Music Trade Review

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THE MUSIC TRADE REVIEW.
.pianos. They started just at the time when business
'was down and many predicted failure for them, yet
they have succeeded where others perhaps with
•equally as good opportunities failed.
A SOLUTION OF THE SILVER PROBLEM.
HE country is again in the throes on the silver
question. Soon after the passage of the specie
*
resumption act by Congress in January, 1875,
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the agitation began.
It seems that we arc to have enough organ reed
Ever since the panic of 1873 the people had seen
•manufacturers to satisfy the most exacting organ hard times, prices had declined, trade was stagnant,
maker. Only a short time ago we gave notice that and they were beginning to lose courage. Finally
in addition to those already established, the BRAND contraction and redemption of the currency were de-
cided upon. The law decreed the redemption in
MANUFACTURING COMPANY, New Britain,Conn..would
coin of the legal tendernotes (greenbacks), after Jan-
•supply the trade who desired them to do so. Last uary 1, 1879.
issue we received a comihunlcation that DYER &
The promises of the Government, which had been
HUGHES, Forcroft, Me., had also added reed making unredeemed since 1861, were at last to be kept.
As the time approached, we were told that it was
to their organ business. ^Now, we have the assurance
that PRATT, READ & Co., Deep River, Conn., have impossible to accumulate gold enough in the Treasury
to give confidence in the stability of resumption.
also entered the field. This means business and, as The silver dollar had been demonetized in 1873,when
I look at it, any amount of cutting in prices. The it was worth in gold more than a hundred cents. But
:iirm of PRATT, READ & Co. i9 a long established in 1877, its value, after many fluctuations, had fallen
house, and as manufacturers of piano and organ keys to about ninety cents.
Our silver mines were large producers, and under
'has a reputation way beyond reproach. Their trade
the influence of protection to a home industry, the
in this line is very large, extending all over the idea was conceived of again coining it as a full legal
United States and well into foreign countries. They tender at Its lowered value, so that not only would
are a very wealthy concern, and have at their dis- an important industry be benefltted, but the Govern-
posal any amount of money necessary to carry out ment also could take advantage of the word "coin,"
as expressed in the act, and pay its debts in a metal-
the plans they undertake. The reed business will
lic coin, worth Ies3 than was contemplated when the
.•go well together with what they now manufacture, resumption law was passed.
yet they will have to establish their own trade in
These counsels prevailed, although the protests
nreeds, and in doing this will be compelled to meet in were many and powerful.
The law was enacted early in 1878 which requires
competition those who have been long established.
the
Government to purchase at least twenty-four
One thing I can see—that the combination which
million dollars' worth of silver bullion per annum,
now exists with most the reed makers will be broken, and to coin it into dollars. At the present price of
.and the fight about to begin will be the longest and silver, this amount coins into more than twenty-eight
and a half million of standard dollars.
most bitter one ever know in this trade.
The market price of silver, instead of advancing,
* *
has steadily declined, so that the standard dollar of
Tn Boston, I called on the NEW ENGLAND ORGAN 412^ grains, nine-tenths fine, is now worth less than
•Co.. and found them in excellent spirits. They told eighty cents, but the coinage goes steadily on. We
me that to stato business in its true light they have coined already, up to Dec. 1 last, $215,759,431,
were by no means having all they could do, yet they of which $73,170,570 remained in the Treasury, the
sole property of the Government, and for which there
were receiving their share of orders which made seems to be no demand.
Ttheni perfectly content, they depend upon and have
This amount shows an increase of the number on
a steady trade by honest methods, treating their hand, not represented by certificates outstanding, of
agents fairly, and giving them reputable goods to more than nine millions since June 30 last, equal to
handle. Their new list of styles are very large, of four months' coinage.
How can we get this large amount of unused silver
great variety, and fine enough to suit any household.
into the currency, and what shall we do about the
* *
future coinage? These are the problems we have to
At the HALLET & DAVIS warerooms I met Mr.
solve.
It seems evident that if we continue the system at
Kimball who was about to start for a short trip to
New York. He informed me that the Newton High present in vogue, but little more can be circulated.
From the reports lately presented to Congress, we
:8chool Committee, composed of three of the best learn that the currency of the country amounts to
musicians of that town, had that day selected a more than $1,500,000,000, consisting of gold, silver
HALLET & DAVIS GRAND for use in their school. and paper. The paper is transmutable into gold or
The committee examined all the prominent makes silver, at the option of the Government; the silver
cannot be changed into gold, although the gold may
in Boston, and as the town of Newton paid for the
be changed into either. This unevenness does not
instrument, money was no object, so they selected fulfil the wants of the people at all times.
•what they considered the best.
