St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-09-05

ana SllV6T. l. n0 supply Oh Uno laUIof is ALL !
pie, and If the coinage was discontinued |
the tendency would be in the direction of
equalization of values with gold
Us. Prince president of the Savings Bank
of ST. Paul. gave it as his experience that
the supply OF silver was not equal to that
carried by the bank year ago, and was not
more than enough to carry on the legitimate
business of the bank. He said that many
had come in to get bills changed. asking for
silver dollars in return and the request had to
be refused because the supply was not
equal to the demand. He was unable to
account for the scarcity, or at least ex-
pressed himself as unable to do so, being
content with statement to the effect that
he had seldom seen time when bills and
silver were more scarce than at the present
time,
l.. E. Rittenhouse, cashier of the Peoples
bank, said:
We have a surplus of silver on hand
most of the time, but have less now than at
the same period last year or during the
winter The limited supply is explained
by the fact that, at this time of year, there
is more demand for silver than during the
winter, the contractors and others having
men in their employ are paying Off, and
this forces into circulation large number
of silver dollars. The fact that the bank
always has large supply of silver is due
to the fact that we have good many Gus
toners who are engaged in the retail bust
ness. They get loaded up with silver, and
they expect us to help them out. We have
had no complaint about either taking or
paying silver dollars. everybody appreciat-
ing the fact that the silver dollar is a
legal tender, takes it and says nothing. If
the government is determed to force the
silver dollars into circulation it can best ac-
compllsh it by withdrawing the small bills
and thus create general demand for the
silver dollars.
Peter Berkey, president of the st. Paul
National bank, gave the following:
We have little or no silver dollars now,
not more than three or four hundred year
ago we had something like ten or fifteen
thousand stored in the bank. think that
this is the case in all the banks of the city.
1t shows that the silver is going out into
the country, that it is in general circula
ton. Silver is the best medium of ex-
change for the masses-for the
people generally. They want it and
they ought to have it. l am
strong silver war, although the bankers gen.
orally, [ believe, are favorable to paper
currency. l think a silver dollar is great
deal better than worn-out dollar bill. A
silver dollar is worth something, even if we
had no government, the silver dollar would
be worth 20 or so cents, but if the govern
ment should go up the paper money would
be perfectly worthless. There is not only a
scarcity of silver dollars but of fractional
silver. / am strongly in favor of
dollars and the withdrawal of the
hills The nnnOnapfC of CiIUar that
silver is bulky and would not be taken in
amounts even as large as $50. No poor man
wants fifty silver dollars and no rich man
either. 1t is not necessary to force it on
him or give it to him. There are bills of
exchange for that amount. A man coming
from one city or nation to another does not
carry silver, gold or notes. He usually has
a draft or bill of exchange The people.
the most of them, want silver money, and
l think they will get it, as they deserve to.
w. ID. Kirk, cashier of the Capital bank,
could not understand what good could be
accomplished by any more silver, and he
claimed that the country and the banks had
all they desired of that kind of money and
did not want any more.
NV. Bickel, cashier of the Germania bank.
said, in response to a series of questions:
''Our supply of silver in the bank at the
present time is lower than at the same
period last year, we having made extra ef
forts to work it off. | don't know that
there is any scarcity of silver, either dollars,
halves of quarters, but there is a scarcity of
dimes, nckels and pennies. Silver
is not popular with our customers.
They don't want to take it. I think it
would remedy matters good deal if the
coinage of silver dollars was stopped for
,rhiIn until tho cunr,Iu 0nnlH ha raHnoaA fn
the actual demand of the country. In my
opinion it would not remedy the existing
troubles to increase the value of silver dol
lars. They are legal tender now but are
not at all popular, and hence are not desir-
lableldm
D. A. Montfort, cashier of the Second
National bank, said:
l don't know exactly how the supply at
the present time compares with the supply
of last year, but do know that the supply
OF silver dollars is greater at any
time than is desirable. We al
ways have to use extra exertiOn
to get rid of it. People object to taking it,
even In small amounts. / take it there
would be no such difficulty in getting rid
of it if the silver dollar was made equal or
somewhere near equal to 100 cents in gold.
The legal tender clause is the only thing
that floats it at dollar. The least mutila-
ton depreciates it so that it will not be
taken for dollar, showing that it is not
travelling on its value. Why, a small hole
bored in a silver coin destroys it's legal
tender, and. hence, its commercial value.
I am in favcr of bimetalism, but think the
silver dollar should approximate the gold
dollar in intrinsic value. 1t cannot be
equal, but they should not fall as much as
20 per cent, which is the case now.