The daily intelligencer. [volume] (Seattle, Wash. Territory [i.e. Wash.]) 1876-1881, 1878-04-20
Official Press of King County.
Saturday, April 20. 1878
MONEY MATTERS.

:roduced the following very sensible
and practical resolution for what may
he called re. shinplasterization
Resolced, That the Committee on
Banking and Currency be Instructed to
report 20 this House forthwith proper
bin or bills
First. To provide for the reissue Of
fractional currency of the denomination
of fifty aud twenty-five cents; for the
withdrawal Of subsidiary silver coins OF
the same denomination now in circula-
ton as fast as they may be received
into the Treasury, and prevent further
issue there If.
Second. To provide for the printing
and issue of twenty millions Of legal
tender notes of. the denomination of
one, two and five dollars, in equal pro-
portions, to DO paid from the Treasury
for the current expenses of the Govern
Inent for circulation among the people.
Does it not look as though the con-
venience of the little shinplaster null
sance was never duly appreciated by
the American people until they had lost
them. Or is this regret at their dis
appearance, which is voiced by But
ler's resolution. only force of habit and
longtime association I! One thing how
ever, is certain, that even the greasy,
shabby little shin plasters have their
peculiar advantages.
But we do not see why the coinage
of the silver halves and quarters should
be lnterdicted on that account. The
Generals reasons for that provision
seems to be Il fear of initiating the cur
rency! His speech in support of the
measure is the best explanation of his
ideas on the subject. We extract the
following
You will remember, sir, we withdrew
the fifty md twenty five cent fractional
currency from circulation, and substitu-
ted therefor the silver half and quarter
dollar. Now, think the general opin-
ion of the people of the country is that
was the most convenient currency we
ever had. There are many uses for
which it is convenient which the silver
half and quarter do not have. Fer in
stance. all small sums To be transmitted
by mail practically cannot be transmit
ted now. A silver half dollar breaks
the envelope of it's own weight. If it
does not break 1t Of its own weight, it
tells everybody it is there, and some
body else breaks it, and it does not
reach its destination. Laughter My
attention was called to this by very
practical man in Massachusetts, large
seed producer, who paid very large
postal revenue. In his business, which
requires to be transmitted to him fifty
and twenty-five cents for packages of
seed all over the country, he found in
. few months loss as high as $4,000 a
month for the want of some means of
sending the money to him in these
small sums. And so small subscrip-
tons for various publications and peri
odioals cannot be sent.
1t may be said, why not get postal
order That postal order, to send fifty
or twenty-five cents. would cost ten
cents. Therefore we cannot transmit
by mail. and any one who tries to trans
NIT an uneven sum by mail will find,
il no does not get postal order. it will
give him great trouble Now, there
would be no objection, il seems to me.
to the reconciliation of this most con-
Nenient of oil convenient currency,
which nothing but extreme folly, APP
preaching in my Judgment to idiocy,
ever caused to be taken out of circula
tion.
have not provided in the iustruc-
tions 10 the committee there shall be
any extension OF what is called. be-
iieve-it ought not to be 80 called-sn
Increase of currency. but have simply
provided the silver half and quarter
dollar shall be withdrawn. But an
not particular about that. You get the
others out and these will 60 in of their
own motion.
Then you observe there is another
provision here: and that is that one,
two aud three dollar greenbacks shall
he issned to the amount Of SEC. zoo. 900.
do not care for imitation to that
amount-although it is folly To talk
about imitation for $4,000, 900. Cur
rency Is the money of retail, 10 do re-
tail business; and one hundred and FIVE
hundred and one thousand-doliar bills
are not money at all. They are simply
large. convenient checks. 1t is sup
posed and believed by those who have
examined the subject that 95 per cent.
OF all the business of the country is done
by the check book, the ledger, the bill
OF lading, and other forms of mercantile
security. and that currency only does
the business of retail Of about four per
cent. and it needs to be small for that
purpose.
Banks under the old system used to
be very fond of putting out their small
bills, ones, twos, threes and fivcs.
Why Because they went into circula-
ton. were worn out, and lost. There
was great profit on them, aud there
being great preft on them, the circu-
iation being for long time, they were
favorite issue for oil banks. But now
no matter what the size of the bill if
II once gets out into circulation il never
comes home to the bank, ani it takes
from three 10 five years to get in the
bills OF national bank when il is
wound up. And the hanks have TO paw
fr printing the bills. And it costs lust
% much TO print one-dollar bill as TO
print one-thousand dollar bill.
Therefore the banks are withdrawing
oil their small bills aud only issue large
bills OF ten, twenty. fifty. and five hun
dred dollars. And the consequence is