The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-08-04
srLvrR Do1nARs MIXING rHouBLE
some Curious Resuits that have Followed the
Issuing of the standard Coin.


wAsrtvoTov. Aug 2.-Uncxpcctcd results
have followed the issuo Of the STANDARD silver
dollar Tho only place in which thcrc has been
any demand for It il at San Francisco. where
mon save exchange on Now York. always n bur
dcns0rc charge. A man turns his gold coin
into silver dollars gets n certificate for thOsO.
and mails that TO New York in u registered
letter SO hia exchange costs thirteen cents
thrce-cent postage stump and ton cents rcgis-
try. All this of course. DOES not get the silver
dollar into the hands OF the people who arc
supposed to be anxious to got IT, II has only
added 10 tho profits Of the monopolis,s. This
feature Of exchange Of silver dollars into gold
or its equivalent has led tho Nevada Bank 10
accept tho Offer Of tho Mint to buy silver ut the
equivalent in standard silver dollars OF the
London rate for silver. That Ia. M the silver
in silver dollar IL only worth ~ or 10 cents ny
London. the Nevada Bank sells ten pounds o.
stlNcr and gets paid for II in ntne pounds
worked MP into silver dollars. 80 far this IL
the only why in which anybody can be got to
take these dollars, and those sold To the Nevad1
recently rcccivcd 81 OooOOQ in round numbcrs
for n sale ot silver. and then turned around
and paid the silver dollars over To the Govern
ment for four per cent bonds. which wore pay.
able. un to tho passnge of the silver bill in gold
coin. and whose interest still IL paid in that
metal Tho silver dQllnr offers. therefore,.
producers in the world can turn their silver
into n bond dealt with in money markets as "
gold bond. VI course this transaction does nos
circulate tho silver dollar Nothing does. Tho
only effective thing II has done IL TO knock tho
life out Of speculation in Mexican and trade
dollars. Few people know how TAR this specu-
Gion has gone.
The President Of big ice company in Now
York writes to tho Director of the Mint. in lot
ter received yesterday, that his company takes
in, I'm tho way Of business. s3D 900 a week In
silver cxicans. trades. and subsidiary coins
with which they can do nothing whatever. Tho
banks say they have no storage room. The
| fractional currency Il n legal tender Tor hve
dollars only. and tho McNicans and trades not n
legal tender ut all, so that the creditors OF tho
company cannot be paid in them. Intrinsic
ally, this $4,000 Is only worth about s2G,QOO.
| making weekly loss of - 900. The letter
closes by asking II the Mint will redeem its coin.
! or suggest any way in which the company can
/ get rid Of IL. An answer has been sent saying
/ that the MeXicans and trades are not legal tcn-
! der. and can be refused 10y the company. but no
! remedy exists Us Tar US the subsidiary coin 10
| concerned.
Tho House ut its last session passed a law
| providing that the subsidiary silver coinage.
| the faciOna currency TINT is. should be re-
| tipes thereof, but tho blu was not passed by
| the Senate. The same dimcultyis fc!t by other
| dealers ut retail with large daily sales, but no
| remedy EXISTS. In the West especially in KAN
| sns ana Texas. some Of the local banks went
! into the speculative Introduction OF Mexican
/ dollars. huyng tiNm ut cgl mine cents ana
| passing thcm out at n hundred Now TINT the
| only silver dollar with legal tender quality.
the standard silver dollar, l. out. the other COINS
| have dropped 10 thoir intrinsic value they are
! coming back to the banks which find some M
| Guilty in rejecting the money they nnld out: one
| If two banks in Omaha put tl5uOO into trades
| In u speculation OF this sort. and it, rival by
| small but timely importation ot STANDARD silver
its neighbor's " trades" some ton or twelve per
| cent