The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-05-12
VERY HARD CASH.
A PARTIAL SUSPENSION IN THE ISSUE or
SILVER CURRENCY

PARTIAL SUSPENSION IN THE ISSUE or
SILVER CURRENCY.
Notwithstanding the edic oftho Secretary ofthc Trea
sury that silver should be paid for fractional
according to the text othc bill passed recently by Con-
press, there seems to be temporary arrangement In
the resumption policy. and General Hillhousc.
Assistant Treasurer IN charge OF the Sub-Trcasury,
yesterday informed HERALD reporter that they had
temporarily refused to pay out silver coin checks
and drafts from out of town, and only redccmina
fractional currency tho usual aud IN the
usual way to personal applicants at the cashiers
window. II may be well in connection with this tenn.
porary halt the way Of redemption OF the fractional
currency to recall the section OF tho act referring To IL
1t runs ihus:-
enacted shs. the e ,hs Treasury = hereby
nomination Of ten twenty twenty Ave and my cents vt
ionai currenry whether the Treasury
swan Or whenever may be presented s
regulations Of the Treasury Department. provide for such
Sriss and aspososs Of Tho United states Until the whole
snoun, Of hsccnal currency oastandlns shall DO r.
act shall be held TO be part OF the sinking umd io
in the Of bonds redeemed under the scl relating 10 the
sinking fund
1t seems therefore, strange that at . time when tho
handling OF small silver coin was just coming TO lose
ITS novelty and the people in their ordinary dealings
were BEGINNING to part with II freely that tho govern
mcnt should exercise parsimony In dispensing IL,
which will 90 far TO encourage tendency TO hoard H.
Upon this Of the case being presented TO General
Hillnouse he SAID ~ presume tho non-pay mcnt Of
out-oftown drafts will be only temporary have re-
ceived explanations from the Treasury Department.
think after the rs novelty OF possessing silver has
passed away that people VIII pay II out moro freely.
There certainly dcarth oil currency, and we nse
doing Mi we can tc accom- modste those who present
fractional currency for redemption In silver. hardly
think there is more demand at the Cashiers counter
than usual, but Mr. Whltc the CASHIER can better In
form you of this As TO the question of whether the
Silver bill puts limit the ISSUE or the coin will
that the bill provides that the exchange for fractional
currency Is DO made under certain regulations
the Secretary of the Treasury, consequently he
control the oi the entire issue the amounts
be exchanged, making them greater or smaller, as
tho cxigences or the may demand. Therefore u
not anomalous our refusing for tho moment 10 honor
drafts from out OF town for coin. ["
specie broker said, reference to this question =:
sWe have had demand for the last few days Tor
small silver Fractional currency Is really scarce,
we could sell them at premium OF six per cent There
has really been paid out too little silver yet 10 sensby
relieve the necessity for small change. and tho people
loaih TO part with what they receive What tho
government should do II they have the amount OF sill
coin they asscrt-viz, $50 900 00o--is 10
pay out freely to business men, not 10 brokers,
In amounts up $1,000, where IL could
be clearly shown that the business wants
aud not speculation demanded the accommodation. Ii
this done would soon see the shining coin cir.
cula,ing freely as the dirty 'shinplastcr.'"
banker told the writer that the larger portion OF
the checks had been presented by the banks
and instead OF putting tho silver received In circulation
they have either boarded II or shipped 1t To their
country correspondents at profit Tho total amount
issued In this city the Treasury has been only
81 $50 600, and the bulk OF this has not into
culaon, and by has relieved the small change
scarcity New York They told me- SAID he, sthat
uy in exchange for fractional currency had not boon
above 81 00U.D