Northern tribune. [volume] (Cheboygan, Mich.) 1875-1885, 1878-11-23
The Silver DNllar,

The New York Clearing House Asso-
ciation-ap association composed of the
banks and bankers of New YOrk-has
decided to aid the sumption OF specie
payments by receiving ami paying out
gold and greenbacks OH exactly equal
terms after the first of January. But
there is another decision made by this
association. which should attract grner-
al attention. The banks of New York
decided 10 receive SILVER doll irs on de-
post only under special contract to with
draw the same in silver. That is. the
New York banks Will not receive silver
dollars par; and will not give either
gold or paper tor silver. Further, it
IVES decided 70 prohibibit payments of
balances at the Clearing House in either
silver certificates or silver dollars, except
TO the amount OF ten dollars or less in
silver in any one settlement. That is,
the banks of New York Will not treat
silver us equal TO sold or paper, except
tor such small sums rs ten dollars or
less. Here Is an instance which the adj
vUc:tes of fiat money will TO well o con-
slider. The government OF the United
States by law declares silver dollars II
inll legal tender, equal to gold dollars,
though really WORM only abOnt eighty
three cents. This is the fiat of Govern
ment. But this fiat cannot IN Ike any
body take the silver at par. except in
payment o; debt. The fiat of Govern
ment cannot make the merchants re
ceive the silver dollars Tor gO;.ds, or the
banks take them on deposit, or circulate
them, or any body take them tor any
purpOsh. except a creditor receiving
| them from his debtor. And these New
| YORK banks, fifty in number, hive decid-
ell that they will tot lake the silver dor
lars. nor ci; ctilate them, except aS mere
| change, in sums OF ten dollars or less.
They will not even r crive them OH dc :
| post, except uHder special contract
hat the dcpOSitor Snail draw nothing
| but silver.
The reason for tins action by tie
banks OF New York was sct forth IN an
address made by the b ,iks to the Secr,.-
tary of The Treasury. They say quite
truly tn Il the silver dollar is not worth
IA COLLAR; that it Will not buy dollars
worth of goods from any foreign coun-
try; that The importers cannot use it;
travellers going abroad cannot use it;
banks can't make exchanges, drafts, let
tiers of credit. or do any kind or sort OF
| business with it i'll Canada. or Europe
or any other country; that, whenever il
Is used Tor purposes where real money
OF iuli Value is required The American
business man II IS TO suffer dead loss OF
one dollar in every six; that to measure
domestic Trace by standard worth only
eighty, hrte cents. and at the same time
measure foreign trade by STANDARD
worth one hundred GEMS. will be i'm
practicable. The banks are not hostile
TO The use cf silver. They do not d..
mand gold as he exclusive coin OF H.
country. But they want the silver COLI
made worth iull dollar if they are eX
pcctcd to handle it. or TO help force it,
circulation Oh the business OF the coun
try. They have no objection at all to
silver dollar, actually worth par in green
bucks or gold. This is lot figh
against silver; it is only a refusal te hell
circulate eighiy-:hree cents worth o
silver for dollar. when it takes one hun
dred cents worth OF gold or paper Il
make a dollar. If Congress will make
the silver dollir actually worth dollar
these objections will disappear.-Dctroi
Post and Tribune,