The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1882-03-09


lery we'll until 1884, for, until that time,
silver was practically our standard, except
for n few years. Our gold coins were
worth more than our silver coins OF
the same nominal value, and were,
therefore. exported, while the silver coins
remained in the country. Congress, had
made 10 to the legal ratio, and in so doing
had oyeryalued silver. However, for thir-
teen of the first twenty-four years after
market ratio averaged below 10 to l: The
average was above that ratio in only one
wear from 1902 to 1869. The consequence
was that silver coin instead OF gold was
exported. In 1906 the coinage of silver
dollars was discounted by order of Pres
ident Jefferson without asking permis-
sion of congress. The reason assigned for
this rather arbitrary act of "demonetiZa-
tom was that the silver dollars were eX-
ported about as fast as they were coined.
Though the coinage. of silver dollars was
not resumed for thirty years, yet the rea-
son for not coming it practically disap-
peared in 1909, for from that time for
ward, except in 1918 and 1916, the average
ratio was above Is to l, and the tendency
was to export gold instead of silver com ON
SO strong had this tendency been from 1916
to 1884 that IN the year last named congress
changed the ratio from Is to l to nearly IL
to 1, for the purpose Of stopping the export
of gold.
something more. 1t had before rated silver
ut more than it was worth; it now rated
silver at less than it was worth. The re-
suit was that silver was exported instead OF
gold. The fractionals took their departure
along with the dollar pieces, and soon there
was very annoying scarcity OF change:
This was relieved at times, as the market
ratio and the legal ratio, approached each
other, but in 1858 the Inconvenience
had become so great that con-
gress reduced the weight OF
The fractional silver coins nearly per cent.
Silver of the nominal value of u dollar was
then worth 1926 in gold. The lighter
tractionals were, therefore, worth about ~
cents in gold. Ofcourse, they were not ex-
ported, and from that time forward until
our deprecated paper had banished coin
from circulation there was no lack OF change
in the country. But the, legislators OF 1893
did not propose to give debtors, public and
private, a license to repudate 8 per cent. of
their obligations. Accordingly, they en-
acted that the subsidiary silver should be
legal tender to the amount OF 50, and no
more, in any one payment. In all this con-
gress simply did as Great Britain and other
countries had done; it insured supply OF
change by reducing the the fractional rae tRa
same time avoided any degra-
dation of the standard or injury of credit
ors by limiting both the total amount and
the legal-tender capacity of the fractionals.
Since the summer of 1879 these coins have
been legal tender TO the amount of $40 in
single payments, but they are also redeem
able in full legal-tender money, so that
creditors are fully protected, except against
silver dollars.
THE debt of Charleston, South Carolina,
is over 81 100000.
T. c. Weeks has handed over $203 800 to
the directors of the Pacific National bank
of Boston, thus completing the fund re-
auired for the resumption of business.
The savings bank deposits in New York
CITY have increased within a year sis, 900,
OO0-more tsan half the total gain of all the
savings hanks of the state. The interest
naid out in New York city last year was
over 81, 500 900. The depositors in that city
Gre grand army, the open accounts num-
Abering 100000.
Y A Sankauptcv billnas 'c--cn as-aed upon
NE senate committee and will be re-
l,ed Monday next, if opportunity offers
smbers of the committee are practically
luminous in favor of the bill to be re-
brted, and it will be vigorously pressed to
passage. Senator ingalls, will have charge
of the bill.
The Wall Street News says: On Wash
1nRtOn DlTInuuy jay Sellb lOI otftIdl
capitalists, so we are told, and after showing
them what desperate plight the market
was in and what widespread ruin would
result unless moneyed men came to the as
sistance, borrowed several million dollars
from them to use in buying stocks enough
to check the tide The curious manipula-
ton of the market since then has been due
to the liberal use of this borrowed fund in
the purchase of stocks. As long as this
money holds out stocks will be strong.
When it gives out there will probably be a
ton. Everybody of sense is selling out
Is fast as prices get up where cost cSr |
dragged out of the whirlpool. From
Ene to time, for months past, these enc !
"A, alta have been administered to the. sink |
ing patient, but the lapse of time finds him |
in a still weaker condition, and more pow
erful enemata are required at each opera
ton to prolong life.
DALLAS EXCHANGE AND COIN.
Buying. Selling. Buying. Selling |
N. Y. Ex. KaxPar@k St Louis .k@%ParaA |
Chicago. .k@XParGA n. o.....h@z Par@h |
Galveston x ParGA Houston..k Pargz |
Exchange, all points x TO \ discount Sterling |
sight al IS Francs, sos 10. Marks, %. |
Trade dollars. E. scots. Mexican dollars. scots |
Mexican halves. 40cts. Mexican quarters. lbcts /
COMMERCIAL.
DALLAS, March 6.-The so-called citizens |