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Editorial
July 20, 1837
Western Courier
Ravenna, Portage County, Ohio
What is this article about?
The Globe editors address the Baltimore Gazette's query on acquiring small-denomination currency for weekly wage payments, explaining they sell Bank of the Metropolis notes at an 8-10% discount for specie, enabling fair pay and quality work while aligning principle with practice.
OCR Quality
98%
Excellent
Full Text
This being our pay day—as is every Saturday, rain or shine—we are forcibly reminded of the following questions, propounded to us a few days ago by the Baltimore Gazette:
"The editors of the Globe, like ourselves, have occasion, weekly, to pay some dozen or more of workmen their wages, which, to be useful to them and their families, must be of a description that will enable them to make a variety of small purchases. We find it not merely inconvenient, or is it practicable, here to obtain any kind of currency of denominations less than five dollars, without purchasing silver coin at a premium of fifteen per cent. How is this matter arranged by the editors of the Globe?— What kind of currency do they find it convenient to obtain to be used for this necessary object?
"We ask these questions with a reasonable expectation of obtaining information which will be personally useful to us, and that expectation is founded on the experience we have had of the kind disposition of the editors of the Globe in granting us favors of a much more important character."
The question is as easily answered as asked. We sell the best bank notes—the notes of the Bank of the Metropolis—at a discount of from eight to ten per cent. for specie. By doing so, we stick to our text—practice what we preach—procure the best workmen in the country—give them good money—and they compensate us for the loss in exchange by doing good work.
Right and interest go together oftener than most men think they do.—Globe.
"The editors of the Globe, like ourselves, have occasion, weekly, to pay some dozen or more of workmen their wages, which, to be useful to them and their families, must be of a description that will enable them to make a variety of small purchases. We find it not merely inconvenient, or is it practicable, here to obtain any kind of currency of denominations less than five dollars, without purchasing silver coin at a premium of fifteen per cent. How is this matter arranged by the editors of the Globe?— What kind of currency do they find it convenient to obtain to be used for this necessary object?
"We ask these questions with a reasonable expectation of obtaining information which will be personally useful to us, and that expectation is founded on the experience we have had of the kind disposition of the editors of the Globe in granting us favors of a much more important character."
The question is as easily answered as asked. We sell the best bank notes—the notes of the Bank of the Metropolis—at a discount of from eight to ten per cent. for specie. By doing so, we stick to our text—practice what we preach—procure the best workmen in the country—give them good money—and they compensate us for the loss in exchange by doing good work.
Right and interest go together oftener than most men think they do.—Globe.
What sub-type of article is it?
Economic Policy
What keywords are associated?
Currency Denominations
Bank Notes
Specie Premium
Wage Payments
Economic Inconvenience
What entities or persons were involved?
Baltimore Gazette
Globe
Bank Of The Metropolis
Editorial Details
Primary Topic
Obtaining Small Currency For Wage Payments
Stance / Tone
Practical And Principled Response
Key Figures
Baltimore Gazette
Globe
Bank Of The Metropolis
Key Arguments
Editors Sell Bank Of The Metropolis Notes At 8 10% Discount For Specie To Obtain Currency For Wages
This Method Allows Procuring Best Workmen And Giving Them Good Money
Right And Interest Align In This Practice