Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-03-24
SILVER AGAIN TRoUsLE.

Notwithstanding the hundreds of tons of
silver dollars that are locked up in the gov.
srnmeDt nints, enough of them are outside
thOss receptacles to cause good deal of
mercastile Inconvenience. Houston, Tex, is
at present among the principal sufferers.
Tae banks there are 60 heavily weighed
down with what the people sin those dig
gins" irreverently call "stove-lids" and spot
hole covers" that they have addressed cir
s1lar TO their correspondents, saying that if
those inconVenient coins are sent to them
they shall have to charge remittauces with
what it costs to handle them. Il this one of
the tricks which, it is Cften asserted, are re.
sorled 10 for the purpose of obstructipg the
virrui&tiVn Vt the silver d0fIare Let u. eco
whether this is what the Texas bankers
are doing. A New Orleans merchant sells
goods to q merchant in TexaT, and draws
upon him, depoaitiRg the draft in his bank
al New Osieans, whence it i. cent 10 Texas
for collection. The Texas merchant pays in
silver dollars, which, being legal tender,
mast be accepted. II the current OF exch ange
b. 10 favor of New Orleans, when greenbacks
or gold are scarce the dollars actually re-
ceived must be packed into ks gs and shipped
to New Orleans. Here expense ia involved
in the case of silver dollars beyond what
would arise in the case of notes or gold.
Tnis at once axes the dollars objectiona-
BILE. There is no trick here. The difficulty
does not arise from any design of the banker,
but tom the unsuitableness of "pot-lids,"
silver though they be, as \ medium of ex-
change. The extra expense 10 the Houston
merchant disposes him, the next time such a
contingency arises, 10 offer a premium
fer gold in preference to buying
kegs, paying for packing, then paying
extra carriage for many pounds Of metal. In
this way, as well as in others, there is a con-
tinual tendency in the coins TO become sub
Jet to = permanent discount. A cein go sub
jscted is not desired, and therefore business
men who know how the case stands, are al
ways reluctant 10 receive them and DESTROYS
of paying them away. This fact again in
cresses the tendency tow ard discount, but
IN all this there is no mere enmity TO the coin,
thsre is simply experience of its neligibility
for the purpotes of commerce. The size
and weight of the coins, $4,000 of which
make a tos, their real valH being below their
nominal value, and also the fuctuating value
OF the metal OF which they are m ade, render
them unsuitable. Here is the reason why
the Boston and New York banks refused -four
years ago, to admit them at the clearing
house, or to receive them on deposit, except
when the deposition agreed to receive silver
in payment of his checks. These proceed.
in.s were rendered necessary by the ineliei-
billy of the coin, and was no concerted plan
in mere SenIeleas enmi,y 10 it. In view of
all the circumstances, 1t cannot but be re-
GREETED that Congress, along with the tariff
bill, did not cease that kind of protection"
that is given 10 the silver mines that consists
Of purchasing more than half their produce
every year to coin into dollars that are a
nuisance