Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1886-01-23
THE SILVER QUESTION.
An Important Move on Foot to Meet the
Schemes for Single Standard

All 1ImkbOFtdmt AOV0 on Il OOI 10 meet inc
Schemes for Single Standard.
EDS. REcoRD-UNIoN Notwithstanding
the impression prevalent on the Pacific
coast that the people of the Atlantic coast
favor single standard of metallic money,
such is very far from being the fact The
people at large throughout the length and
br"ath OF the United States are for double
ST. .dard of metallic money, with silver
interchangeable with gold under the ratio
of 10 to l, which up to 1872 was recognized
by the world, and so far recognized that up
to that year silver stood at a premium over
gold The opposition to silver currency is
confined TO the creditor class-in which
are included the holders of the indebted
riess of the United States-the national
banking interest and large share of the
invested capital of the country To these,
one money for the rich and another for the
poor means an imitation of the value of
their possessions and a corresponding hard
ship to the debtor class to meet the intia-
ton.
While it is true that certain classes of
American capital, backed by interested
| foreign Influences, are seeking to foist the
single gold standard on tins c6umty, IL IS
nevertheless fact that this feeling is not
general, even among the capitalists of the
great commercial centers of the Atlantic
seabojard A project is now said to be on
foot In the city of New York which, if
successfully carried out, will be apt to
bring the gold-dudes to their senses,
and cause considerable revulsion in
their ideas as to the capability of
silver in meeting the needs of both
home and foreign commerce. The Asso-
ciated Banks of New York 1.-THE Clearing
housed have established a system of boy
cotting of silver, something in this wise
A depositor presenting, say $500 in silver,
is told that it will not be accepted on de-
post. His only recourse then is 10 sell his
silver TO broker, of course suffering dis
count on what is really legal-tender money.
Hf he gets fractions and threatens to trans
fer his account to another bank, he is po-
Aitely told that he cannot help himself in
that way; that ali the banks work under
the same rule. If man has an obligation
| of, say $500, to meet at a bank and
| tenders the amount in silver objection
| is made to receiving it, and he is recon-
| mended to visit a broker and exchange the
silver for gold or paper. If he stands for
his rights, he is told something like this:
Oh, yes, you have the Jaw on your side,
and if YOU insist on our taking this stuff,
! we will have TO take it; but you must bear
| in mind that you will be reported, and here
after you cannot expect many favors from
| the banks"
Few business men would care to offend
| or defy such power as the associated
hanks of New York, and the consequence
| is that the man takes his silver to broker
! exchanges 1t for gold or paper and pays the
discount.
| The project to which reference is made
| above, for meeting the oddities schemes, is
| as follows: 1t is proposed to establish in
New York, with a capital of $2,00O00O a
bank in which no discrimination shall be
made against silver, and wherein money OF
| that metal will be treated the same as other
| currency of a par value. 1t is expected that
| such bank will meet a popular want, and
| that it will draw to its counters the bust
ness of all New Workers not directly inter-
eSted in the maintenance of a single gold
standard. 1t is also proposed to establish
| branches in the leading commercial cities
or, if not branches, local banks conducted
on the same principle will be estab-
| lished, these banks being in correspondence
and transacung business, one through the
other. Certain California capitalists have
been invited to join in this enterprise,
some of whom see the feasibility of it, and
| express willingness 10 invest. The Silver
Bank project is in the hands of parties
| possessing capital, and also experience in
| the banking business.
| SO far the banks of San Francisco have
not Disseminated against silver, and by
their deposit slips they recognize silver as
coin, co-eoually with gold. A San Fran
| cisco deposit slip reads:
DEPOSITED WITH .................BANK
Dy..........-...