New-York tribune., 1878-02-04
SILIER 1 BI RDEN.

EXCESSIVE AMOUNT II CIRCJLATlON
TROUBLE OF IIE BANk, AND 1IApisMFN Win
Ir-ELJICriNG sIrYrN CpIN> EXCEPT ~ SMALL
or>Nrrm.-pArY I>CrEAs, on A>NoNANCE.
The days of the tlade dollar appear to he
numbered a Ncw-YorE. And silver coin oi an demon
Nat tnn- ~, bccou, such 'ru III. Go .ri, that the
i-.ucipll banks are refusing receive b n large qunnh
.i, , ucput For several week, the excessive amount
of silver IN circulation h.' proven nuisance To rctu
dealers, widespread prejudice against tuc trade dol
lar g., -t,l from inc time when IL became generally
known that II Wac ], al touG,r. Bu tFIdc,pro pie
ami ci., toners rule. did net object to trade dollars
uu the Pos, Oi,c refused tu receive ,nrm ioi postage
-iamp. Fetal ur iubllug notsr, that receive large
quantities OF com rom their customer, mI.t he able 10
di.ttbu,c i in turn tn .ull amounts suffer lo.s of
from / to I,r cent al! the silver which
thry dispose Of in bulk II !, believed t1at
the numerous manufacturers IN NrW-Iogk and the
suburb. have accelerated the How Of silver Ia
Ncw-York They nave purchased. in many Instances
AZ or y Cruj discount, and used the silver at
par to pay tncir empioyc,, VINO Immediately throw II
INTO general circulation. TAc butchers. gr"crIs. and
small Irdcsp,Opir dui II mconYchich and Injurious to
business To cfu5, 10 lax" silver ana many ut then, 10
compensate for ts have already begun to charge an
extra per cent tlrr goods. Some, WHO do moi Ike
to charge extra cent pound to cover the silver dis
count are refusing 10 take t trade dollar Tor more than
% ccniS.
She trade dollar coined for commerce with China
and Japan and contains i2O grains II, intrinsic value
s rrcacI that OF two silver hafdoiars OF four quar-
tcrs which are only worth 81 aud ~ cent, in gold
silver, but legaltcndcr In sums Of -
Banks are diycrting silver from It's normal
trade channel 10y making it matter Of merchandise.
huying ii NJ li2 and = per cent. discount. and
selling manufacturers AT an advance OF q OF L perceh
Til, railway companies accumulate silver by the
barrelful Unless conductor Is compelled To do by
deficiency o. money in pocket he does not give bulls IN
change. The old-fa-moned three cent silver piece
with the star and the old and five cent pieces
ni-u dminutIyc coins, sinnncdby everybody. Many
passcngrs receive t" three cent pieces with grupblc
refuse to have thom at all The sixth Avenue railway
pays its employees entirely in silver.
The large uptown Dir, goods stores having many
clerks have been able to get no OF Their SILVER IN pay
ing of their employees No prjuiice against silver az
pears to exist NJ A. =. St,warrs. 1t Lord IaIl"r's
uptown house II was SdIJ, Frday, thdt th'l idd NOT
been conn cd to deposit silver. bu al the Graud'i.
house the coin had become dug Tue silver craze WAS
compared 10 incident given Oy Washington IRVING 10
his KuckrTbOcarr History. The Old Dutch merchants
of New Amsterdam made wainpun t'ne Indian money
a lrEaltndcr. Their lanAtc htlShnOis thtfcupon ana
brisk by buying wainpnm 0t te Indians ~ auad
vantage and Investing II IN the wares of the Dnich mer-
cnaut~ Eui when tine Dutch merchants wanted 10 buy
the Yankees the latter Iesed 10 receive "ampum III
Il Mncy's they have not had trouble from large
amounts OF silver, but frequently refused To
receive trade dollars in chang" Tue clerks of the store
have reported TO the employer thai some O tne gTOcts
and butchcrr from whom they bought declined To take
the trades dollar at less than per cent discount
Az the Bank of the Metropolis. F1urteenlhst. and
Broadway, II said that the bank was NOT taking sill
deposit, except from lew large customers, VINO
could we'll be- refused In every possible instance
silver was dcclined. Win $4,000 of 1t hand the
officers felt that thcy had about as much Of load
they OuGGt 10 carry.
The SXpcnny Savings Bank receives trade dollars If
Onl, three come IN at time. with small amounts
of grcenback, from customers. But IN amounts oi five
and dollars, they are not received.
silver not taken deposit "a; the East River Ma
toal Banh Gren Jonesst and Rroadway. unless the
drpo, agrees to make checks payable IN silver Tho
officers thought the people objected 10 silver dollars
mainly because they cumbersome. The bank could
receive the trade dollar because 1t legal
tender.
The Manufacturers and Merchants Bank, at Sprng-s
and Broadway, had very littlc silver offered Two or
three old customers deposited perhaps Sl0O III silver each
per week. One OF their cusOmers had said the trades
people raising The price o goods sold silver
basis; and one butcher known who charged extra
cent "a pound 10 silver customers.
At the Pacific Bank the officers said that they did not
silver except In very small amounts remarking
II the Government will not take its money don't
why We should They would take silver deposit
with the understanding that checks should be paid In
silver.
The Central National Bank Broadway has had
very little silver offered ana would not receive large
amounts deposit The officers report that they have
found easy to buy the trade dollar AT greater dis
count than one and quarter.
At the Iradesmens National Bank silver Ia received In
small amounts from Old customers. but s taken not
TO encourage spectators.