Juniata sentinel and Republican. [volume] (Mifflintown, Juniata County, Pa.) 1873-1955, 1883-07-11
The Trade Dollar Scare.

On MONDAY u week july Znu tne
trade dollar scare broke out in Phil
adelphia in full force. The Record
in writing on the subject says, the
most friendless thing in Philadel-
phia yesterday was the trade dollar,
which bears the Mint stamp of the
United States Government and the
words ..In God we Trust" At many
places it would not be received at
any price. None CT the street car
conductors or the railroad ticket
agents would take these repudiated
coins, and even the beer saloons
hung out almost universal legend:
mo trade dollar received here"
What puzzled most of the general
public, which openly displayed and
boasted of its ignorance upon the
question of Congressional financial
Operations, was why dollar was
not a dollar, and more particularly
why one silver dollar containing
more silver of the same purity than
another silver dollar would he re-
fused and the lighter one taken with
out a word.
WHY TRADE DOLLARS WE'RE COINED.
The trade dollar is not money In
the words of Assistant United States
Treasure Acton they were never
legalized rs money. The Govern
ment cannot redeem them If Ii want
ed to do So" The Government
only puts its stamp on 420 grains of
900-fin silver, and thus certifies to
the fact that it contains 400 grains
which are 800 fine. For years the
trade between America and the
Eastern nations, principally China,
was carried on largely through the
medium of the old Mexican dollar,
which contained only about 412
of 900-fine silver The United
States Government saw that it could
dispose of about S35, 100000 of sill
Yer at a profit by coming and stamp
ing these dollars for China, which
were to take the place of the NIexi-
can dollars. So the trade dollar
were made and stamped. Any one
who wanted them could buy them
from the Governerment for 420
grains of 900-fne silver: that was all.
They were not put out as money. As
matter of fact, there are now about
5,000,0 1000 of these trade dollars in
circulation in the United states, and
the loss to those who have paid 100
cents for them at their intrinsic or
bullion value would be $750,000.
These 100000 dollars are part
of the 35,OO0,O00 stamped at the
mints, which never reached China,
because of the popular cry here for
a silver dollar before the Bland dol
lars were authorized.
THE BLAND, OR ''BUZzARD DOLLAR.
Although containing u grains less
of 90O-fne silver than the trade
dollar. the Bland dollar passes at
par. This is the result of the cheap
silver crv of 1878. Mr.. Bland, a
Missouri Congressman, succeeded in
getting bill passed through Con-
gress authorizing the coinage Of a
legal tender silver dollar containing
only 4l2t grains of SO0-fine silver.
This was 1.-The dollar of our daddies,"
authorized by an act of 1887, but de-
monetized by subsequent act of
1873. There were S,045,S33 of these
coins turned out by the mints be
tween 1887 and 1863. The act of
1878 authorized the coinage of Z, ,O00,-
600 of the BLAND dollar per month,
and there have been 145,OO0,0OO of
them turned out, of which about
35. 600, 900 ere in circulation. The
reason why they, although of less
intrinsic value than the trade dol
lar, are taken for 100 cents is that a
debtor is compelled to take them in
payment. They are taken by the
Government itself for duties and
for all obligations due to the Ma
tional Treasury. Business circles,
however, which regulate all values,
will not use them. In consequence
they are left to accumulate Ill the