The new dominion. [volume] (Morgantown, W. Va.) 1876-1904, 1883-07-21
A TRICK OF. THE TRADE.
How the Trade Dollar May be
Turned TO Account Once
More.

More.
From the San Francisco Bulletin.
There were 36,959,3eO trade dol
lars coined in all. 1t is not known
whether they are all in the country
now or mot. If 100000 of them
are in existence, which is not an
oyeresrimate, there are just So, 000,-
o0o in the job which has been put up
at the east in relation to them. The
effect Of the popular characterization
which is now in progress in New
York and Chicago is to reduce them
to bullion value, or ninety cents. The
greater part of them are now perhaps
in the hands of spectators and bro
kers at that figure. The brokers are
only acting for other parties in the
background. To collect these dollars
now at 80 cents, in the hope of get
ting Congress to give 100cents dol
lars for them in exchange, is!perhaps
too long game. Congress will not
be in session for nine months yet. If
there is any scheme on foot to force
such proposition through, it could
not be accomplished inside Of seven
or eight months. The loss of inter-
est for thatsperiod would greatly re-
duce the ten per cent. that there is
in the project.
But there is reader mode of
making thez"turn." We know that
there is scarcity of Mexican dollars
at this port. The explanation is that
there is less to send us because OF
the demand for the coin for railroad
operations in Mexico. That is de-
mand that is likely to 60 on increas-
ing. Iftrade dollars secured at New
York and Chicago at ninety cents can
be worked off at par in Mexico or
used to make up the deficiency that is
likely to occur in the China trade, ten
per cent, or very nearly that amount,
can be realized right off We are
somewhat familiar with these little
games in this city. The old residents
will remember the days when all sorts
of foreign coin circulated. The franc
worth twenty cents, was taken for 25
cents. The rupee, worth A cents,
readily passed for half dollar.
Felix Argent and others made
large sums by importing these coins
and circulating them on the par of
American coins. But when /, II the
supply was worked off, the financial
edict was issued that foreign coins
would no longer be received at the
banks exceps at bullion values. The
people made the loss, but could only
grin and bear it. The course of the
banks was conservative. But they
did not lose anything. Another case
of coin manipulated, but of differ
ent kind, occurred about the same
time, in connection with the mint at
Hermosillo. The Mexican officials,
apparently without knowledge Of the
fact, were receiving large lots of
bullion which contained heavy per-
centage of gold. They continued to
coin their dollars all the same, which,
however, in consequence of the gold
were worth $1.15. Parties, in this
city became cognizant Of the fact.
They managed to get possession of
nearly 100000 Of the issue, and
made the difference by putting the
coins in the melting pot
1t is quite evident that something
equally sharp is being done with the
trade dollar now. There is not much
doubt but that it was originally ex-
PEELED from the city on speculation.
1t was gathered upshere at ninety
cents and shipped east, where it was
to some extent passed at par The
expense of transportation has, Of
course, to come out Of these opera
tons. But that could not exceed one
per cent.