New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-08-27
OBJECT LESSON IN SILVER.
TROUBLE CAUSED IN BALTIMORE BY A
CONTRACT PAYABLE IN THE
WHITE METAL

Baltimore. Aug. % (SpeciaD.-A novel phase
of the silver question entered into the trial
here OF exceptions filed by D. X Este Fisher
to the sale OF ground rents purchased by him.
S. Tagart Steele advertised for sale, as trustee,
a number of ground rents and certain fee
simple property. Among the ground rents was
one OF 800 and OF $1O9 16 These rents
were advertised rents of so many dollars
Mr.. Fisher bid at the sale $2,625 or between
81 and 3B per cent for the 800 rent and
$780, or about 3% per cent for the $1O9 16
rent, in the belief that they were payable in
legal tender dollars without Limitation as to the
kind OF money in which they were payable.
When Mr.. Fisher had the title examined in
stead Of finding that the rents payable in
dollars is usual in leases for nnety-nine
years, renewable forever, he found they were
payable in lawful silver money of the United
States each dollar weighing II pennyweights
and grains at least" This formed the basis
Of the first and second grounds of exception TO
the sale
The points Of law made on these two excep-
tons by w. Cabel Bruce. attorney for Mr.
Fisher. were that persons attending a public
auction sale of irredeemable ground rents. made
in pursuance Of a decree of q court Of equity
have right to assume that the rents offered
are payable in the kind OF money in which
irredeemabe ground rents are customarily re-
in Baltimore City, unless the notices Of sale
clearly show that they are payable in some
other kind of money
Mr.. Fisher testified that If he had the slight
est idea that the rents were payable in silver
ne would not only not have bid for them. but
heE%ouid not even have attended the SALE
There are obvious reasons, it was argued
why rent payable in lawful silver money OF
the United States. and Of a specified weight
might" be Nunmarketable, apart from the dis
credlt] already cast upon silver as a coin by the
zee s!Ver agitation. Congress might change
the weight OF the silver dollar or might ab0I-
ism II altogether, part Of the currency. In
the latter event the rents would be payable only
In silver bullion Of he weight specified or in
current money expressed in terms based upon
the market value simply of this silver bullion
90. When 1t Is recollected," the brief continued
nndL seventeen pennyweights and six grains of
silver bullion is now worth in the market NOT a
dolar' but less than half as much it will he
readily realized how grave these conseouences
would be TO the unfortunate owner of the ran+
VINO would then be entitled to call for payment
i NOT IN current money, which, whether good or
pad' would be what everybody else was racaiI,-
ing, but In a commodity 1uctuatine in vaIua
with all other commodities, according tn Tho
laws OF supply and demand. Again even ~
sIVer was not altogether dsused as money the
present policy of keeping silver money on q
party with gold might be abandoned nv the
government in which event too silver rnonaT,
would pass only at its bullion value ThaSa
leases were created in 1852, after the enormo1s
output or gold from the then recently onane1
was al premium" 9i uo4ldr
81, an agreement was filed in the case that chem
lcally pure silver is worth abou+ SCI % ieill-
G GaIldr ounces and the copper used bv the
government IN coming the present standerd
SIIVer uoIIar is worth 30 cents a nound NJ
leases require the payment Of the rents In. To-
i iur Slieer money OF the United States each dol
e or w, "eIsnIns seventeen pennyweghts and sly
sraIhS at least If this dollar We're az cba,,,t "a
Gany pure silver 1t would be worth so 7S5 nente
- was however not to be Of chemicaII,y 49,.
SiNei' ana II us value be calculated on ~
same basis as the present standard doIIar i it
silver and "a ns ~ per cent of chemically pure
the silver would be 475O65 cents and +be aiue OF
OF the copper 0.035 cents anu the Vaiue
mere were twelve grounds Of execution o,+o
eelher 10 the sale. After they had been arcs
I Iny were sustained by agreement and s Ht
flsher was thereby released from the nurobo WI