New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-04-27
yoL.XXXVI.. NO 1894
WASHINGTON.
.,,,,,crc or THE COIN ISSUE.

.ooo 900 1pr.DY PAID oUT-BELIEF THAT lhA
mr., SHOULD HAVE AUTHORIZED THE isSoh " y,
O. 900 OOO-A WANT OF FRACTIONAL Cohfrno.
People PREFERRING GREENBAcKs ~ oi"'
lBY TELEGRAPH TO THE TRIBUNEl an
u.survcroN. April ga steady stream u ~
plicants for SILVER currency continues oSanting a
Treasury Department, each person pi.' sa,,rtior
I'll on,ornt of fractional currency for reue,ip
80, oIroodv maid ont here, includins una
wooded IN other points where there 70 NV -
,T,roosrrar nv exprcss exceeds SZoo'Voo, AZ
,oante Inv express will be sii''h Nc
rrroosrror has begun making remit '''"'oa y
ofobecks drawn on the various ASSISTANT - =:
u =, siIver The amount thus far reunited III
payao'c ~ 80 than 100000 The total amount
inns way - an the offices to date is not far from
100000. ..-.;,,o ofroo+ !, TO-
r.,;ro tbe small change famine, and the silver thus
lid ont seems to have been to considerable
- bearded by those who have received 1t, IN
4J 90 having gone into the circulation. This is
toTod bv Treasury official TO be the results OF the
,,o,bod of distribution provided by Congress. Ihe
Treosury Department already finds considerable
HAicultv in getting the silver coin Which 1t mas on
hand ont into circulation, and the OPINION pre-
walls among officials that the law would have Deeh
more effective had it authorized the issue OF at leas
g. 600 600 in exchange for greenbacks OF paper
fractional currency, in order to afford immaculate
Lift for the scarcity of small change consequent
rnon the two months stoppage OF work at lhe
Printing Bureau. Many business men, VINO realiy
nrefer paper to silver, and who desire 10
obtain the latter only because they
are unable to get the former crltlclse
the requirements of the law as very severe nc
onlv way in which they can obtain the com Is py
the presentation of the paper fractional currency
and if they had that, they would prefer 10 heer ]"
instead Of exchanging it for silver Inc uiS'iio|
t;on of naner fractional currency has ceased, al
though there Is no provision OF law agai'S. i''
;ssue and no obstacle to its further use except the
.,ant Of AN appropriation for running the presses
there remain in the Printing Bureau many sheets
sf fractional currency partially printed, which, III
the interest of economy, and to relieve the strlh-
gency of the small change famine, might be hnshed
and issued A considerable number of these sheets
have their backs printed at a cost OF $50 thousand
hy outside bank note companies, and these unless
fhev are issued. will be cut up for money straps or
nacerated into pulp and sold at fraction OF cent
per pound to the Georgetown paper mill.
The amount of finished paper fractional currency
in tbe Treasury vaults is more than 100000, and
for this applications are constantly received. ms
might be maid ont to increase the stock exchange
able for silver in the hands Of the public, and much
of il will no doubt be issued to discussing officers
since the Treasury Department is not, under the
law, authorized to furnish silver in the payment OF
their drafts.
As an indication that there are people who do not
suffer for the want Of small change, it may be stated
that a considerable number Of depositors OF frac-
tional currency for redemption take greenbacks for
it instead of silver. Attention has also been called
IL. a. # iegy1iv nd u
the paper fractional currency has been five percent
that a FIVE per cent gold bond sold TO obtain the
silver with which to retire the paper currency and
that the recent law cargies the paper currency re-
deemed to the sinking fund with an annual interest
charge of per cent in gold until the National debt
is paid the latter item of interest being compounded
annually.