Alpena weekly argus. [volume] (Alpena, Mich.) 1871-1893, 1884-01-30
Where Trade Dollars Arc.

"What has become of all the trade
dollars?" inquired reporter as he
rubbed up against the cashier of one
of the largest banks in the city yester-
day.
LOCKED up for false pretenses, was
the brief answer.
False pretenses?" exclaimed the
scribe.
"Now, you see, the trades paraded
around and made people believe they
were worth full dollar, but ut last the
citizens tumbled and the trades were
locked up for eighty-fve cents, but ]
hope not for eighty-five years. con-
tinued the cashier. The loss does not
and will not fall upon the banks,
because they had but u small amount
of the dollars on hand. You see the
bankers received friendly tip of what
was coming, and they unloaded SO far
as they could. OF the whole $500 Ma
tional banks in the country, do not
believe any one of them has larger
pile than 10000 of the trades in its
vault which it will be obliged to wait
to realize upon"
''But the banks have plenty Of the
dollars hidden away" said the re.
porter.
"Bless you, yes; but not on their
own account" replied the cashier.
"Just as soon rs the scare came the
tradesmen who had the pluck to take
them at par sought the banks and de-
posted them, as cash representing
eighty-five cents. For instance, 10000
of the trades entitled the depositor to
draw from the bank upon his usual &C
count S8,500 Then other persons
whose credit was known negotiated
bonds and put up the trades as collat-
eral. The usual interest was generally
charged, but in many of the cases the
percentage was small. Just what is to
be done no one appears to know, be-
cause no concerted movement has been
made looking toward the redemption
of the trades at par. One gentle
man, who Is out of active business,
bought 10000 on speculation. Some
he purchased as low as eighty cents.
He merely hired n space in safety de-
post company. and had them locked
up until Congress speaks. Two large
brewing firms in this city have, one
10000 and the other 10000 of them. A
clothing house has 10000, and so it is
all through tho list, coming down TO
the person who has 5000, and so on.
Probably one Of the largest individual
holders is the Reading Railroad Com
pany. This concern continued to re-
ceive the trades until the last horn
blew. guess they were current up
the Schuylkill Valley for some days
after they had been called in by tho
popular cry in the large cities. One
bank in Pottsville has 10000 which it
would gladly turn out at par. Nearly
every miner and trader has some in tho
coal regions, especially those of a fru-
gal disposition who did not deposit
In bank, but kept their little
savings in the old stocking at home.
Here's point on this question that
! will not charge extra for. have
heard people say: We won't vote for
this or that candidate for Congress un,
less he promises TO have our trade
dollars redeemed at par Now, sup
pose he says yes TO the demand. II
would be bribery, because he would be
paying fifteen cents vote, as the
market value stands now. But there
are more ways Of killing dog than
choking him to death with butter, and
II the people refuse to vote for man
unless they know he will help to remove
the nuisance, you bot all your trade
dollars II will be DONE"
At the United States Mint q few of
the Objectionable coin have been re.
ceived for melting up, but the figures
are small.
A United States Treasury official says
that there are at least l5,000.000 trade
dollars in the New York hanks, and
that II Congress can be induced to
legnlizc tho coin there Is mt least profit
Of $4,000, 900 in the scheme. -Pn,laeiel-
phia