Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1872-02-19
Gbs 9aIn spp aolueste uOap H1oming february 10, 1872

( some of the books, all of which must balance
and mutually check each other. Unless fully
a half score of persons, most OF whom are
known to be of the highest character, should
conspire for a single purpose, a fraud could not
be perpetrated; and even then there would be
almost certainty that some one of another
halt score would detect it"
OF course could not, in few hours, make
myself master of all the system of checks and
counter checks; but | did learn enough TO as
sure me that in the vast interests which one way
or another are committed to this company, the
risk by fraud or error is reduced to its lowest
terms-so low as to be practically minutes
sinai.
So long as our e;-;iency is TO be essentially
paper o., am convinced that its production
by The bank note companies is nearly perfect.
am not quite so sure of the workings at Wash
ington. Some ugly facts have transpired there
which need careful investigation. But surprising
the system is to last for some years, it should be
amended in several respects. In the first place,
provision should be made for cancelling all
the'notes when they have become greatly de-
faced by handling, and replacing them by others.
A bank note is fragile thing | was told, ten
years ago, by the president of the American
bank note company, that the average duration
of bank note of the smaller denominations
was about three years; that is, taking one with
another, in that space of time they become so
worn and defaced as not to be fl for circulation,
| l am not prepared to urge the principle adopted
| by the Bank of England, and | think also in
| Brazil, that no note should in any case be
reissuod by bank but it seems to me clear
that any note should be destroyed when ii has
! become greatly worn, and the bank issuing ii
should be allowed to replace it.
The loss TO the public by worn out bills is
very great. How great no one perhaps can
guess even approximately. Something like an
estimate may be formed from the case of our
fractional currency" am told, on good au-
thority, that in all fully eleven millions of dol
lars have been issued beyond what is now in
circulation. That is, so much has been in one
way or another lost by individuals, and made
by the government The statement at first sight
appears incredible; but let any one of our forty
millions of people call to mind how many times
he has had "stamp" so worn that it would not
pass, and he will be fully prepared to receive
the statement.
know quite well that provision is now made
for the redemption of this mutilated fractional
currency. As far as it goes this is well. But
many, and these are ofethose who can least af-
ford it, are not so placed that they can avail
themselves of this provision. For them de-
faced stamp is total loss
In fact, our system of fractional currency is a
1. =. o.,
the better it will be. And better system is so
easy. Let our paper fractions be replaced, as
rapidly as possible, by metallic tokens, redeem
able as the paper now is, upon presentation of
a certain amount-say TO the amount of five
dollars at time, For these tokens nothing can
be better than the "nickel" of our three and
five cent pieces. There is no need that the size
of these pieces should be in proportion to their
denomination, any more than there is that a
paper stamp for fifty cents should be five times
as large as one for ten cents All that is de
srable is that the denominations should diff
fer perceptibly in size. Denominations
of fve ten, and twenty-five cents would
answer all purposes. Let the five cent piece be
of the size of our present three cent piece; the
ten cent piece as large as the bronze penny the
twenty-five cent piece little larger than the
present five cents; all OF course to have their
denomination clearly expressed on the face. We
should then have smaller currency not I'M
wcildy in size, easy to count and handle, and
not liable to be worn out. Its value would con-
sist not in the quantity of metal of which it was
composed, but ia the fact that, like our present
| paper fractions, it could be at will exchanged
for currency. One mint could, venture to say,
in six months supply the demand. This would
of course take the place of our present paper
stamps, greatly to the advantage of all
concerned. The only persons injured there
by would be the makers and shavers
of the queer" who would find their occupa-
ton well nigh gone 1t is quite easy to produce
az very moderate cost any amount of counter
felt paper stamps, any one of which, especially
when soiled, will pass in ordinary trade but it
would be much more difficult matter to bring
out like nominal amount of the metallic
tokens which are here suggested.
When our financial authorities have got fairly
through their work of president-making and the
like, who knows but they may find time TO de-
yeop the really practical measure of which the
bare outlines are here suggested A.H.G.