St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-04-20
LOYAL TO The EAGLE.
Canadian Coins to Be Totally
Routed From the North
west.
Bankers Say They Could Not
Dispose of the Coin
Profitably.
Cashier Draz, Of the German
American, Condemns the
Discount Demanded.
Five Cents on the Quarter
an Outrage on the Work.
ing Glasses.

The conductors We're charged with the
injunction to refuse all Canadian dimes,
quarters and half dollars. For the first
few days after the announcement the
chagrin and Inconvenience to which
passengers were put was enough to
evoke the critical conduct of the public
in general, which has since prevailed.
Men and women became cautious, and
the exchange of silver coin was Jared
and hampered by the delays of scruti-
niZlng traders and the embarrassing
formed on the new status to which the
Canadian coin had deprecated. Women,
proffering change to their shop mer-
chants. were informed that Canadian
25-cent piece was only worth 20 cents in
American money. Men who were IN
the habit of jingling Canadian quarter
over the bar, beside its American
brother. were mulcted in discount to
the extent of five cents-20 per cent of
face and heretofore par value.
These monetary affairs have pro-
vOked people in this city and
Minneapolis for the past month and
many are the questions asked as to the
"thusness" of things. a GLOBE re-
porter. although beyond the indignity
of Dakota senatorial wrath, was none
the less, however, included in the evO-
luton of the pecuniary forces as repre-
sented in the pin-monies which occa-
sionally sift into his rouser pouch.
When, Squaw-like, the shrimpled laun
dryman bites at 4 quarter as if he meant
to divide it with you then it becomes
pertinent TO those addicted to having a
laundry stimulate linen shirt to inyes-
tigate the source and cause of this sud-
den and growing andpathy to the Cana
dian coin.
Gov. Merriam is somewhat of banker
himself-politician and the farmers
ill-eye-ance will remember, and after a
dlllgent search in the directory for his
him the reporter made his way.
Pardon me, young man, bnt | am
very busy addressing this postal card,
and you must excuse me until the first
of the month";" responded his eXcell-
lency, to the reporters appeal for an
audience.
But l call on financial matters,
and ---.''
VERY well. just leave what money
you have with Mr.. Elliott, he will fix
YOU"
Ibid you ever see a Canadian quar-
ter,'' asked the reporter, edging toward
the door.
Eyes. and for the last time, too. If
you want any information on the Cana
dian coin question which agitates the
spring breeze into 'mint'-scented Zeph-
yrs must commend you to Mr.. Power,
of our bank"
At this juncture the reporter mopped
a wave of sweat from his massive St.
Anthony brow and rose to his second
breath. With troubled look and an
air Oh utter detection the reporter
bowed his leave, remarking that the
gubernatOrlal Sanctum was excessively
hot, to which his excellency replied
that Mr.. Kiefer had just smoked off a
few political problems and had forgot
ten to pick up the stumps.
Mr.POwerS. cashier of the Merchants
National bank, was interviewed on
sight. He sagely propounded the causes
of the rage OF the coin reformation.
"You see," said he, "the street car
company are depOsitors at this bank.
and when they declared against the
Canadian coin, we had had a great
deal of trouble and Improbable effort
toward the establishment of an easy
coin which such large institution ac-
cumulates. We shipped a great bulk
of it East, and it came back at our eX-
pense. The street car company had
accumulated second lot, and 1T was
anxious to dispose Of it. Eastern mar
kets, Chicago and New York, would
not take it, save at an unreason-
able discount, and in those cities
the Canadian coin and greenback
does not prosper as a medium of eX-
change. We did once manage to sell a
large quantity to Canadian bankers, but
even they refuse to take it now without
eXacting large discount. They do not
need it, and will not take it unless paid
for so encumbering themselves. The
only way to dispose of Canadian coin in
large quantities is to sell it for bullion.
suppose then it would bring about u
cents, or nearly as much as our current
25-cent piece. The street car company
was pressed to refuse it, because it
fonnd no way of dsposing of it at a
reasonable discount. When they shut
down on it, the banks, understand,
followed what seemed necessary step
for their own security. Now we refuse
it, and do not deal in it at all.
Herman Schetfer, cashier of the Com
mercial National bank, being asked to
express himself, said: Yes, the ques-
ton of Canadian currency is one which
has not come before this community for
some time. Eight years ago we had
quite time in banking and business
circles. but after the fever of prejudice
was allayed, the Canadian quarter and
onir1 fnuyH litnifn6
lation with the American coin. But of
late, and l may say within the
last two month, there has been
an unusual quantity of Canadian
coin afloat Its influx is torrential
and in discussing the plenitude
of the stuff in this market, have found
good reason for the belief that com
pany of sharpersl have been buying it up
! in the East. where they can get it at
fancy discounts, and have pushed il
into circulation here where we are near
the border and where we have been dis
LOYAL enough to exchange it OH par with
our own medium. 1t is not legal eX-
change and tender here no more than
in the East or any part of the United
States. Why not rout it out? 1t is in
| many instances lighter than our quar-
ter and falls far below the minimum
standard weight. Even if bankers could
ship it to provinces and get United
States coin for it the cost of shipping
and handling and the interest which, in
the meantime, which would accrue upon
a large and slowly gathered quantity,
would make the discount quite large.
If depositors would not pay it, who
, would suffer it? We have shut down on
it and we owe it to our own coin to sus-
tain its preference and its value. Can
ada extends to our money no such cour-
tesv as her coin has had in the Western
cities of the United States. The East
refuses to acknowledge Canadian coin,
and the Pacific coast states won't have
! it. AS you go South the Canadian coin
vanishes, but for the last seven years
| Wisconsin, Minnesota, Iowa and Da-
kota have, in measure, sustained Its
current standard. but for no reason.