Daily Democrat and news. [volume] (Davenport, Iowa) 1859-1864, 1862-07-16

WEDNESDAY MORNING =. July Is. 1859
The Scarcity q silver Cen sse We
Re9eaies PseDeeee'
Our correspondent Benton in another
column, puts some pertinent queries in
reference TO our Supposed pos.tioo upon
n. .ubisct 1t the head Of this column.
In view Of the importance Of the ques-
ton our readers will pardon ~ tor de-
voting to it the space which We give in
,o.d.v'. i,.ue. In another column We
conv extracts from our exchanges pro-
posing remedies for the trouble that our
readers may see that our own commun''
" are not tho only sufferers 10 this mat
Ger. Sympa,hizing Is Ne do with our
business community in the annoyance
and trouble growing ont Of the differ
ence in value between solid silver Or
gold coin and the paper currency which
- designed to represent it, We are die
posed to acquiesce in any plan which
may .eem best adapted to remove the
difficulty and relieve them from their an'
noyance. We will do our business men
the Justice to say that not Que Of them
10 our opinion desires to make cent BY
the issue Of change bills. Under present
circumstances it is utterly impossible
even we're our merchants disposed to at
tempt such q thing to keep themselves
supplied with silver change enough to
meet the demands of their business
There are always persons in every COM
munity who in times like these are dis
posed to hoard every coin which comes
into their possession. They pay for ev-
cry article purchased with tank bill
and sink the change. 10 this manner
the silver is soon absorbed and the COM
munitv left without their usual facilities
OF making change. Under these cir
cumstauces some remedy must be adopt
cd or else our merchants must shut up
their stores.
Among the remedies proposed for thi'
difficulty the one which strikes Us al
most feasible and least Objectionable il
the following, suggcsted by cores
pendent OF the N. Y. Journal Of Com
merce: LET buyers OF small articles
charge the premium when they pay in
silver and sellers charge for change when
given and the scarcity humbug will ex-
plode ITSELF"
Let our bankers or . committee Of
our merchants from time to time tix the
premium to be paid upon silver and Ie
our merchants rigidIy adhere to tn
rates fixed and this boarding OF silve
will soon cease. The email coins vii
soon make their temperance from
their hiding places and silver change b
had in sufficient quantity to answer al
ordinary purposes of business. This j
the plan which we adopt and though
may have some objections we thin
there are fewer to it than to any othe
suggestion which We have seen made.
10 answer to the question put by Ben
ten we have only to say that We arc a
much hard money men as ever was bi
namesake Thomas H., and that "
should regret the necessity which rem.
'lers the issue Of change bills imperative
But these are not hard money times
Our government, under the influence 0
b similar necessity, has abandoned
specie basis for our circulation, and tn
complications produced by THE change
have rendered others unavoidable. w,
gather from our exchanges that the New
England banks propose to issue bills TO
81 and 25 cents, and did not our bank
ing law forbid this course We shoul,
favor its adoption by our own banks, bu
il the country is to be flooded with for
eign shinplasters we shall give prefer
ence to those issued by responsible par
{: 8 nearest home.
10 answer to the question of the il
i gality OF such issues we refer our cor
respondent and such of our readers Al
desire to inform themselves to Sec. 273
OF the Code OF le5O-51. In the revis
ion Of the Code this article is marked
repealed but we are advised by dis
tioguished member Of the bar of TIL:
city that the action is repealed only SC
fr as 1t applies to persons acting under
orr banking laws. 1t is in force agains
oil other parties.
THIS question of supply of small
clsnye is difficult one and We full,
admit the fact. Our columns are ope,
toany correspondent who will undertak,
Its solution.
MEssRs. EDIroRs.-Amoug the many
suggestions proposed as remedies for the
present scarcity Of silver change the is
cue OF change bills by individuals is the
worst. TIE withdrawal of silver coiu
from circulation is not the result of any
saiden scarcity Of that metal. No rea-
sonsble man will sontend that the sup
ply Of silver coin ia loo. ;.