Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1873-11-10
ALI. DorEN, . Eal..r and rrs,r,es.r.
THE A DOLLAR.

1t Is perhaps not generally known
that the object of issuing the coin
which has lately become somewhat
common among US, known as the
Trade Dollar. was primarily to COM
pete with and supersede the old Mex
lean Dollar in u exchange and trade
with China. Formerly fine silver bars
could be sold In Hongkong. Canton
and other Chinese ports with some
profit, but for some time past the
Mexican Dollar has entirely dis
placed all other demand for silver and
caused great Inconvenience to those
having business with China, 1t being
necessary to sell or exchange our fine
silver tor Mexican Dollars, and then
export these coins to China for ex-
change. 10 remedy this evil, and to
avoid the trouble rs we'll as discount
In this method Of exchange, the Trade
Dollar was originated and by the last
Congress authorized to be coined for
depositors Of bullion. This coin
weighs 4aO grains, Is Of standard fine
ness (9OO-lOOO(, and In value exceeds,
by a slight per centage, the Mexican
Dollar now In favor in China, and
which it was intended to supersede.
Much difficulty has been expe-
rienced In Introducing this new
coin into China. As usual with
half-civilized nations, who look
upon all changes or innova-
lions with great dlstrust, the old
coin In use was good enough, and the
Trade Dollar discredited. Indeed It
has been feared that the proposition
was to be o failure until recently. The
following very important information.
however. just received In San Fran
cisco, shows that the coin has met with
favor and will undoubtedly effect the
object contemplated:
The BANK OF CAILroRSIA,
San Francisco, Nov. 8, 1873.
To ruos. p. kErTELI. ESQ.,:
We have received the following by
cable from the Oriental Bank Corpor-
London: "Oriental Bank,
Ilongkong telegraphs Trade Dollars
legal tender at Canton-not yet legal
at Hongkong." Your obi serv't,
w. w. WIGGINs, Sec'y.
Having thus been officially recog-
nizsd By the Canton authorities as a
current coin tic has heretofore been re-
ceived like bars as a commodity 1t
may be hoped that the Trade Dollar
will 90 into extensive circulation
without delay and result In large Or
ders upon IA mints for this article Of
our coinage. An additional circum.
stance which will perhaps tend to aid
us In introducing the Trade Dollar In
China and %dlsplaciug the Mexican Is
sue, Is the recent development Of u se-
ries Of frauds upon the latter coin BY
workmen In the Government Mint OF
Mexico. whereby large numbers OF de-
based blanks have been substituted for
standard ones, stamped and issued as
genuine coins. These Trade Dollars.
as their name imports, are Intended
for I" trade" and not for home circu-
lation. They are Of the same iineness
as our standard silver dollar, but ex-
coed that coin in weight ~ grains,
the weight Of the Trade Dollar being
420 grains, while that Of the standard
silver dollar is but APP. grains. With
the old or standard silver dollar at
par, or equal to gold dollar, the
Trade Dollar Is worth 81 OF ~32-lOOths.
Owing. however, to the glut Of silver.
the scarcity Of demand and the conse-
luent discount, they have been and
are being paid out at par, |. e., at a
gold value Of 81. Should the authori-
ties Of Hongkong and other Chinese
ports now open to our commerce fol-
low the example Of Canton and receive
these Trade Dollars as currency, We
may expect a large demand and con-
sequent appreciation Of their market
value to that at which they were orig
inally intcnded-their standard value
of 81 o. 3a,1OOths In gold.