The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1877-05-04

residence Is Crawford county, Arkan-
sas. He knows all about the origin of
the Pacific slope story, as published in
the Commonwealth, and at the proper
time he will give It to the pHblic.
There Is not one word OF truth In it."
Tn the Way 10 the Brokers
Not few of our readers remember
the time when brokers' shops Orna-
mented the most conspicuous corners
In all our money centers, and many a
fortune was made In the business of
turning Concurrent money" into some
thing which would pass at bank. Two,
three, five, or even ten per cent. was
no uncommon discount charged on
bills that had wandered but few hun
dred miles from the bank that issued
them. Most who recall those 'egood
old times will say they had enough
of this particular feature in them
And yet we seem to be travelling back
toward a renewal of this money bro
kerage in a modified form, if not with
all its old enormity and loss. The
Philadelphia Press of the 18th calls
attention to this matter in the follow
ing terms:
"While dissenting from the financial
views OF Secretary Sherman, and be-
lieving that the attempt to carry them
into practical effect will aggravate the
sufferings our people are enduring, we
cannot but admire the courage with
which he attests the sincerity of his
convictions. Having substituted sill
yer tokens, which are legal tenders tor
but five dollars in any one payment,
dor the paper fractional money which
was legal tender for any amount, and
could be converted into greenbacks at
the Treasury, he now retires green
backs and substitutes for them the same
inferior silver currency tokens. The
effect of this Is that retail dealers, who
receive large amounts of these subsidia-
ry coins, and have notes to meet and
large payments tn make, are compelled
to invoke the Intervention of brokers
and pay premium for greenbacks in
exchange for their silver coins. A
New York contemporary says: "Sil-
yer purchased at per cent. discount
Is the inscription on placards outside
the brokers' offices. This means that
people who take in any large amount
of silver in the course of their business
mast submit to shave of half q cent
on every dollar in order to get banka-
BILE money with which to meet their
obligations. In the days when we had
the fractional currency there was no
such burden Oh retail trade. The cur
rency was exchangable for greenbacks
at the United States Treasury at par
1t is authoritatively announced that
the Secretary, in selecting greenbacks
for retirement, will take those of small
denominations in order that specie may
flow In and I'LL the channels of circu-
latiOn. AS gold is still at a premium
of five per cent, and would probably
go up TO 20 or % per cent. If business
should revive In Europe and the rate
OF interest rise to or above per cent,
the executiOn of this purpose will SIM
ply give wider field for the circula-
tion of silver coins, which contain Z per
cent. less of standard silver to the dol
lar than the standard dollar, and which,
therefore, must, as the v, lume In circu-
iation increases, sink to Y greater dis
count below legal tender notes, the
circulation of which is to be further
restricted by the Secretary's order.
To withdraw notes of the denOmIna-
Eion OF $1,000, $500, or even 500,
would not affect current trade appre-
Gladly, though it would, by lessening
their reserve fund, diminish the ability
OF banks and bankers, to accommo-
date their customers; but the with
drawal of one or two dollar notes will
be felt In retail circles in every city
and town In the country, and, If long
persisted in, will give the brokers of
large cities q rich harvest, and cause
che opening of offices for the purchase
OF our silver tokens in every city of
10000 Inhabitants East of the Rocky
Mountains. If the Secretary supposes
that gold will flow into the channels of
circulation opened by the withdrawal
OF greenbacks, experience will soon
correct his mistake"
or course the discount which the
trader has to pay to get his silver into
bankable shape, must be charged As
part of his expenses, to be reimbursed
by enhanced prices of his goods. Who
ever buys and consumes these goods
must, In the end, pay the bill. In
other words, for this luxury of using
silver coin, the people must not only
pay $2,OOo.00O year interest on the
bonds issued to purchase the silver for
our token coinage, but also q half per
cent, more or less, enhanced cost on
all the goods bought with silver-and
this for the brokers' taxi The aggre-
gate of this item, If 1t could be accu-
rately computed, wonld make some
eyes, now blind. stare. Nevertheless
this measure Is to be pressed. Dis
patches from Washington announce
that:
"For the purpose of bringing silver
coin into more general use in the cir
culation of the country than at present,
and as q step toward specie payne nts,
the Secretary of the Treasury has de-
cided to suspend, for the present, the
issue of one dollar notes In sums over
ten dollars. He will also, in retiring
legal tenders under the act of 1875, Sc
lect notes Of The smaller denominations
wht rever IL Is practicable. In the pay
ment OF all drafts upon the Treasury
wht re change is desired, all sums un-
dor nve dollars will be paid In silver