The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-04-08
THE OLD UNITED STATES COIHS.


ing to Receive Uncle SANS Five Dollar
Pieces In Payment or Drafts-The scope
and Eject or tho New Coinage law
What is the Lowest Limit OF Standard
Wefght-The Government tho Greatest
Loser by the Depreciation Caused by
Abrasion-The Life Time OF a Coin.
The act entitled IAN act revising the laws rela-
tive to the minis, assay offices and coinage OF the
United States" which was passed by Congress on
February II, was one which excited general ap-
proval of it's most important provisions and people
did not generally foresee the slight Inconvenience
which might result indirectly from Its going
into force on the LIST OF April time now
past. rather frightened view OF the new order
OF things seems to have been taken by one or two
Of the banks in this city, and among them the Ma
tiona Bank OF Commerce. One OF Its phases VIII,
or course, be the gradual disappearance oithe old
coins in gold ana silver which before the war were
jingling in everybedy's pockets, but since then
have been rarely visible, except in the bourne OF
the brokers and money changers. In the few days
which have now passed since the law took enect
the question has already been asked, What would
be the rule regarding the depreciation in weight
caused by the abrasion or years Of usage, and upon
whom the loss caused by discount in value would
most heavily fallY
On Saturday business ONCE OF the city received
notice Of ......-.x ..l -.
SIGHT DRAFT FROM YOKOHAMA
In the hands Of the National Bank Of Commerce
which demanded payment in gold. The hour was
three O'Clock In the afternoon, There was, there
FORE little chance for delay. The cashier sent i'm
mediately to q firm Of dealers in bullion and pur-
chased the necessary amount at the current rate.
1t consisted OF coins Of large and small den0mina-
tions and was despatched to the bank and prof-
fered in payment oil the draft. Instead OF being ac-
cepted, however, with the Characteristic promptt-
tude OF former times, it was rejected, the officers
saying that they would wlng take an Inc arger
certificates Of gold depostc. The CashaGr was greatly
surprised and somewhat disconnected at this cpl
sode, but took his gold nevertheless straightway
to the Park Bank, where. without q question, It
was accepted and q certificate handed him, which
he paid to the Bank OF Commerce in satisfaction Oh
the draft. 4lt
A HERALD reporter learning these circumstances
went to the Sub-Treasury in Wall street and asked
to see General HillhOuse the cher deS aDdireS he
was ushered into his presence and received IN
decidedly military manner, and during the CONVEX.
sation which ensued the keen, steel gray eyes OF
the austere General reminded him all the time OF
the cold climbing coins among which his daily
labor ay mne h n9
After a brief introduction the reporter took nom
his pocket, and read to the General the following
extract from the new law regarding
THE REFLUx OF THE OLD COIN
into the Treasury rr
Ave grains the quarter eagle OF two
piece grains Of e double eagle or twenty dollar
waSn sp
Get % s a f' and Be- n
snS e 81
% Sy 5
after circulation Of twenty years as shown by its date
S y
e s a It, s
for the St the e n
coins II the e the gsS S ct IN
He then asked. "Why do banks new refuse the
at must be from fear Of losses through the de-
10 ns Wee ad no means Of
tanning the weight of coins. and therefore rejected
the small ones, which always are most rapidly re-
sWili not this new law cause losses to many who
can all AFFORD its
THE HEAVIEST PORTION OF THE Loss
falls upon the government. For every million d
gold coin that the people possess the govern.
vaults, the majority Of which, from the very
fact Of their having arrived at that ma!
tolerance. On the gold that Is in the Sub-Treasury
the loss to the government In recoining will preba.
bly, be $3.50 from the single cause OF depreciation
in weight. The people hold very, very small por-
ton OF the gold that Is In the country, and the mer
chants hold most OF theirs In the form OF paper
certificates, which, when presented at the Trea-
sury are payable In standard CON-"
''IN PAYING THE 'GoLD-BACK' TREASURY NOTES
will discrimination be made between the gold OF
full weight and that or diminished weiQhtso
'.Oh yes The officers are not allowed to SEND
ont from the Treasury q dollar that is not OF the
standard weight. All the rest are remelted and
coined.
"will this have any effect on the money marketqv
'sNo. / do not think that 1t can alter its aspect
much. Gold is low most of the time and cannot
get much lower. 1t merely involves some slight
additional complication in the system or bartering
money, to which people will become accustomed,
and which, OF course, will be much lessened when
the new gold and silver pieces come into circula-
tion.n
''The banks and bankers suppose. will have to
supply themselves with scales, and then they viii
go on again swimminglyf"
'Let us hope sou (smillng).
"When Is the first issue to be made ?"
"We cannot tell, not knowing what facilities are
possessed ar Philadelphia at present Tor turning
out money"
The reporter uttered his thanks and his adIeri
and left,