Daily Los Angeles herald., 1878-03-20

Francisco bankers before the
silver commission. He remarked
that only two objections have been
presented against continuing the
coinate of the trade dollars.
First That it would interfere
with the circulation of the stand
ard dollar. 70 meet this, Davis
proposed, for the present, to limit
the coinage of trade dollars to
$759, 900 per month, to be coined at
San Francisco only and to retain
them in government vaults, to be
withdrawn only for export.
Secondly-It was objected that
we have not now mint capacity to
supply standard dollars. If so. he
replied, restore the mint at New
Orleans and buili new ones. Do
not cut off so valuable all outlet for
so important a product of the
country. 1t would be like saying
you should not make shoes for the
West Indies or calicos for Mexico.
Davis appealed to the friends of
silver remonetiZation to keep open
this outlet for silver as one means
of raising its value to the gold
level. He argued, also, that the
Japanese and Hongkong mlnts
were ready to occupy the field if we
abandoned it. In conclusion, he
earnestly urged the committee not
to endeavor to abolish the trade
dollar, and insisted that, although
it's coinage might be suspended, If
necessary, they should, If possible,
increase the capacity of the mints
so as to provide for its continued
coinage to meet promptly ana fill
every legitimate demand for pur-
poses of export.
Representative Wren, of Nevada,
next addressed the Committee,
briefly arguing that the coinage OF
trade dollars could be continued
under proper regulations in
amounts sufficient to supply the
export demand and that coming
should not be suspended for long
period at any time. He said con-
siderable fluctuations had been
caused in the price of trade dollars
in San Francisco by the sudden
and unexpected suspension of their
coinage, resulting in corners on the
trade dollar, and argued that the
power to coin at pleasure and sus-
pend the coinage at pleasure, is liza
BILE to great abuse and should be
taken away. He said the present
price of tho trade dollar in San
Francisco and New York is 5 or 6
cents above its value, as bullion
demonstrates its value and i'm
portance in our commercial trans
actions with China and he believed
1t had, from its first coinage to the
present time, been at premium of
several cents over its bullion value
in San Francisco. Its coinage has
made San Francisco in the past, as
it will make her in the future, one
of the principal silver markets
of the world. Wren also
supported the points made
by Davis in quotations from DR..
Linderman's book on money and
legal tender published last Fall.
Alexander H.Stephens, Chairman
of the Committee, remarked this
afternoon, with reference to Davis's
argument, that it had thrown n
flood oil light on the subject and
had completely changed his pre-
conceived views so that he will no
longer advise the abolition of the
trade dollar, but will, on the con-
trary, recommend to his Commit
tee and to the House the enactment
of legislation such IS Davis sug-
gested. He also spoke in compli-
M entary terms of Wren's supple
mental argument, but said that of
Davis was amply sufficient to-day.
1t seemed so certain that the
Committee would report and SO
probable that the House would pass
a bill abolishing the trade dollar,
that Sargent had commenced
preparations to tight it in the SEN
ate, but the danger of any such ac-
tion by the latter branch of Con-
gress may now be considered al
most wholly averted.
OTTAWA, March 19th.-In the
House of COmmons Bunster moved
that the government iESert 81
clause in all contracts for the con-
struction of the Canada Pacific
Railroad, that no man wearing hiS
hair longer than five and one-half
inches shall be deemed eligible for
employment in said work. He
went on to say that as the Chinese
residents of British Columbia were
Chinese subjects, this was the only
shape he could bring up what was
in reality II great national qnes-
sion. He referred to the immigra.
tion of the Chinese and contended
that, in many ways, their pres
ence in British Columbia tended to
retard its settlement and progress.
The motion was intended to pre-
vent their being employed on the
Canada Pacific Railroad. After
some discussion, the motion was
voted down.