New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-05-02


CoUNTRY-Iwo WAYS OF AFFoRDING RELIEF
AN EFFORT TO MAKE SILVER LEGAL TENDER FOR
GOVERNMENT NOTES, AND A RESOLUTION TO
AUTHORIZE THE COMPLETION OF HALF FINISHED
FRACTIONAL CURRENCY.
lBY TELEGRAPH TO THE TRIBUNE
WASHINGTON, May 1.-The scarcity OF small
change for business purposes become great that
food Of complaints is constantly pouring III on 'he
States Treasurer and Senators ana meWoerE' AZ 'hc
Treasury Department more than 100 letters nave Dcoh
received from various parts Of the country ana 'e DC
nortment is also beset by members OF Congress
who seek to serve their constituents with
email change as well garden seeds ana
uhlic documents The silver substitution thus far has
nroved ftIlure-at least the Treasury officials seem TO
no Of this opinion. Trouble to arise from what IS
sometimes called pancky feeling among the people
They know that fractional currency is TO be swept away
and they know a consequence that it must soon be
scarce In this belief they boarding it, Even bls
ness men are laying aside each day. as they are able 10
spare it from their business amount OF small cur
rency in the belief that they viii some day require IOf
the necessities Of business.
The silver that has already been put out is also being
boarded TIE novelty Of it, and the common idea ian
erroneous one by the way that 1t Is better and more
valuable than the fractional currency and small legal
tender notes, induce people 10 lay aside little OF it,
The silver is also at interior points that 1t
Is matter vanity carry few dollars in the pocket
ton will show how much is boarded in this way. con-
vorsaton with Treasurer New to-day on the subject
does give any ground to hope for immediate relief
lie says he can only obey the law, which
IS not his. lie is required to pay out
silver under certain restrictions, and he has
discretion. He says he is with letters but
can give no aid.
The Treasurer says this bill, il passed. will have the
effect Of getting the silver out without Increasing the
volume Of the currency and that N will increase the
small change which is needed and decrease the legal
tenders. II that only million and half Of silver
e n5W in circulation, only that amount having been paid
out under the Substitution act. Dr. Linderman, the
Director Of the Mint says that there need be appre
hensiOn 80 far silver is concerned. There can be
scarcity OF that He has already about fourteen millions
Of silver coins on hand, and he coin at the rate OF
million and half or two millions a month this
time on without negectng the gold coinage.
1t appears, from conversations with Treasury officials
that there another way OF relieving the present small
change famine But this method also have the
sanction Of Congress When appropriation for the
Printing Bureau OF the Treasury exhausted, and
Tie work stopped, there immense amount Of
hafhnsbed fractional currency. II has since been dis
covered that 1t amounts TO millions of dollars The
OF printing it, to its present state, has been very
great and nOw unless II is finished IL must into the
Wasepaper bag. Most of this currency is printed
both sides, and only the impression Of the red
seal to complete ts of small cost. refolu-
.n,s money which may be put in circulation almost i'm