Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-08-20
OUR SILVER INVADING CANADA.
Montreal Bankers Discuss What They Es-
Inmate q Very Serious Evil.

Montreal Bankers Discuss What They Es-
timate a Very Serious Evil.
MONTREAL, Aug. l9.-The American silver
question is matter which is already Begin
ming to agitate financial circles in Montreal,
and justly so, for it is estimated by leading
bankers-F. Wolferstein Thoinas General
Manager of Molsons Bank; William Weir,
President of the Bank Vile Marie, and j. B.
Picken, of J. B. Picken & Co.-that the
amount of American currency in this coun-
try amounts to between a, 900 900 and S. OOO.-
0oO and, as the profit on circulation may
fairly be estimated at per cent, this means
a loss of from $40, 900 to 900 annually to
the banking institutions of Canada.
The attention Of bankers has been partic-
ularly directed to the sudden inrush of silver
certificates into the Dominion, as they
recognize that it is-quite as dangerous as
the actual silver currency. At present the
Montreal banks and other financial institu-
tions refuse to take the American dime,
quarter, half-dollar or silver dollar at par.
In fact they will have nothing to do with
them. Within the past six months there
has been an extraordinary influx of Amert-
can currency. particularly silver and silver
certificates, into Canada. f. wolfsrstein
Thomas, General Manager Of the Molsons
Bank. said:
ut is IL considerable evil now, because it
takes the place of small denomination notes.
such as ones, twos and fours. Silver cert1h-
Gates predominate more in the country than
in the cities. The banks do not take coin
silver at all, and SO far as we are concerned,
we do not touch it at ALL"
Mr.. Weir, President OF the Vile Marie
Bank, was the man in the breach i'll the
great fight against American currency in 1859
and 1870, and Is, perhaps, the best posted
man on the subject in the Dominion. In
answer to the query as to why there was so
Canada, he said:
''The reason why is that the people take
them at par. The worst feature, to my
thinking, however is not the silver coinage
but the silver certificates. At present 1t does
not affect us particularly, but the trouble
will come when the United States fails to
carry out its engagements in gold. 1t cannot
long continue to carry dual standard"
DO you take the silver certificate at par2"
Eyes, we do, and think we will have to
call a meeting shortly Of the Bankers Asso-
certificate is very insiduous and slides in
very innocently among the United States
gold treasury notes."
What action do you think the Bankers
Association will take?'
81. OF course, could not say. The question
came up at our last meeting. and 1, because
OF my connection with the old trouble. was
asked, very naturally, to give my opinion. 1
suggested an ail-around discount from ~ to
2 per cent on all American currency. Tnis,
1 think, would soon have mended matters,
and believe it will have to come to this in
the end"
He How about Canadian coinage in the
There you see their action. They recog-
nized the TACT that If Canadian currency Is
allowed to enter into the list with the home
currency on an equitable basis, it would to a
certain extent curtail it. What was to be
done? They bridged the difficulty by passing
an act forbiddtng any American bank put
ting in circulation any Canadian currency
under penalty of fine of per cent dis
count ii discovered. Thus they we're allowed
to take it at par, but once in their possession
they would be compelled to send it back to
Canada. That act was accompanied with
very beneficial results from their point of
view, and it might not be a bad idea for Can
ada to follow the example given"