In case of an adverse foreign exchange, we must
export gold ; our depressed silver dollars will only
THE 8MITH AMERICAN ORGAN CO. have made be received at their bullion value, which is now eighty
wonderful progress since their fire, and are now in cents, a loss to the holder in that case of twenty per
cent.
excellent shape ; their trade, both domestic and
This need not be considered an immediate danger;
foreign constantly increasing, which speaks well for the real danger lies in the continued coinage, in an
the present management. The new vigor recently increase of silver dollars so great that the Govern-
established in the Boston house is making itself felt ment would be either in the condition of Germany,
with a large amount of silver to sell, or in that of
to a great degree, and inspiring their agents with re-
France, with a large amount of useless silver on
newed zeal. The warerooms in Boston contain but hand, and the danger of returning to a depreciated
very little stock, and as they are running their currency, to which, with our experience from 1861 to
factory on full time and hands, proves that their 1879, we have no desire to return.
The consequences to a large portion of our popu-
trade is good. Their line of styles, although not so
gaudy as some, are rich, and exactly suit the refined lation would be disastrous. Consider the loss to
the three millions of working men and women who
class of people.
J. D. B.
have deposits in the savings banks, little sums laid
up by each one against a future time of sickness or
WM. STEINWAY and Edward Uhl were appointed need.
The sum of these savings aggregates $1,095,172,147 ;
.as a Committee for a Revision of the Books at the an-
the depreciation or loss on this at twenty per cent,
nual meeting of the German Society of New York.
would be two hundred and nineteen million dollars,
O. J. FAXON E. P. Faxon will continue the business under the twenty cents loss on every dollar they could earn
.the old name.
until the equilibrium was restored between a depre-
ciated currency and the rate of wages.
JAMES CUMBTON has left for a long trip West.
T
231
Consider, also, the loss to all those living on fixed
salaries and incomes, such as clerks, widows, or-
phans, clergymen and professional men.
The beneficiaries of life insurance policies and
annuities, aggregating an enormous number.
It has been said that the debtor class are In favor
of the continued coinage of the silver dollar. Who
belong to the debtor class? Not the savings bank
depositor, for he is a creditor. The ordinary work-
ing-man and mechanic pays his landlord for rent of-
ten in advance, and the supplier of his household
necessaries gets paid as often as the wages are re~
ceived—say once a week; he has no credit beyond
this and cannot, therefore, be fairly ranked in the
debtor class.
The debtor class must then be the more wealthy;
the merchant who borrows money to increase his
business; who has property of some kind which gives
him credit; who agrees to pay a certain per cent, for
the use of money in order that he may make a greater
per cent, by the use of it.
The railroads and other rich corporations, who
borrow to get gain, must likewise belong to this
class, and so must the men of Wall street, who deal
in stocks, by paying down ten or twenty per cent.,
and borrowing eighty or ninety.
Are these classes in need of our sympathies, are
they in need of Government interference to enable
them to pay their just debts? Are they dishonest
enough to wish the Government to reduce the value
of the dollar in which they are to pay below the one
they borrowed?
We cannot think so meanly of them. Who, then,
are the people who insist upon the continue'd coin-
age ? Are they not the owners of the poorer pro-
ducing silver mines, or the uninformed and thought-
less ? for many of the richer producing silver mine
owners are in "favor of stopping now in order that a
common agreement may be arranged among the
nations.
The friends of the compulsory coinage law claim
that we are a silver producing country, and should
therefore make as much use of it as possible. We
have tried the present experiment for eight years,
and the results expected by the silver mine owners
have not been realized. Fine silver has steadily de-
clined in market price since November, 1879, from
$1 16 1-3 per ounce to $1 02 2-3 in December 1885.
The people have shown no ardent longing for the
dollar of the fathers ; foreign nations with whom
we trade have rejected all our overtures to re-
establish it on its old basis as a legal tender between
us, desiring rather to wait and profit by our experi-
ence.
(To becontimied.)
THE Mechanical Orguinette Co., New York, have
opened elegant warerooms at 192 Clark street, Chi-
cago. The house will be managed by W. D. McLain,
and C. E. Lee will represent it on the road.
GEORGE H. BUCKWELL, New York, judgment for
$227.
CHAS. W. STEWART, Brattleboro, Vt., has made an
assignment.
N. G. HAMILTON, Springfield, Ohio, has sold out.
T. R. WALTER, Chicago, has given a chattel mort-
gage for $175.
E. N. EMILIO, Salem, Mass., chattel mortgage for
$7,000. •
S. Q. MINGLE, Williamsport, Pa., will handle the
Baus piano in the future.
JTJNIUS HART, New Orleans, La., writes us that he
now has three men on the road, and will put more
on as soon as he can engage competest ones. He re-
ports business very good, and expects to increase his
sales 50 per cent, this year.
RAPHAEL FASSETT, formerly with John F. Ellis &
Co., Washington, D. C , is now connected with the
Century Piano and Organ Co., Minneapolis, Minn.
THE report that the chimney of Decker & Sons' fac-
tory was blown down during the recent gale, is un-
true. It was the chimney of the factory adjoining
Decker & Son.
F. W. BAILEY has left on a long Southern trip.
He is travelling in the interests of the Bourne piano
and Bay State organ. We wish him much success.
H. L. HAY & Co., who, a short time ago succeeded
Haines Bros , in their warerooms, have dissolved.
HENRY STEINWAY and N. Stetson are in Florida.