The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-01-23

informed me that he had received infOrma-
ton to the effect that these notes would be
issued, from an official source, which he
was not able to diyulge. He said: My
informant has seen the notes, which are
now being printed in order that they may
be issued as soon as parliament passes the
necessary law.
THE ISSUE OF SILVER NOTES
will have beneficial effect upon trade.
The authorized issue of Bank of England
notes is e25,00O,000 in addition to the I'M
limited issue against bullion and specie.
and 1t possesses the sole right of the issue
within slXty-fiVe miles around London In
1888, the amount of silver coined was given
as $685. The figures for last year have
not been made public, but an approxima-
ton, based upon the purchases of bullion,
may come out over two million pounds
The bank is allowed 10 hold one quarter of
its reserve in silver, and as it is compelled
to redeem It's notes in gold, the amount of
silver coin in its vault is immense. The
rate Of money is higher in London today
than at any other time, except during a
panic. The minimum rate of the Bank of
England to- day is per cent for discount.
but it has made no loans for some time at
less than {. The result is great inflow of
gold from the provinces the only place, ex-
gold, and this is
HURTING THE TRADE OF THE COUNTRY.
If the bank is allowed to issue 81 notes. re
'deemable in silver, trade will be benefited,
since 1t will increase the circulating me-
dunn immensely and put silver into active
circulation again. a bill auth oriZing the
issue of silver notes and making them a
legal tender to any amount, will be intro
,duced at the beginning of the session, and
will, of course, be carried through without
delay.''
Are you entirely satisfied in your own
mind that your information is correct!' |
asked.
80 much so that we are doing business
on that basis the banker replied.
With this Intelligence | repaired TO the
stone dungeon where behind the bars and
locks sat an austere gentleman whose sig
nature constitutes some value on Bank of
England notes, Frank May, the chief
cashier.
Il am sorry can give you no informa-
tion," he said.
then told him my errand. "Win you
not affirm or deny the story?n
II am not at liberty to do either,'' he re
piled.
INQUIRIES AT OTHER LONDON BANKERS
revealed that the prospective issue of sill
yer notes was not known gener-
ally IN the city. though many had heard
the rumor- Naturally, the only persons
VINO could give official information in the
matter are the ones who are compelled TO
keep 1t quiet. The issuance of silver notes
would be advantageous for other reasons.
aside from its effect upon trade. There
have just been issued fer the first time.
IN large quantities. four and five shilling
pieces. The former is as large and the lat
ter larger than the American silver dollar
that was found so inconveniently bulky.
The only coin of less bulk between the five
shilling piece and the sovereign is the gold
shilling piece, though all the banks of Ire
land and Scotland issue one pound notes.
but in England five-pound notes are the
standard paper currency. ANY amount
under five pounds, therefore, must be car
ried in coin, and as silver is legal tender
to the amount of two pounds, and the Eng
hshman often finds his wealth a burden.
the issuance of one pound notes in quaint :
ties has been discussed in England, and
the novelty of the prospective issue con
sists in making it redeemable in silver.