The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1883-08-02
How the Trade Dollar May be Turned
TO Account Once More.
lSan Francisco Chronicle.

There were 35,959,360 trade dollars
coined in all. 1t is not known whether
they are all in the country now or not.
If 30,0U0,000 of them are in existence,
which is not over an estimate, there
are just 100000 in the job which
has been put up in the East in rela-
ton to them. The effect of the pop
ular decentralization, which is now in
progress in New York and Chicago,
is to reduce them to bullion value, or
80 cents. The greater part of them
are now perhaps in the hands of spec
ulatorS and brokers at that figure.
The brokers are only acting for other
parties in the background. TO col
lect these dollars new at 80 cents, in
the hope of getting congress to give
100-cent dollars for them in exchange,
is perhaps too long a game. Congress
will not be in session for some months
yet. If there is any scheme on foot
to force such proposition through,
it could not be accomplished inside of
saven or eight months. The loss of
interest for that period would greatly
reduce the 10 per cent that there is in
the project.
But there is reader mode of TAX
is a scarcity of Mexican dollars at
there is less to send us because of the
demand for the coin for railroad ope-
rations in Mexico. That is a demand
that is likely to go on increasing. If
trade dollars secured att New York
and Chicago at 80 cents can be worked
off at par in Mexico, or used to make
mr. ~ &c fn
cur in the China trade, 10 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 re-
member the days when all sorts of
foreign coin circulated. The franc,
worth 20 cents. was taken for % cents.
The rupee, worth "A cents, readily
passed for 80 cents.
Felix Argent and others made
large sums by importing these coins
and circulating them on the par of
American coins. But when all the
supply was worked off, the financial
edict was issued that foreign coins
would no longer be received at the
banks except as bullion values. The
people made the loss, but could only
grin and bear it. 1t was all right |
on the face. The course of the
banks was conservative. But they
did not lose anything. Another case
of coin manipulation, but of a differ
ent kind, occurred about the same
time, in connection with a mint at
Hermosillo. The Mexican officials,
without knowledge of the |
fact, were receiving large lots of bull
lion which contained a heavy percen-
tage of gold. They continued to coin
their dollars all the same, which, how
ever, in consequence of the gold were
worth $1.l5. Parties in this city be-
came cognizant of the fact. They
to get possession of nearly
81, 100000 of the issue, and made the
difference by putting the coin in the
pot.
1t is quite evident that something
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 up here at 80 cents
and shipped East, where it was to
some extent passed at par. The ex-
pense of transportation mas, of course,
to come out of these operations. But
that could not exceed / per cent.