Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1876-03-16

Nbe u JAcIri ou uSC|uht VI iA5 'oluS w
ing greater than thst Of the greenbsek
notes. The consequence would be that
when the silver was sold and the notes
the Whole country would be
left bare OF email change, and iucon-
ceivable trouble and inconvenience
would follow. Since that time silver
has declined In the market, and some
parties are declaring it to be- fraud to
put out silver when Its market value
will be less than that Of the small cur
rsncy 1t ditplaces. An exchange paper
says: "Fwo half dollsrs, weighing SS5.s
grains, were worth in 1873 So cents in
gold, and now but SGT cents. As always
Is the cSse, the commercisl discount Is
heavier than the actual depreci.
alton, and lie now 495 per
cent? But another authority |
remarks: 'FTo use the silver for retiring |
the fractional currency would cause
drain and advance the price" A CALI
flrnia merchant "sees stArsr in the COM
ing change and propheticslly exclains:
"With bullion 521 pence per standard |
ounce 8 silver dollar is worth 1888, while |
with gold at l14I dollar greenback is
worth 81 80, difference Of nearly i've
per cent. II the government then
should issue silver to replace the green
back it would pay to take greenbacks
and buy gold, and then send the gold to
Europe as merchandise and sell it for
silver to buy greenbscks WITH again, and
10 keep the wheel turning, and soon our
country would be flooded with silver
and every dollar CT gold drawn from u.s."
The New York Bu Ietis Of Monday says:
"There was considerable talk In Wall
street about the proposed issue OF ell
yer coin; aud while there is no doubt
that it villas the most debased cur
rency in use-ciTeulste at present, yet 1t
ia eeen that there is danger, either by
rise in geld or in the price Of silver (the
latter being down in London to sgd per
ounce), that after it is all out OF the
treasury aid fractional currency With
drawn, it will be exported and the
country left without small change"
There is question as 10 how much silver
msy be made a legsl-tender, for 1t is
evident that If it he worth less than
gold, It cannot fairly be paid, in any
large amount, in the place OF gold. 1t is
stated that the secretary Of the treasury
sees no particular objection to make 1t
good tender to the amount Of twenty
dollars, but it is thought con-
gress will probably tx it at ten
dollars. The return to silver currency
brings up the question of comparative
cost with the fractional paper currency
now in circulation. The statement OF
the secretary of the treasury on the sub
jsct IL curious. The fractional notes last
less than a year, and their renewal every
wear costs the government 81, 800, 900 on
S37, 900, 900, while similar amount will
only ccst $685., 600 in the coinage, and
will last for fifty years. The annual loss
of fractional currency TO the people is
estimated at $500, 90, and the gain to
the government, estimating the cost Of
bullion in bonds ard the interest
on them, will be 100000. The silver
coins of the United States are now
q trade dollar, half dollar or fifty cent
piece, a quarter dollar or twenty-five
cent piece, and a dime or ten cent piece,
weighing respectively 42O grains troy, 12A
grams, St grams and q grams. A bill
now before the senate adds to these a
double dine, or twenty cent piece,
weighing grams, and dollar weighing
Is grams. Silver coins are now legal
tender for any amount nat exceeding
five dollars. The bill referred to makes
the silver dollar legal tender TO the
amount Of twenty d)llaIs, the half dol
lar to the amount Of ten dollars, and the
quarter dollar, double dime and dime to
the amount Of FIVE dollars. 1t Is stated
that the change will deprive the United
States Of its only legal grade OF nobility,
the ''countesses''-if man who counts
is a ecu inter-, then q woman who does SO
is countess-for 1t will throw out Of sit
ustion more than Ave hundred women
employed in the bureau, fully that nura-
Der finding work in connection with the
printing of the fractional currency. The
following We take from the New Orleans
Times: "old residents of the city
remember that when the branch mint
was in operation all silver money, was
issued from that institution by weight.
The banks refused to receive more than
limited quantity, except as special de-
posits, and ia all intents and purposes it
proved as cumbrous and unwieidy as the
iron money OF LycUrgus. Upon one
occasion the perpetual revolutions pre-
valent in Mexico necessitated the for
warding from Tampico ofsOmething less
than three million silver dollars. The
removal of this sum upon its arrival re-
quired fifty drays and several hours hard
work, besides the services Of numerous
watchmep."