The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-01-24
The Spanish Coin Excitement.

The Spanish Coin Excitement.
SPANISH QUARTERS, sHILLINas AND sTxPEscss-
HOW TO AVOID UNNECESSARY LOSS IN PARTING
WITH THEM.
Although the law before Congress fixing the value o.
the above pieces of coin at twenty ten and ave cents s
which the government Is to receive them In payment OF
public dues has no! yet finally passed, peroeve that
many railroad and omnibus Ynes ferry boats, grocers
&c, have prematurely, perhaps sced the proposed
government measure, and refused those Spanish pieces
except at the large reduction stated This ope
rating oppressvely the poorer class OF people, who
thus ind their slender for procuring the
es OF lie, at most ncemeni or tns year, aud
denly and seriously cut down in their vsiue.
We wish to tell ell such that several brokers' including
Mssss. VIM John O'Brien, 20 Wall street. and Ne. Be.
bee AZ Walt street. purchase oil such spanish pieces at the
following rstes, viz Quarters, $780, shings ilc ard
sixpences at Eve cents but little and pillars dis
tinct, some purchasers give trihe more.
The balance Of trade with Cuba largely against
this country and the exchange that island hlga
against this city that, within month, these same piece
Of Spanish coin pnrchssed by sugar importers for
remittance to Cuba pcr cent premium And we wish
state the public that tnere arst class sugsr
importing In South street. and south OF Wall street
which purchases all these Spanish pieces from VIII the
pillars have not been obitersed BY long use. st
We do give this informson for tho benefit OF ferry
and other corporations who refuse 10 take these pieces
10 10 and oens and their recalling them either q:
par or f3 IL and cents.
The law should not 90 Into operation without sixty or
ninety days previous notice, from the fact that the
government. itself has for years through It's Post
onces custom houses and land Offices tsbu rsed largo
quantities OF these coins among the people and suddenly
refuse TO receive them again In payment except q,
discount OF 20 per cent Is equivalent 10 tar shave
the people Of that amount,
Tho law should authorize directors Of mins lopu
chse these Spanish pcces for their intrinsic contents and
vslue ilyer exchange for bsr silver bullion, which
would bring the es pieces to par and the worst
among them approximately 80. THIS exchange could be
made at little or no expense TO the government, which
bas been party to their circulation par among the
people.
Spanish pillar dollars Of no more nnensss In
silver than pillar quarters, ssilnnss and nxpenny
pieces, (unenaoed by wtar,) seii a, heavy premium
Exchange In Havana against New York ranges
from 6h 10 per cent; hence oil this spanish coin
Is wanted for remittance by merchants importing sugars
tobacco and sesars from Cuba Hence, aiao, spacish
doubloons sell the enormous prioe Of sT So and Pa
trio, do a se S. which nj least dollar higher Zach
than former current rates Aud what makes the slter
worse the spsniards IN Cuba will not res,ve American
gold payment for their produce, bu, require Spanish
gold silver coin, or bills london nj losing rates
Hence Just the when Spanish doubloons have be
come scarce and high, thi. spanish government
with t characteristics wisdom has suspended thor coin
sse In Spain.