Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-06-27
THE MEXICAN DOLLAR.

A correspondent inquiries of us how it is
that so many Mexican dollars are afoat in the
community, what flooded Memphis with them,
and how they came to pass for hundred
cents when they are worth much less? In the
article which drew out our correspondents
question, we stated that our own attention
was called to the matter by seeing so many
inquiries about these dollars appearing in
tine newspapers all over the country. They
are in Memphis because they are everywhere,
and therefore naturally reach our own city.
The st. Louis Republican recently mentioned
that one bank in that city mad received ten
thousand of them. When there was such
fever some months ago about the silver dol
lar, number of shrewd operators imported
them largely, and sent circulars TO large man
ufacturers in all directions offering
to supply them with Mexican dol
lars at good discount from
their nominal value. Many INSCRIPTIONS
peorle bought these dollars and with them
paid the wages of their employees. This was
of course pure fraud, and it is by frauds
such as these upon the working man that
communists are made, and only unconscien-
tious employers would equity of them. The
trade in Mexican dollars was found ito pay"
and it went on increasing until, as was shown
by an extract the APPEAL published on
Thursday last from the New York Shipping
List, it is suspected that these dollars are
coined in New York for circulation in this
country, whether with or without the knowl-
edge and concurrence of the Mexican gov
ernment is not known. This fraudulent issue
is keeping the American dollars out of clrcu-
lation. The secretary of the treasury has
arranged for sending American dollars to
the depository national banks at the expense
of government, yet since that arrange
ment was made only forty-fve thousand
of those dollars have been called
for. This is annoying the treasury,
for over eight million coins have been minted,
of which only one million fifty thousand have
been called for. One million one hundred
and fifty thousand silver certificates have
been issued, six hundred thousand of which
came back in payment of customs duties.
The treasury and sub-treasury vaults are
filed almost to their full capacity, and the
officers of the government are anxious to get
the coins into circulation, as it now looks
as if no less than fifteen million silver
dollars would be accumulated in the treasury
vaults by the time congress meets again.
Yet, while this is the case, the Mexican dol
lar is pushed into general circulation by men
who make six or eight cents by every dollar
that is frauduIently pushed off among the
people. Our correspondent asks now these
coins ever came to pass for dollar if they
are worth only ninety five cents? They are
not worth that amount; but if our
correspondent will look at the table of
quotations In our financial column,
on the third page of this mornings APPEAL,
he will see that he can buy them at ninety
five cents of the brokers. We are told, how
ever, that some of the brokers refuse to coun-
tenance the fraud that is going on by selling
them. How they come to circulate for hun
bred cents came, In the first place, because
cheating employers paid them to their work
men, who could not refuse them without
losing their situations. They are taken now
because there are newspapers that talk about
them as being good, solid Mexican dollars, Of
more value, intrinsically, than American dol
lars. They are solid enough, it is true, and
they are good for ninety-o one or ninety-two
cents. AS for intrinsic value, a Cuban dollar
is intrinsically worth as much as an Ameri.
can greenback dollar, but dozen of the lat
ter will buy handful of the former at any
store in Havana. At an early day ninety
! five cents will be all that can be got for the
Mexican fraud, and everybody that has q
hundred of them will lose FIVE dollars on the
morning the change takes place, and thai
morning may come tomorrow. This is VIII,
those who know all that we have told eithe
refuse to receive them, as all the banks do
or pass them away again as quickly as posi-
bic. When there are millions of American
dollars in Washington awaiting circulation
and when Mexican dollars can be bought il
New York and other cities for ninety-tw
and ninety-th cents each, why should an,
sensible person take them for a hundreC
cents?