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The Silver Currency Question

The Silver Currency Question image
Parent Issue
Public Domain
OCR Text

The offloers of the Treasury department are anxious to do anything possible to relieve the stringency in fractional currency in New York and other places from which a stringency has been reported. The trouble is that they are completely tied by law, which requires that no silver ehall be paid out except for fractional currency. The difficulty has been that scrip has not come in so rapidly as usual for redemption, and the silver has therefore been paid out much slower than was expected. Treasurer New is of the opiniĆ³n that the current is now fairly started, and that a few days will solve all th.9 difficulties. There is no hoarding of fractional currency for speculative purposes known to exist, except in the case of two or three individual banks. The silver coins, however, are supposed to be generally retained by those who receive them as long as possible, people for the most part paying out fractional currency and offering bilis to be changed rather than part with their silver coins. On the otner hand, many business men or consumera that were in the habit of paying out freely fractional currency as i'ast as received, are now keeping it over, from day to day, as much as possible, fearing lest by some accident the next day's supply may be short. It thus happens that in some large cities, chiefly in New York and Boston, both currency and silver are largely retained from circulation. This condition of affaire, as is supposed, will not be long continued, and the indications point to a more rapid exchange of coin for currency.


Old News
Michigan Argus