The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-08-25
COLD COMING BY EXPRESS.
Savannah Cotton Buyers Here RGCeiV-
ing Large Shipments Every Day,

One Firm Received sos, 900 in Silver
From New Orleans Yesterday-When
! Gold is Deposited In a Sub-Treasury
the Government WIN Ship Silver
Free of All CharRes-How the Money
is Distributed-All the Cotton Arriv-
ing Being Sold, and It Looks as if
the Situation viii Soon be Relieved.
A large cotton firm on the Bay received
a shipment Of $55,0OO in silver from New
Orleans yesterday. II came from the
New Orleans mint in canvas bags, each
Of which contained 81 900.
In these civilized times the shipment Of
specie IS comparatively a simple matter,
and although nothing unusual in the way
of a safeguard is thrown around it, very
few attempts are ever made to rob an
express car.
Gold and silver specie are shipped in
the same way The money is put up in
canvas bags each containing $1,000, In
this shape it is put into through express
car which is locked at both ends. On ar
rival at its destination the money is put
into the express wagon just like any
other merchandise, and carried to the
Office for delivery.
HOW THE SILVER is OBTAINED.
The silver which is shipped to export
ers here is obtained in very easy man.
ner. The exporters buy gold in England
TO arrive here, obtaining it at from one
half to one per cent. less than the pre-
MUM which they would have to pay for
money in New York This gold is de-
TnCifo6 in fbe a11 fvraa Gil n the ITnIfpd
States at New York, and the assistant
treasurer there wires the director Of the
mint at New Orleans the name Of the de-
positor and the amount deposited.
The director of the mint at New Or
leans then ships an amount Of silver equal
to the amount of gold deposited TO the
party designated, free of all charge, the
government paying all express charges
The charges on shipments of silver are
1926 per 81 900 from New Orleans, and on
gold only 81 per $1,000, gold shipments
being taken at much lower
rate because they are easier
to handle and there is less risk connected
with them on account Of the smallness Of
their bulk The difference in weight also
makes a difference in the cost of hand
ling. Another large firm Of cotton buyers
has arranged for shipment of $4,000 in
silver in the same way, which will be
here tomorrow or Monday.
DIVIDED AMONG THE BANKS.
The cotton buyers receiving this silver
deposit it with the various banks, divid-
ing it among them in a certain proportion.
They check against this by giving a
customer in the country a check on the
bank with which he does his business.
In this way the money remains in Sayan-
nah for some time and does double duty.
This money, however or great deal of
it at least, is shipped out every day to the
country banks as they need and draw on
the banks here. In this way, in spite of the
monetary stringency it will be seen that
no difficulty is being met in moving the
cotton crop. When the cotton exporters
first began t. buy, their transactions
were made payable in New York ex-
change, but now that this other plan has
been adopted, they are payingall bills in
the ready money.
THE OUTLOOK BRIGHTER.
cit is a noteworthy fact, ;" remarked a
well-known fnancier yesterday "that
there have been less bank failures in the
last two weeks than at any time within
the last two months In fact, don't be-
Heve / have seen but two real failures re-
corded within that time. 1t is, no doubt,
a fact that the failure Of great many of
these shaky banks has strengthened the
good institutions, and confidence IS being
restored more and more every day. AL
though money is still at a premium in
New York, it cannot hold out long.
II see that all the cotton which is COM
ing in is being sold as rapidly as tt ar
riyes,' he continued 'In fact there has
been hardly single day that there has
been bale or two left over. If the pro-
ducers viii act promptly and send their
cotton on to market here at once, think
it will help wonderfully towards reliev-
T.arp eft ha.fva cold
and silver into immediate circulation
all through this section Of the country"
THE WIRES CUT OFF.