Year: 1862

From the Toronto Globe, Dec. 12.l


Some months ago we observed that the influx into
Canada OF American silver II 1t the rate then
prevalent would speedily that OF currency te
fall discount The influx has gone on and has even
increased in volume OF late that the evils produces
have become almost uncomfortable US shortly explain
20 te unnitiaed reader the Of the influx. The
issue OF government paper in the States has created
nominal rise the value Of gold, depreciation
Of the paper currency Silver has value but
being bulky than gold and not used in the settle
ment Of exchanges with Europe its depreciation has
been nearly so great gold On Tuesday last gold was
quoted in New York 50 and silver at 81 per pre-
mum This difference Is the cause of the influx of silver
Canada speculator designing to Canada TO
buy gran wool cattle looks about him what de-
scpon Of currency VIII be most profitable. He
American bills, and he must either buy exchange on a
Canadian bank or bring with him gold silver. Our
banks paying in gold bringing exchange equivalent to
carrying god that his only choice between gold and
silver He finds that ne obtain silver al Ave and
half per cent less than gold, while in Canada he pass
lars IN New York for $4 72 In gold and passes them in
Canada for S. IL evident that IL this system per-
mitled should receive the whole Of the money
which the Americans pay US in silver. And our own
SPECTATORS join in the business also They obtain dis
counts from our banks, taking New York exchange or
bank notes, which equivalent to gold exchange them
for American silver and for making their purchases
in the country II must be remarked that the paper
Of the States has completely driven the silver out
circulation, and that almost the whole OF 1t available
FOR speculation in Canada It 10 half dollars, however,
which chiefly expended In Canada.


New York is our metal market. Il Is American gold
which is chiefly used IN making our monetary exchanges,
and It is practical absurdty for us to be taking ten half
dollars live dollars when they worth only 81 tx
n New York We take the half dollar TO the bank, and
the cashier says he cannot receive them for i've dollars
because in making his exchanges In New York, he
only get - tx for them A considerable quantity pass
from hand to hand When the banks refuse them they
used for buying produce and paying accounts, and II
IS undoubtedly that many bills paid because the
money is taken at par by indiyidtaS, while the bank
rejects H. The effect is sometimes beneficial In facilita
ing the payment Of debts but there Is terrible draw
bick the reduction Of the bank issues OF There
is doubt that tho remarkable decrease In circulation
shown by the last monthly statement, compared with
the period last year Is largely owing to the intro
ducton OF American silver The bankers complain that
they cannot keep their bills cut they back once
medium and the effect Is that the banks their
discounts being deprived Of the resources which they
derive from the circulation OF their bills


II Is not necessary to go into that line OF argument,
however, to show the absurdty Of taking 81 72 Of sill
transaction, which those engaged Ia IL.
We take the silver at Its value in the States from
whence and 10 which IL must 60 in the ordinary
course Of trade We were oncc bothered by our habit Of
taking British silver at more than its real value but
was driven out Of Upper Canada at last by determined
effort, and II choose do the with the
American. there is only difference there Is
siderable uctuaton u the comparative prices Of gold and
silver In New York, and IL b no: possible TO fix the rate
with very close accuracy. But approximation II
will scrve the purpose. Probably in small sums il may
twenty four cs' ba. where the amounts are large to
make deduction OF Ave pcr cent from the nsminal value
OF the coin The general adoption OF this rule would pre-
vent any overpus OF silver being brought In because
would not be more profitable ct these rates for the
Americans 70 silver than gold IN making their pur



cuation Ct these raicsI theu and would make
their exchanges with New York In H.


Il will be remembered that after the press had thor
oughy discussed the value OF British silver the Toronto
Board Of Trade took the matter up and then our mer
chants signed an agreement not TO take the shilling At
more than 1s 21fd. We have always thought that this
proceeding showed the intelligence and good of
mercantile community For want OF these qualities Mon
treal s tormented with British silver
rency TO the day and has now uncurren Amer
coin " add TO its troubles. We hope Toronto will
again show example 70 the province Let the values
OF American silver be carefully 6xed by the Board OF
Trade and we venture TO say that the mercantile comnu
nifty will adhere TO them. II the OF events should
bring about less larger difference between the value
OF gold and silver In New York the Board OF Trade may
nx the rate so that thoe may peycr DC either TOO
high or too low value placed upon the silver coin We
think the tendency be To an increase ~ the value OF
silver The large shipments to Canada must render II
scarce and we fancy that will also be sent W England
instead of gold We observe Il stated, we do not know
with how much truth, that Montreal house has shipped
large quantity to China ~ pay for cargo Of teas





SECRET SOCIETY AGAINST INDIANS IN MNyEsorA.-An
intelligent trarrer from Of the western counties OF
Minnesota states that society has been
having ramiAcatous all through the western half Of
every Indian suspected Of having any hand in the recent
murders.


BatchelOr,s Hair Dyc-the Rest 4. the
world insantaneous harmless aud reliable sold ~ drug
and everywhere Factory VI Dsrc street


wigs. Toupccs, Hair Dye, Hair Dyetng
and Noldava Cream, for beautfying the hair, W. A.
BATCHELoR's. ID Bond srcet


Cristasl0ro's Hair Dye, Prcservativc and
Wig depot Wholesale and retail, No. Astor House. The
Dye applied BY skilfut artists


Trusscs.-Mnrsh's undical Cure Trusses,
Of Broadway aud Ann street. under Bsrnums hu
scum. lady attendant No connection with any other