Evening journal., 1915-09-30
New News Of Yesterday
When the Silver Dollar
Was a Rare Coin
BY Holland

"Shortly before 1ne resumption of
specie payments on January l, 1879.
which. ] think, was the most brilliant
achievement of John sherman during his
service as Secretary of the Treasury,
had very pleasant conversation with
him in the course of which he told me
something that astonished me, although
if ! had thought ! might have known
that his experience was the same as my
own"
This remark was made TO me by the
late George 5. Coe, who was for many
years president of one OF the leading
banks OF New York 1t was in the direc-
tors room of Mr.. Goes bank that Sal
mon p. Chase, when Secretary OF the
Treasury in Lincoln's administration,
met presidents Of New York. Boston ana
Philadelphia banks for the purpose OF
persuading them TO lend him $4,000 .OOU
in gold and to take as security govern
ment bonds. That was the first gold loan
made to the government after the Civil
War began. Mr.. Coe, by reason of his
prominence as banker, gained and
maintained the confidence Of the leading
men in public affairs in Congress, and
in various administrations in Washing
ton. He was an intimate, personal as
we'll as business, friend OF all the secrc-
taries of The Treasury from the time OF
Salmon u. Chase until the second adj
ministration of President Cleveland
81 was speaking TO Senator Sherman,
said Mr. Coe. "about the exciting de-
bate in Congress respecting the coinage
of the silver dollar. This debate. YOU
may remember led TO legislation which
authorized the coinage OF the so-ealled
trade dollar. and also the Bland silver
dollar. The trade dollar had more sill
yer in il than the Bland dollar. hut it
did not have the legal tender quality, so
that it was very difficult to force it into
circulation. believe it was coined
chiefly to facilitate our trade with coun-
tries in the Far East. where silver was
established.
Senator Sherman told me that when
the agitation began IN Congress for the
coinage Of the silver dollar il suddenly
occurred to him that he had never seen
q silver dollar. although they were said
to have been coined some years before
the Civil War The senator told me
that he had a good many business rela-
tions which brought him into familiarity
with all kinds Of currency Sometimes
the Mexican or Spanish dollar. Which
was the original basis Of cur currency
system. came into his hands. but he had
never seen a silver dollar of the United
States.
~ said to the senator in reply that,
now that he had spoken Of his own eN-
pcrience. ! recalled that in all my life
as banker. many kinds Of currency
coming under my observation. 7 had
never seen an American silver dollar
until after the trade dollar and Bland
silver dollar were coined presume il
will bc a surprise TO many persons e
know that while ffty cent pieces an,
twenty-five cent pieces and ten cen
pieces and for good many years. hal
dimes. and even silver three cent piece
were coined and I'm circulation. ther
were no American dollars in circulation
until after Congress authorized the coin
ace Of the so-called trade dollar and tn
Bland dollar"
Copyright. 1915, by F.. T. Edwards. Al
rights reserved
Tomorrow Mr. Edwards win tell "Ho,
the 'Shinplnster' was Profitable"