St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-09-05
THE SILVER DOLLAR.
How it is Regarded by the Bank OFF,
Gals of Minnesotas Capital
City.
They Generally are not Friendly to its
Coinage or Continued Oircu-
lation.
No Diff Guilty Experienced, They Say,
in Getting Rid of 1t TO ALI
Glasses.
Views of Banker Who Maintains
That Silver is the Peoples
Money.
Silver dollars,

| ~Sk1sk.s6kkS~
Silver dollars,
Their use, abuse,
And their abundance
Were the topics brought to the attention
of the several bankers of st. Paul by rep
resentative of the GLOBE to the end that
their opinion might be secured thereon
They were generally asked the amount OF
silver on hand at the present time as COM
pared with the same period last year. and
what, in their opinion, was the cause for
the increase or decrease, as the case might
be. Next they were Intercepted as to the
difficulty, if such existed, of getting rid of
the surplus, and what, if any. objections
were raised by the customers of their re-
spective banking institutions to taking the
silver. Their views on the best plan of
remedying the existing evils, if such were
in existence. were also solicited.
They talked
AS though it was
The proper course for banker
To oppose silver and cling to the more
aristocratic gold. A notable exception to
this class was banker friendly to the sill
yer coinage. He held that silver was the
peoples money; that it was desired by the
masses, and that it was in every way
adopted as a medium of exchange. He
maintained that its intrinsic value made it
more valuable than paper, bank notes and
other paper currency, and consistently adj
vOcated continuance of the present
monthly coinage. None of them claimed
that there was any surplus in st. Paul to-
day, thus showing that the large amounts
cfAv Ioc 81 ~ ho1 w co6
into circulation. No complaints were re-
ported on the part of customers.
1t would appear that the bankers being
opposed to silver. are seeking to create a
public opinion inimical to that coin. 1t
exists not only in the chief officials, but ex-
tends down to the telIers. The latter dis
like to handle it, and by such expressions
as ''l'll give you some silver" or ~ gu
must take some of it in silver" create an
antipathy in the minds of the customers
against the coin by the mere ideas advanced
that it is being forced OH them. Silver goes
into circulation and finally goes into the
banks. No effort is made to get it out, and
the fact that the local supply is exhausted
! shows that its circulation is not forced but
natural
| The views
| OF the several bankers
Are given in detail as follows:
Walter Mann, president of the Third
National bank, said when interviewed on
the subject:
| "There is not more silver in the bank at
the present time than was the case at a cor
responding period last year; in fact there is
about the usual supply. The bulk of the
silver dollars is locked up in the United
States treasury vaults. There is more
silver dollars in circulation than last year,
but this is due to the fact that the govern
ment is Withdrawing from circulation all
| the notes of the smaller denominations.
Practically there is no bill below SIS now in
circulation. 1t is forced ON the market.
We appreciate the fact that every silver
dollar that passes over bank counter is
not worth 100 cents, but what is
the difference as long as the next
willing to take it for dollar and it is legal
ton to silver is that it is too heavy, too
and that the dollar is not worth all even
hundred cents. If the silver dollars were
worth their face value they would answer
nearly every purpose, and would be used
| by the bankers as a reserve. AS it is we
are afraid of ii, and so are the people gen.
orally. The great mistake is that it is
forced on the people as legal-tender, but
| it's valuation is confined to the United
| States Being below its face value, it does
not float abroad, and OH that account is
held at home and floods the market"
Albert Scheffer, cashier of the Bank Of
Minnesota, expressed himself as follows:
1--WE have less silver on deposit at the
present time than we have had for the last
| three years. showing that the flow of silver
is not in the direction of the West A few
years ago there was forced flow of that
metal to the West, but such is not the case
at the present time Out on the Pacific
coast l noticed, while out there recently in
attendance at the Grand Army reunion, that
there was great scarcity of silver money
and of change of any description. The
bankers told me that they would be glad to
get silver, as the small bills were disap-
pearng so rapidly that great difficulty was
experienced in making change. The
withdrawal of the notes of smaller
denominations has forced the sill
YER into circulation. We don't offer our
patrons silver in large quantities as we
know they would object to taking it. They
find it cumbersome and in the way, but in
smaller quantities 10 difficulty is encOun-
tered in getting rid of it. There is no objec-
ton to silver coinage, that can see, if they
would only keep up the standard and make
a dollar of silver worth 100 cents and use it
as subsidiary coin. A remedy for the
existing conflict and uncertainty attending
silver dollars and to obvate the objection
against its weight, would be to issue silver
certificates based on bullion deposited in the
United States treasury. They would have
all the advantage of notes and would supply
the demand for bills of smaller denomin-
alton. With the silver dollars worth about
IS cents there is great danger of an over
flow"
81. P. Upham, president of the First
National bank.
.'At the present time there is a great
scarcity of bills of smaller denominations
and of silver and not little inconvenience
is experienced thereby. If the government
would discontinue the coinage of silver the
present supply, if of face value, could be
foated. The great trouble with the silver
question is perhaps illustrated by the fol-
lowing fact: The silver which the govern
ment bought the first of last month was
paid for and amounted to $1,400, 600; this
was coined and was issued to the people
for So. 600, 900. The government made a
profit OF seigniorage Of $500, 600. If the gov
eminent would simply stop the coinage
of silver, the silver we now have on hand
| would float side by side with gold. as the
government stamp placed on it makes 1t a
| legal tender. / think it is a great folly to
keep coming silver, as other nations have
denometzed it and the result is that it
makes the United States a financial slop
| bucket.
Joseph Jockey, cashier of the National
Germania. expressed himself as follows:
The silver on deposit in this bank is not
| as great in amount as it was year ago. l
| take it that the silver dollars are being used
| more generally than in the past; that they
are in general circulation to take the place
of the small bills, the supply of which is
inadequate. Customers object. or at least
suppose they would, to tax
ing large quantities of silver. but
no objections are raised to taking
n limitad mr. small amount think that if the