New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-07-18

OF silver; Philadelphia sl9o per cent OF gold loIo
per cent OF silver Plttsburg 1924 per cent OF goid'
2i.76 per cent OF silver New orleans 4o95 per cent
OF gold. 50O5 per cent Of silver ST. LOUIS o''oo per
cent Of gold, 32.35 per cent OF silver.
For some Of the states the figures are: Massa-
chusetts without Boston,. 72.55 per cent OF gold.
27.42 per cent OF silver New York without Albany.
New-Yor City ard Broohlyn) s3O4 per cent Of gold.
1896 per cent Of silvy; Pennsylvania without Phila
delphia and Pittsburgh 7811 per cent Of gold 23.e9
per cent OF silver Missouri without ST. Louis. Kansas
City and St Joseph 1925 per cent OF gold 1915 per
cent Of silver: Wisconsin without Mllwaukee) o4'ol
per cent Of gold, 15.49 per cent OF silver
II. NJ. Nixon, Acting Controller OF the currency
when asked to explain the cause for this pre-
ponderance OF gold over silver In the reserve funds
Of the National banks, said
one OF the many reasons why the banks accumu-
late their specie reserve In gold In preference 10
silver Is the convenience in handling and storing god
as CON pared with silver; the latter being approx
imat-ly sixteen times as heavy as gold and occupy
ing about the same multiple Of space for an equal
value Thus the bulkiness OF silver IS against Its
use In settlement Of bank balances in financial centres
The business Of city banks Is largely transacted ~
check, and bills OF exchange, only about Onetwen-
tch OF the business being done By actual cash In any
form.
"Denostrs and customers universally prefer paper
20 silver coin and the banks are embarrassed IN
paving ont silver coin other than subsidiary III any
large amounts; while the cost and attendant risk IN
Transportation operates also against silver coin IN
adjusting currency exchanges. The present law re-
suited from the pressing urgency for silver IN a
convenient form, viz. certificates; hence the pay
ment nv the Government of transportation charges
ON oufgo,nC silver does not 10 an appreciate De
gree counterlct the movement OF silver CON Dwain
the Treasury. ., - ,,o and
silver certificates can be counted as reserve ana
the reason for the preference by bankers Tor tnls
form Of silver is apparent. In California ana Oh
The Pacific slope gold is by custom and practce
the baiis OF ali contracts and payments. while silver
il Nigh. trthfully be said, is not even considered ex
cent ms change in a small way. The banks IN the
great silver producing states carry less silver pro-
uoriionlfely because for one reasOIf the bulk OF
irpduct and coin are converted into paper IN the
East and the flow or nOatng silver ooIlars Is 'oo
weak TO reach the far West again. ,
I'm the New England States and the moro den%y
pOpulat,i portions of the country tile smallest per
ceItage of actual money, specie or paper i useu OH
account of the business being carried on 50 hiRey
by checks drafts and other evidences OF circuit /,
while I'm the spnIsey settled portions OF the United
state, il i observed that the greatest percentage
Is used and this Is particularly true OF silver In
the lesser dealings. In the south silver Is depended
upon largely for paying labor especially Tor cotton
picking handling Of tobacco and other plantation
largest percentages OF silver reserves are recorden