New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-11-15
GROWING DEMAyD FOR SILVER DOLLARS
R1QUs,i FROM PENsIONaEs-"HY SILVER CON
T. PETFERRED TO SMALL NOTES.
10y TELEGRAPH TO THE TRmUNE.l

REQUEST FROM PENSlONaEs-hHY SILNE ER COIN
T. PRFFERRED 10 SMALL NO1Es
10y TELEGRAPH To THE TRRUNEl
WA,HNGroN. Nov. IA letter was recently re-
ceiyed at the Treasury Department from Mr Know-
foa. of Liberty Name. requesting in behalf Of the
pensioners who res de IN that vicinity, that their
eraI.erly payment which falls due on the 4th OF
next month, be paid to them in standard silver dol
llr- Tnls Is the first request ST the kind that has
been received at the Treasury Department. The
law requires pension agents 10 make all payment,
In checks or drafts and reply to that effect was
sent 10 Mr.. Knowlton. At the same time II was
pointed OUT that the pensioners might convert their
checks aud drafts into silver through NatOna.
banks any OF which can obtain silver from the
Treasury free Of expense for transportation.
Considerable amounts of standard silver dollars
are now finding their way INTO circulation III differ
ent and distant parts of the country. Tins IS
mainly owing to the fact that banks especially In
the West. need large sums Of money in small de-
nominations every fall Rather than send large
notes to the Treasury to exchange for small notes
and nav express charges both ways. the banks in
many cases have preferred to receive silver dollars,
ON which tne Government pays the cost OF trans
portatiOn.
In conversation with TRIBUNE correspondent
several days ago Assistant Secretary Upton, of the
Treasury Department, remarked that IN Western
tourney which he made some time ago he found
that people generally preferred to receive for small
payments silver dollars instead or II or - notes.
The small notes after long and hard usage become
So dirgy and defaced that one can hardly dis
tnguish their denomination, and counterfeit notes
arr as current ~ the genuine, because nobody can
tell which are genuine and winch counterfeit. Mi.
Ipton is oi the opinion that people generally. espe-
ciay those who live somewhat remote from great
money centres would regard with favor the with
d.aWal of the I'll and - gIeennacks ana tAe Suo-
sdtutI0u nf standard silver dollars IN their place
There are outstanding SZl4l+.s93 OF -
n.tes aud S2I.J0J.3l7 of IL notes. or about
$4,000 900 III denominations smaller tHan %.
AIr. Tptou seems inclined 10 think that II silver
could be gradually substituted for these the people
would nOt complain of the exchange, ana thal some
millions of standard dollars, at least would soon
become "a part OF the permanent circulating ne
dunn ON the 1st instant there were about
$4,000. 900 IN standard silver IN the treasury.
Abopt S27 600 coo is eqlired 10 be held against q
like amount OF SILVER cert!tica es ISSUED ana now
outstanding II appears. therefore, that the amount
of Standard silver dollars III the Treasury available
foT circulation il somewhat less than one hall the
amount o1 the II and ~ netes outstanding. III Is
noted that the anount OF standard silver 0ollars III
tie Treasury on the lSt of November was S1I0,2l6
les, than tne amount on tAr 1Sf OF October, nOi-
wltstandlug that about $1,000, 600 were coiGed III
TIE meantime.