St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-04-20
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 Classes.

Ccplcu lIOin luc pdlTOlS Vi UtlG TOdu.
The conductors were 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 scrnti
niZlng traders and the embarrassing
negotiations of those who were ill-ln-
formed on the new status to which the
Canadian coin haddepreciated 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 2in-monieS which Occa-
sionally sift ,Alto his trouser pouch.
When, squaw-. e, the shrimpled laun-
dryman bites at dquarter 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-politicianS and the farmers
ill-eye-ance will remember, and after
| diligent search in the directory for his
eXcellency's address. straightway to
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 - -"
Every well. just leave what money
you have with Mr. Elliott, he will fix
you"
Ibid you ever see 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
wave Of sweat from his massive st.
| Anthony brow and rose to his second
breath. With a troubled look and an
| air OF utter detection the reporter
| bowed his leave, remarking that the
| gubernatOrial 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 great
deal of trouble and Improbable effort
| tONdIu VI ill easy
| and convenient outlet for the Canadian
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 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 REMEMBERING themselves. The
only way to dispose of Canadian coin in
large quantities is to sell it for bullion.
| suppose then it would bring about -
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 disposing of it at a
reasonable discount. When they shut
| down on it, the banks, l understand,
| followed what seemed a necessary step
| for their own security. Now we refuse
it, and do not deal in it at all"
Herman Scheffer, cashier of the Com
mercial National bank, being asked to
| express himself, said: Eyes, the ques-
| ton of Canadian currency is one which
has not come before this community for
| some time. Eight years ago we had
| quite a time in banking and business
| circles. but after the fever of prejudice
| was allayed, the Canadian quarter and
other small coin found limited circu-
lation with the American coin. But of
late, and may say within the
last two month, there has been
an unusual quantity of Canadian
coin aflOat. Its influx is torrential
of the stuff in this market, have found
| good reason for the belief that a COM
pany of sharperslhave been buying it up
in the East, where they can get it ut
fancy discounts, and have pushed it
into circulation here where we are near
the border and where we have been dis
| loval 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 sns-
tain its preference and its value. Can
ada extends to our money no such cour-
tesy 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
if. 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.
do not doubt but that this market has