The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1884-04-10
Deferred MATTER
Trade Dollar.

Probably there is no action of Congress
that reflects so seriously on the good faith
of the government and has operated so
wrohgfnlly OH the people as the legisla
ti0n on the trade dollar. In 1873 ar act
was passed authorizing the coinage Of the
trade dollar and making il legal tender.
Under that act about $4,000. 900 were
coined, and, as tate.l at the time intended
for trade with China. Much of this cur
rency entered into the trade Of or coun-
try. But whether it did or not, the gov
eminent stamped it as a dollar and made
1t legal tender. In 1876 the legal tender
quality was eliminated by act of Congress
thus debasing The government S own is
sue. After this act $40 600 600 more were
coined and passed into the channels of
trade The public, at the time, did not
generally know that the trade dollar was
not legal tender until it had passed into
the hands of the people. Then a scheme
was put on foot by spectators to make a
turn OIL them. The banks refused to
LfceiTe them except aJ i discount of
10 or Is per cent-about their bullion
value although they contained grains
more silver than the standard dollar. -
When the great bulk of them had passed
into the bank at this depreciation. but
a short time expired before the announce
ment was made that the banks would re-
ceive the trade dollar for a hundred cents.
They held the great bulk of them that
were i'll circulation in this country. With
the announcement that they would be re-
deemed 10y the banks as dollars, the banks
commenced paying OH. for q dollar that
which they had taken in at s5 and 80 cents.
When they had gotten pretty well distrib-
uted among the people, it was again de-
clared that the banks refused to receive
them except at their bullion value, and
that is their status now. No one can well
calculate the aggregate loss to the people
by these several turns of the sharpers
with the trade dollar And Congress is to
blame for it, for the act of 1876 destroy
ing the legal tender quality of the trade
dollar. brought about the fluctuations in
the current value of the coin.
There is now a bill before Congress pro-
yiding that the trade dollar shall be re-
ceiyed at it's face value in payment of all
dues to the United States and shall not
again be paid out or in any other manner
issued. 1t further provides that they may
be redeemed in standard silver dollars at
the United States Treasury on presenta-
ton, and then transmitted by the govern
ment to the mint to be coined into stan
dard silver dollars-the bullion so pur-
chased to be deducted from the quantity
authorized to be purchased for the coinage
of silver dollars under the Bland bill
S2,000,000 month, we believe.
1t is time something were done with this
coin to get it out of the Way. OF course
the spectators, who. have gotten it at a
discount, viii make nice thing of it
should the bill pass, but be this as it may,
the coin should be redeemed by the gov
eminent at its face value, so that the peo-
pie may be protected from further losses
by the manipulation OF spectators and the
faith of the government maintained.
-
After the above. article was in type for
the last issue Sof the VIRaINIAN, the bill
referred to passed the House, with
the fourth section stricken out. That
referred to the bullion value of the trade
dollar called in being deducted from the
amount of bullion authorized to be pur-
chased each month. out of which to coin
standard silver dollars at the rate. of
100000 per month, as provided in the
Bland bill.