The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-02-12
AN OVER SUPPLY OF SILVER
SAN FRANCISCO SUFFERING FROM ITS
DIJTINTSTED UILUE.
Some OF the Inconvenience Arising from =
Dual Specie Currcncy-A iFnnaticni Pref
udiee against Paper Money In any FERN.

Some Of the Inconvenience. Arising from =
Dual specie Currcncy-A iTanaticni PREF.
udiee against Paper Money In any Form.
SAN Francisco Feb. 1.-San Francisco is
suffering under the embarrassment OF tho dou-
bic currency, and an over supply OF silver.
which Is at discount OF six and half per cent
with every prospect of further depreciation.
Tho Chamber OF Commerce recently appointed
a committee to consider the situation. and. IL
practicable, suggest n remedy. The committee
invited persons engaged in trade and manufac-
lures to n meeting at the rooms of the associa-
ton. there to exchange views and offer SUCCESS
tons. number OF business men responded.
They agreed as to the Inconvenience resulting
from the disparity in the value of silver and
gold, but failed to agree upon any practicable
method Of relief One Of the speakers proposed
that greenbacks should be adopted as n stand
ard OF value in commercial transactions but the
proposition was voted down on the ground that
1t was too late in the day to adopt paper stand
ard, after having rejected 1t through all the
years that IL has been the legal and recognized
standard In the other States of the Union;
To an outside observer from the Eastern
States the discussion WIS rather ludicrous. be-
cause these rabd bonanza men are brought 10
grief 10y the diminished purchasing power OF
their much Wanted silver coin. seriously. the
glut OF silver is causing much embarrassment IN
trndc. Retail dealers have to take silver from
their customers ut par, while their payment for
IL. -,
their profits suffer.
have not yet noticed any marked advance In
S pEyss IN M 9r or c as
10y combination. us was suggested 10y more than
one speaker At the meeting, IT is TO be hoped
that wages will he corrcspOndinRly advanced, or
paid in gold. otherwise mechanics and others
who work for daily or weekly wages, will have
10 suffer the loss incurred by the diminished
| purchasing power of silver coin The large
machine shops and other extensive employers
OF labor pav all their workmcn in silver. though
/ the weekly exceed the lrNnl silver limit
! four or five fold. This Il an unfair arrange
ment. and il is not unlikely that tho operatives
may move in the matter and resist this practical
! lowering of their wages.
Fully recognizing the advantages Of 9. coin
currency per So. think the people OF California
made a grave mistake in rclecting the green
back currency at the time 1t became the stand-
| ard currency of the Union. Half a million Of
! millions Of their fellow citizens, and one result
and and very desirable class SIS Of settlers from tie
| East. namely. men with industrious habits and
few thousand dollars Of capital. which they
were not inclined to turn into coin ut u heavy
apparent loss The prejudice against paper
currency in any form. even with gold coin and
Government securities behind ~ is almost
fanatical here. The national gold banks do not
prosper az they should, and are unfairly treat
| ed 10y the State banks. which do their utmost to
keep their notes out of circulation, The
| amount OF gold notes in circulation at the end
| of the previous year. and the capital invested in
| gold note banks was reduced $4,000,
This antipathy to paper tokens OF indebted-
| tens Of the State. The State banks are prohib-
tied from issuing notes or other paper tokens to
| pass as money Merchants sell 10 their customs
ers on time. but take no notes. When they want
| money they go To their bankers and borrow on
| open account or their personal credit IN" loan
| being made payable ON demand. Thus the
| transaction is open and incomplete. and better
suited TO the business requirements of mode
rate sized village than 10 those OF "A great COM
mcrcial city like San Francisco. - -.
The custom OF selling small articles Mt n - MT
or twelve and half cents, was also discussed at
tho meeting. and n motion to abolish the prac-
tice was carried 10y a majority Of one, the retail
shopkeepers present voting for its retention.
The custom is simply petty system of cheating
NY retaining fifteen cents for an article nOml-
nally sold at twelve and a half cents.
The street ears pretend to charge 81 cents for
a single ride. and sell tickets at that rate. hut
for a single fare they demand ten cents on the
plea that they cannot make change. Old Cali
iOrnians think IL inter dig 10 complain OF these
paltry cXtortions. Nickel coins do not circulate
At all for the reason that shop keepers and sa-
culntion. and Culiforniaus are too lofty in their
ideas To- acknowledge the existence of such pal
try coins which may answer in such old. worn
out. poverty stricken cities as New York, Phila-
/ d"lphla. and Boston. but the advanced civiliza-
ton OF the mining camp which still rN"ris an in
fiuencc over California customs and habits. pre-
tends to reject them with 'orn. Only the other
dnya morning newspaper called upon Congress-
e. forbid the further coinage Of nickes. he"ause
they are pliuu- in California and are not ac-
copied Ia r ~ Duh times AMI the break up Of
the gambling mania which ragged with intensity
a year ago. are doing much g. sober the people
OF Snn Francisco. Hundreds Of men and women
who fam led they w"re ON the high r1td to for
tune IT this time last year are now utterly