Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1879-07-30
THE SCARCITY OF SMALL
NOTES.
How the Evil May be Remedicd
The Banks Responsible for
Scarcity of Ones and TwOS.


WASHINGTON, July 27.-Complaints
are frequently made, through the news
papers and by letters to the Treasury
Department, Of the scarcity of one and
two dollar notes, and the opinion pre-
walls that this scarcity is caused by the
Treasury Department withholding notes
of those denominations. This is an
erroneous opinion. In the disburs-
ing of money from the Treasury
no discrimination is practiced, and all
denominations OF United States notes
are issued upon the same terms.
Whenever there is scarcity OF any
form of lawful money, or of fractional
silver coins, the banks are to blame, and
not the Treasury Department. In this
matter the banks consult their indivld-
ual interests, and not the public neces-
sites. To countand issue 81 900 in one
dollar notes requires five times the labor
and time that is required TO handle the
same amount in five-dollar notes, and
this is why the banks do not care TO
order small notes from the Treasury.
There is a remedy, however, for the
scarcity of small notes, of which any
business man may avail himself, and at
the expense of the banks. Under the
existing regulations of the Treasury De-
partment, national banks or individuals
can forward by express to the United
States Treasurer, at Washington, nation
al bank notes in sums OF $1,000, and
have them exchanged for one and two
dollar United States notes. The person
forwarding money for exchange is re-
quired to pay the express charges to
Washington, but the expense OF return
ing the money is charged to the D
per cent. fund deposited in the
Treasury by the national banks
to maintain their circulating notes i'll
good condition. The express charges
are fixed by contract between the carry
ting companies and the government.
The charge per 81 900 from all points
directly reached by the Adams Express
Company is 374 cents. When other
express companies are employed to
carry money packages from points not
reached by the Adams Express, the
same charges per 81 900 must be paid to
each additional company. Thus, any
person having 81 900 in national
bank notes can forward them to
the treasury and receive IN eN-
change United States notes OF any
denominations, including and twos.
When United States notes are forward
ed for exchange, the sender Is required
To pay the express charges both ways,
which for United States notes is % cents
per 81 900. Money forwarded from New
York City, Boston and Philadelphia is
exchanged by draft on those cities. In
forwarding money for exchange, the
sender should always state the particu-
lar denominations wanted, and it should
be distinctly remembered that all notes
for redemption or exchange must be for
wardcd To the United States Treasurer,
at Washington.
Section ;, l75 of the Revised Statutes
provides that not more than Onc-siXth
part OF the notes furnished To any Ma
tiOnal bank shall be OF less denomina-
ton than s., and that after specie pay
ments are resumed, no banks shall be
furnished with notes of a less dcnomina-
ton than s.. On November !, 1873,
there was outstanding OF National bank
notes, S4,2S4,2l9 in One-dollar notes,
and s., ,5S2, l46 in two-dollar notes, max
ing total in ones and twos OF ~, $685.
365. Since the lst OF November last, no
National bank notes OF the denOmina-
tions named have been printed, and up
to June 30th last, about$2 100000 OF the
ones and twos, in nearly equal proper
tons, have been permanently retired
and notes of larger denominations is
sued in their place. The number OF
United States ones and twos outstand-
ing on November l, 1873, was as fol-
lows: Ones, S24,Gj2, $50; twos, so, ,9l3,-
OG6; making a total of S47 ,567 SIG.