Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1883-07-05
THE TRADE DOLLAR.
The Government not Responsible
for its Circulation.
History Of the Coir, lis fIUctuating Value,
and Its Disgrace -Some.Valua
Information.

W,.mN"ros. July i-!n an interview
with Il. +. Preston, Acting Director OF the
Mint in which that gentleman gives the
history OF the coinage OF the trade dollar
and of the circumstances which have com.
bined TO make il Objectionable as a part OF
the currency, he Is squoted as saying The
trade dollar was authorized TO be coined oy
ihs act OF February ~ 1873. II was not m
'erdtd for circulation in the United states
bat for export to China.
That Empire
possesses no mint for the coinage OF gold
or silver. and depends upon foreign coins
for IL domestic circulation, and until the
institution Of the trade dollar the principal
hrrmerts OF coin TO Chira were in the
form Of Mexican dollars. II was designed
% compete with the Mexican dollar, and
20 that Purpose was made trihe more
yn.usble, shout two mills per piece. IL
therefore not only Afforded n market Tor
The surplus silver Of the mines on the Ps
cite Coast, hut furnished merchants and
importers from China win silver N con-
yeLient form 70: Payment Tor commodities
instead Of their beIag Obliged 10 purchase
VI. Xican dollars 70. that surpose.'
o. the Fluctuations
in value OF the trade dollar. Mr. Preston is
quoted as saying that 81 the time the coin.
age Of this piece was authorized, silver bull
lion was worth in London about 50 l5-lGd.
per ounce, British standard, at which rate
the intrinsic value OF trade dollar wss
81 li3. IL in gold. rs average value during
that year 1873 was 81 03.3 10 gold. In
July, 1876. silver had fallen To the lowest
price on record, and the bullion value OF q
trade dollar was only ~ I cents in gold. In
december Of the sBme year II was lOl
cents. ard since that date II has fuctuatsd
within range OF l3 cents 10 the dollar. un.
Ill at 10 days London quotation for silver
bullion Il Il worth only oI.i9 cents,
Mr.. Presssn
ia repo.ted as saying OF the legal tender
1rs,ity OF the dollar that 10 was . legal
tender until July %, 1876. when Congress,
w ioint resolution. abrogated the legal.
tender quality. This resolution also re.
st!icted further coinage 10 the actual eT.
port demand. II was found, however, that
;be Jaw was eysded by persons who made
affidavit that the oCin was needed for eI.
port and shipped Il 10 China apd back
sya!n 10 tee United States where II was
put in circulation. Mr.. Preston h also
quoted ss kaying that il 10 . mistake TO
srppose that the trade dollar 10 Govern.
,ptf.t coin: thst "under the ooinsye oct
which authorizes the
CSlnsxe et Trade Dollars,
these pieces were coined for depositoss OF
diver bullion at the mipts, and . charge
imposed for coinage nj rate not 70 exceed
the actusi cost To the Government Of nan.
1tacture. By this sct any owner q silver
billion could have the same coined into
l trade doiisrA They therefore we're not -.
syed or paid out by The Government In
| esyTnent Of oblissfIons o. exchanged -
otbe, money. Tn standard silver deilai
| snd silver fractional coins are coined nom
silver bullion purchased by the Goyefn-
| ment tor that purpose. and on its Own ac-
CONT, and are not coined for dspositoes
differing in this respect from the tfsde dol
| lar Which wss coined.
The Tsuth
| Ia tEat The Government has endesvofed y
| keen tie trtds dollar In its lawful snt
proper channel, and that from ignorance o
tbe law relative 70 this coin people have
| taken them IL ordinary busipess tfanxaa
| tons when they could have lawfully n
| fused. When asked What remedy =
uould propose. Nf. Preston rspiie'i
There Is none. Unless Cossress takss q
the matter snd lsgislates upon = -
idea wotid be 70 call ail the coins 10 al
.eteem them" and he added inst Congfea
would have 10 settle the rate % ~h-cn the
should be redeemed.
Hn List AseSasSSo-tu . Daseeeo.
| s1zAsros, PA. Jcly During the c.!
brst.on at Montrose today, Prof II
Ludburn, Q bailoonist. attempted 70
an ascension. When at . height Of tori
feet the trspene rope csught on srs
hurliDg him yio entity TO the ground =
! struck UPON rock and sustained hs
| ture of the skull and internal intuTt.
. | y hich are thought 70 be fatal ne ~
. | lies in cri'.tsl copaiiiga .. The Ssp1n