The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1883-02-13
FINANCIAL AND COTTON
FINANCIAL

fhR New York mercantile exchange says the
icago lines urges congress, first 10 author-
the issue OF no money which 1t does not
he a full legal tender in the absence OF spe-
|c contract" and, second, TO restore 10 the
de dollar its legal tender function, aud 10
aceiye il and issue silver certificates for il as
low issues such certificates for the standard
yer dollar The gentlemen OF the exchange
that the trade dollar was issued tor exports
b in the interesto of producers of SILVER made
egal tender and then repud.a,ed." And they
Dress fear that congress may pursue the
nc vscillating policy with the standard as
lh the trade dollars, and. after forcing them
. circulation. may take away their legal-ten-
function aud unload them upon the commu-
hs worthy gentlemen of the Exchange do not
i'm 10 se aware of the fact that trade dollars
nc nc yer made legal tender tor more than s5
a single payment aud that even this was
Unbtless done by mistake. They were, indeed,
thorized in the interest OF the producers of
1ver, but they were not intended TO circulate
money in this country. They were au-
0Orzad simply as folm of bullion which
Vpuld command higher price In China than
0Dy other form of silver bullion. The act de-
nuving them OF their very limited legal-tenter
motion was not therefore. very heinous act
~ Reputation.
.At irst these coins would not circulate In this
@opntry at all. They would not circulate this
dc VI the Rockies, Tor tn reason thai We were
Qeing legal'tender paper worth Is cents on the
gQllar, or Whereabouts, less than the trades
They would not circulate even in California, be-
osuse they We're worth three or four cents more
nan gold dollars. But when silver bullion
Aed allen largely and greenbacks had ad-
vanced nearly 10 par, the trades came 10 be
vorin considerably less than their nominal
eQulValents, either in paper or gold. Then,
0nce they were coined on private accoent the
0Wneis OF the bullion bay only the very small
Qoet OF coming, 1t came 10 be u nice speculation
gel trades coined and palm them oil On work
ING men AT par. his thing was done on a
omewhat extensive scale in 1878 Had con
9tess at that time ordered the entire stuppage
~ TINS coinage, and offered 10 receive the trades
. par for public dues, there would have been
some sense in 1t. But 1t did nothing of the
1nd Trades fell to about 30 cents, and AT
mat price they were raked in by brokers who
hoped by taking advantage OF the silver craze,
induce congress to make them full legal zen.
% 10 ana per s saas poGSSs sy have Pr Tce
managed to work them of for more than they
are worth, holders are not entitled to much sym
pathy, as they had every opportunity 10 learn
just what the trades are aud what they are
worth Congress certainly need not be in any
great haste 10 go TO their relief so loAg as trades
are quoted at 99A TO 99}s in New foik.
AS 10 the proposition that congress should not
authorize the issue Of any money which II does
not make full legal tender, possibly the gentle.
men of the exchange may modify their Views
when their attention is calleu to the subsidiary
coin. 1t is hardly supp0sable that they rea ly
want to have this form OF money made a full
legal tender
With respect to the fear that congress will de.
prtve standard" silver dollars OF their legal
tender function. the worthy gentlemen OF the
exchange might about as well borrow trouble
Tor fear that the next comet will plunge into the
earth; Really, thele Is no danger whatever in
that direction.
THE foreign commerce statistics of the port Of
New York 10. the past week are very favorable.
The exports exclusive of specie) were 1884 lis
against s6,5H 500 the corresponding week OF
l62 The imports of dry goods and general
merchandise reached total of SS,3S $751;
egainst ,iO9553 the previous week, and u.s. SIS,
~ the corresponding week of 1882. The fig
ures III regard 10 the specie movement are par
ucularly gratifying exports (nearly all silver
N ounting TO $1,000, against &C. 6lo. 81 last year
when the balance OF trace was running
esalnst this country in consequence Of the ligni
crops vi 1851 The imports of specie for the
week were S75,Sl9, against IS, 1877 last year The
yotal exports (exclu i've of specle) since January
were s2S.2 S3I against SIS $685. 7s last year;
imports OF general merchandise, si3,059, 0l2
against Vs. J9.5Sl last year; exports OF specie,
Q,452.oll against Si,SlS520 last year, ANA i'm.
ports OF specie, s6lS2SS, against s,0l, SCI last
wear