The Arizona sentinel., 1878-03-30
The Silver Dollar TribulatiOn.

Ten thousand bright new silver dollars
were received yesterday at the United
States Treasury direct from Philadel phia,
and their presence was the occasion of
quite run on tie cashier by bankers,
brokers and others who desired to obtain
specimens for keepsakes and to send away
to friends. Many persons marched conf
IDENTITY up to the counter of the money
changers and smilingly presenting United
States green backs, demanded silver dollars
i'll exchange, and their establishment was
great when they were informed that they
could only obtain silver in exchange for
gold. Then commenced run on the
bankers and brokers for gold, and quite
lively business was done by the latter in
selling their lightweight gold coins at two
per cent premium. The transactions of
the day about Fifteenth street demonstrat-
ed two things clearly; First, that all the
gold coin in this city is of light weight;
and second, that there is but precious lit
tie of it held here. Those who bought
small quantities of gold for exchange for
silver dollars came to grief for when they
presented the same at the Treasury it fail
ed to come up to standard weigh, and the
holders were obliged to make up the de-
ficit-in many instances considerable
from their loose pocket change, or rather
by buying from the Treasurer fractional
currency with which to pay the difference
This class of silyer-seekers went off ling
ling their bright new coins and cursing
the silver bill for not directing the Serre-
tary to pay out silver for greenbacks. A
number of messengers from the Capitol
rushed into the Treasurer's office to know
on what terms they could obtain silver
dollars. "Only for gold in this Office"
blandiy replied the affabe Gilfillan. "D-n
the silver BILL" said they, and went off
cursing the silver bill.
A number of Congressman walked in,
and throwing down s. note, asked for
silver dollars.
only exchangeable for gold" said the
polite teller.
"D-n the silver dollars" said the irate
NJ. c., - don't want any of them: Pm a
greenbacker anyhow"
A well-known butter merchant wanted
twenty-five of the lew coins.
"Only in exchange for gold" replied
Gillian, meekly.
George went off and hunted up S25 in
gold, and obtained his silver. He went
away happy After while he came back,
SAYING: 81 don't think / want these coins.
Suppose you take them back and give me
my gold"
"Oh, no." said Gilfllan modestly, we
could not do that; We cannot redeem sill
yer. The law does not admit of such a
procedure. Silver is equal with gold I'M
der the law. You have received equal
value for your gold, and the silver having
passed from the Government to you, is
now out of our possession. We cannot
exchange gold for silver"
George began to scratch his head over
this crow ana Turkey doctrine sO the
Treasurer proceeded to elucdate by an
example. Said he, "If you sold me horse
for so many dollars to-day, could not ex-
pect you tomorrow to redeem that ami
NAL / might to- morrow prefer the money
to tine horse, but you would quietly tell me
to 90 about my business; that IL was mine
by regular transaction, and that would
be the end of it. You now have dual
standard of coin. One is worth as much
as the other in the eye of the law, and If
Congress had intended to allow silver to
be redeemed with gold coin, they would
have said SO in the statute. So if they
had intended to create third currency to
circulate equally with silver, they would
have made silver redeemable with green
backs. AS it is, we can only give silver
for gold, and we cannot pay out gold tor
silver. The law does not permit the Treas
urer to take that LIBERTY with gold coin"
This practical explanation of the COM
plexities of Government finance operations
was all the consolation that could be- OBJ.
tanned. During the day 1893 silver dollars
of the $4,000 received passed over the
Treasury counter to the public, and the
opinion was expressed that there was not
$1,000 in gold coin in the city.-Washing-
ton Union.