cashier each a dollar bill, and he returns
them each 75c. in silver. How does the transaction stand ?
The cashier gives them 3 delis. in change, which, at yester-
day's rates, are worth 3 dols. 3Gc. Ho has given them
also dinners worth idol., making, in return for their 4 dols,
4 dols. 36c., thus giving them in provisions I del., in
change 36c.—total, 1:dol. 36c.—for what is worth 1 del. ;
so that, instead of retaining 1 dol., he has but 640. Of
course the establishment is unwilling to submit to such
rates, and at once casts around for a remedy, and naturally
takes hold upon the shinplaster system. Already a num-
ber of the best restaurants in the city have commenced the
issue of these bills, and equity demands that if one may
do so all may. One confectioner on Broadway has issued a
circular in which he proposes to grant to all specie-paying
customers a discount of 0 per cent. from the face of his
cheque, while
,those paying, in bills he will charge a pre-
mium of 10 per cent. This irregular way of doing bui
breeds trouble, discontent, and distrust, and it is an imps
T
relive need that something be done at once. It hasbe-een-
suggested that the City Government come to ourrelief by
issuing 1,000,000 dols. in fractional parts of a dollar, This
llar. hi
of recog-
would, we are told, at once set afloat a currencyallitadividual specu-
nized validity, which would crowd out
lation and all private assumption. The people would have
confidence in the trustworthiness of the paper, the need
for silver would pass away, and
and hug their shining pieces themisers might hug
noying or disburbing the withoutcommunity, This
company worth. The Fulton Fer Tinhis any
for what it an
is
every man desiring to has determined that
cross must provide himself with
change or take it out in tickets ; stage drivers are provided_
with huge rolls of Pennies,
which they hand to timid
maidens or astonishedti
copper, men, filling pockets with unaccus-
tomedpper, and intimating that they must have the
necessary sixpence or take the troublesome nickel ; shop-
keepers decline selling goods valued at 3s. or 4s. unless the
currency is forthcoming, and absolutely take back the stock
rather than make the change. The banks decline taking
hold of the matter—it is too small game for them ; and the
only way by which we may be saved from the promissory
and Wary, is for a recognised
pasteboard of Tom, Pick,
authority like the City or State Government to issue
such paper as will command public confidence and secure
universal currency.
Cff txor.
We may as well make up our minds at once that silver
change, from bad financial management in Washington, is
gone till the war is over, and act accordingly. Our silver
quarters and halves, in 1853, were purposely made in light
weight to stop export ; but the weight is not light enough
when the premium on silver is 1-10, and hence silver now
will go, as gold goes, to nations that appreciate it, by re-
deeming their paper in gold and siver, and doing as we do,
redeem one species of State Bank paper in another species
of Federal Bank paper—thus doubly inflating paper by
making it two removes from gold and silver. The weight
of the AmeriCan shyer dollar is 4121 grails standard silver,