Page:Coin's Financial School.djvu/87

Rh asking me that question. We were speaking of silver and gold bullion and not of silver coin. A demand often arises for small money. Suddenly change or small bills are found to be scarce in a large city. This was the case in New York last year, 1893, when silver dollars commanded a premium of 3 per cent—not because of the silver being worth more than a dollar—but because factories had to have small bills which they could not get to use in paying off their men. They paid the same premium for one and two dollar bills.

"A great inconvenience had arisen for the want of small money, and a premium had to be paid to get it. At the time you speak of, nearly all small money was made from silver, and on account of the French premium for silver our silver was leaving us. Small money was scarce, and frequently commanded a premium, not on account of the value of the silver bullion, but upon the demand for small money. Gold dollars commanded the same premium as silver dollars and fifty-cent pieces.

"If you are not satisfied with my answer I have the exchangeable quotations of silver and gold bullion at the time you speak of."

The professor had taken his seat. He now arose to say that he was satisfied with the answer.

"I am glad these questions are asked," said "These statements when used and not answered confuse the people."

Mr. P. S. Eustis, General Passenger Agent of the C. B. & Q. Railroad, wanted to know what nations constituted the Latin Union, that had referred to as having a ratio of 15½ to 1 prior to 1873.