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Redemption Of Fractional Silver

Redemption Of Fractional Silver image
Parent Issue
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OCR Text

We trust that Congresa at the next session will direct the Treasury to redeetn the süver fractional currency in suins ot' íil'iy or a hundred dollars. The siiiuü change is only token money. The country will float a great deal of it, becanso it is coiivenient and necessary, but unless the government redeenis it on deuiand the bunks nocessarily refuse to take it on deposit, and a serious and constnnt loss is inflicted on persons who in the course ot' business receive inore than they can use of it. All token mouey becouies burdunsome as soon as it ceases to be redeemable, precisely as paper notes, which also are only tokens - uot mouey, but the representatives oi money. Tuere is in some quarters a needless pauic iiliout the dollar, of our fathers. This, which proparly is also only a token and not real money, exists as yet in so moderate a quantity that it can do littlu harni. If Congress continúes the foolisii attcmpts to niake eighty-four cents' silvor pass current as a dollar the oilver dollar will presently fall into great disrepute, and public opinión will, long before the aniount coiued becomes daugorously great, demand the cessation of coinage and the withdrawal of the aniount coined. But if the present üongress símil order the redemption oi the silver small chango by the Treasury in Kuuis of fifty or a hundred dollars, and if tho next Congress should follow thein up with a law ordering the redomption, also, of the silver dollars in suins of say one or five hundred dollars, thoro is reason to bolieve that the country, uiulür theso circumstances, would float not les than a kundred and fifty uiillions of silver without inconvenience to business or derangament of the ourrency. For the present only about tweuty millions of silver dollars have been coined, and more than another year must pass beforo the silver dollar eau begin to do the great daniage which is now predicted of it. By that time wo trust it will have found its proper place as subsidiary coin. - Nevo York Herakl.


Old News
Michigan Argus