The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1883-06-30

Trade-Dollar Panic.
WAR IN NEW YORK TO DRIVE THIS MONEY
OUT OF CIRCULATION --ExcITEMENT on TUE
SUBJECT.
The New York Times OF Yesterday had
the following: Printed cards were hung
up In very many places throughout New
York Thursday reading as follows:
Notice to Customers. Tradc-dollars will
not be received here after July LIST. The
Government Will not receive them for dues.
but will only buy them az the price Of sill
yer. Now worth about s5 cents.
Holders Of
THE "B0YCOTTEDn DOLLARS
were excited and nervous. and those who
mad large amounts OF them expressed the
opinion that the Government was n
" downright fraud" IL should. these peo-
pie thought, pay 100 cents for every one OF
the dollars issued. Those persons who had
small amounts laughed over the matter,
saying that they would be able TO get rid
OF the dollars without loss. Some OF the
brokers would pay 90 cents for them, but
the most prominent among them would
not give more than rs cents. The commit
tee of five appointed at the meeting OF
iaTm-produce merchants TO devise means 10
drive the Objectionable dollar out OF circu-
lation was much pleased Many merchants
who were not willing 10 sign the agree
ment 10 refuse the coin at It's nominal value
after July 1st would not take them ycster-
day except at a discount.
THE EXCITEMENT
over the matter was increased during the
day by the appearance OF a placard which
ELL l.. Il
Demand good money Tor your labor and
goods, Traae-dollars will not be received |
after July |. 1888. The Government will |
not receive them for dues, but will only |
buy them at the price OF silver. now about |
S93 cents" Copies Of this were exhibited |
in bar-rooms, were posted on dead walls, |
and seen in all places where they could al
tract attention.
IL was ascertained that the author and |
publisher OF the placard was James K. |
Thomas, OF No. 81 Wall street. lie said TO |
a Times reporter that he had deep inter-
eSt in the question, "a he had watched the |
growth OF the trouble from the beginning. !
- The difficulty arose among the produce |
merchants on the west side. They receive |
these trade-dollars at par from the retail |
yrOcerS, who in turn receive them at par
rom llltlI GuSlOlntI>. W litti II EfOttI 8tlN /
! lot OF trLde-dOllars, about the only thing
he can do with them is TO pay them over 10
MS produce merchant. When the latter
gets a lot Of them he cannot bank them, be-
cause the banks will not take them.
THE CONSEQUENCE
: that he is compelled to sell them to the
brokers' at discount. Then down comes
he manufacturer, or any man who has 4
arge number Of employees, and buys them
It, say, % cents from the broker, who paid
ID cents for them. This manufactures pays
)f his hands with them, and the next
.hing you know they are back in the cof-
ers Of the produce man. He can't pay the
farmers with them; he sends them checks.
The result is that the produce man suffers
loss. know firms who have lost from
81, 200 to 81, 800 in year in discounts on
Now the keepers Of small
stores find that the produce men are re-
using trade-dollars, and they must in turn
10 the same. Thus the poor man is made
he sufferer. and his only plan il to refuse
@ take the miserable coin. Why, they're
WORTH ONLY SO CENTS EACH
o melt up. No one ought TO take trade
lollar now, and after July 1st no one will,
lnless he is ont OF his senses. Brokers
old me to-day thai these coins would be
lown to 81 cents before the close OF bust
less. / don't know whether they did so,
,ut know that | sold some about midday
or 90 cents each. / can't do anything else
With them. find that many persons are
eceiving them now only for their actual
-alue, and that is what every one should
TO-"
A west-side banker and broker, who has
andled larger amounts OF the coin proba- [
Nv than any other broker In the city, said {
hat while it was profitable adjunct to his
BUSINESS, it had so many disagreeable fea-
ures that he was glad TO be done with the
natter, and he was the first 10 refuse TO
,ay more than 90 cents per dollar. lie
vas the first broker yesterday 10 de- ;
nand discount OF ID cents, and he
that there would not he a gro
er i'm New York on Saturday who would
axe the dollar for more than So cents.
rarious opinions were expressed by pro-
luce merchants as to what the Govern
1ent should do in regard to the redemp- I
ion OF the trade-dollar. Some were OF the
pinion that it should be redeemed at par.
: its circulation had been countenanced
" the national authorities. Others be-
ED responsible for the losses OF holders,
nd that the dollars should be melted into
ars and the silver sold for what it was
,orth. According to the report OF the
irector OF the mint, the total issue oftrade-
ollars is $50, 9j9,36O.
THEIR VALUE.
The New York journal Of Commerce,
Which is an authority, says The dollar OF
12s grains is a legal tender, and creditors
an be forced TO take them when offered;
mt the trade-dollar, although weighing
20 grains. is not legal tender to or by
he Government, or between individuals,
nd no man is compelled to take one on
ny pretence whatever.
Laugtry-Gebbard Cottage.
THE Observation-Disclosures sOhMhh-
An 4 ~ u A