The herald., 1897-10-02

for transmission Of money. the American
Banker makes an explanation In which 1t
refers to the unusually large percentage
Of the currency shipped to the interior at
the present time going by way Of the
United States registered mail. There are
several contributory reasons for this
change in the customary method Of trans
mission Up to lately the banks had the
advantage of resorting to the treasury's
contract rates with express companies
These are lower than the bankers rates.
considerably lower as may be imagined.
But the banks had to deposit gold in the
treasury to the amount of the sum Of cur
rency which they desired to remit Re
Gently the authorities decided that fur
ther deposits of gold were not particularly
wanted. and thus the banks. unable any
longer to ship currency under the govern
ments terms, cast about for other means
Of avoiding the excessive bankers rates.
The banks in a number of states. through
their organizations. have been endeavoring
to compete with the money order business
as carried on by express companies. The
latter, fearing the result of systematic
and persistent competition from the banks
retaliated by advancing the rates for
money freightage between banks, permit
ting 1t to be inferred that this policy would
be pursued with uncompromising vigor
unless the banks withdrew from the money
order field. The raising of the rates had
only one result, and that, one that the ex-
press companies had not reckoned on. The
banks, instead Of paying the extortion,
resorted to the registered mall finding that
method Of transmission both convenient
and safe. In the northwest they went so
far In the matter as to establish an insur-
ance company for the guarantee Of the
security OF money shipped by mail Hav-
ing tested the new system for some time
they find 1t satisfactory. and are now en-
ploying 1t to large extent. The express
companies, perceiving that large share
Of the business of transferring cash on
their own terms has been diverted into
channels under the control of the post
office, are announcing that money shipped
by registered mail is not as secure as that
transmitted under their own care. But
this, In view of the insurance is an i'm
pertinence which misleads no one.
The silver-lead miners in Colorado and
elsewhere in the west are again making an
uproar oyer the misleading quotations of
the lead market which are furnished by
the Western Union Telegraph company.
That the quotations which are thus fur
nished are misleading is hardly worth the
| time OF saying It, Last week the New York
quotation Of lead was reported to Denver
as 4c. when sales were being made here
at 4.3Oc to 4.4Oc. What reason the telegraph
company has for making such reports we
do not pretend to say. OF course the pro-
ducers of silver-lead ores. which are gener-
ally contracted to the smelters on a sliding
scale per unit, according to the New York
quotations, object strongly to what they
consider to be highly unfair dealing.
Doubtless the smelters make their rates
on ores corresponding to the Western
Union quotations, and If the miners should
insist on settlement according to actual
market quotations the rates on ores would
be raised. The miner might not realize
any more than he does now, but 1t is never
theless desirable that he should feel that
he Is being treated honeetly.-Engineering
and Mining Journal Sept. 25th.