The Ouachita telegraph. [volume] (Monroe, La.) 1865-1889, 1881-10-07
A WAR AGAINST MUT1LATED COIN.
Nov York SUM-

| CNaw York SUM-
Charles jenkins, who has supervis-
ion over the news stands at the eleva-
ted railroad stations, has issued an Or
der forbidding his r'en to receive
mutilated coin in Payment for news
papers. He said yesterday that he
would have the order posted ut all his
news stands this morning.
This Mr.. Jenkins considers neces.
sary precaution. "AIutilatcd coin,"
he said, "is not legal tender. Tho
money which we pay to the publica-
tion offices is put up in rolls bearing
our stamp and with the amount and
denomination printed on them. These
rolls are accepted in good faith, and,
OF course, they contain perfect coin.
The only way for us to get rid Of mu-
titated coin at its nominal value would
be to give it out as change to our custo-
mers at the news stands. This have
absolutely forbidden. For these rea-
sons we arc forced to sell it to brokers
at Il loss of five per cent.
"The other day took 800 in mutil-
ated coin to the Assay Office, thinking
[ might do better there. I asked how
much perfect coin could get for my
500 in muitiiated coin. They weighed
it for me, and found, equally to their
astOnishment and mine, that my pile
was worth only $40, so that my actual
loss was 21 per cent. So thought L
had better stick to the brokers'.
81 have the sign posted up because
if my men gave a verbal refusal they
would be asked for an explanation, and
of course while this was being given a
train might come along before other
people on the platform could be sup
piled with papers. This circulation of
mutilated coin is II nuisance, to which
a printed protest would attract more
attention than a simple refusal. You
see, the nultiiating Of coin is quite pro-
fitable. The pieces punched or clipped
from the silver are kept and melted
after enough have been acquired, but
if the circulation of multilated coin is
stopped, the mutilation will also stop.
You SEQ how lose. A man buys copy
of The Sun and pays for it witha mutt
lated tive-cent piece. The most of the
and ten cent pieces, and every few days
we have to take a hundred dollars of it
to the brokers'
"Do you always got 30 per cont. for
you nutilated coin?"
eyes, l suppose the brokers sell it at
a higher percentage"
A broker was asked ut what pcrccn-
tagc he sold mutilatcd coin, and he
said that it was bringing from ninety
six to nincty-sevcn cents on the dollar,
according to the extent of tho nutila-
ton.
Mr.. Jenkins will also soon prohibit
the receipt of Canadian coin.
The following, headed "Noticc to
Customers" printed in black on green
and pink backgrounds, has within tho
fn,p- Il.
and on news stands:
The United S. atcs Government has
fixed the following values on silver
coins with holes in them:
iIit hi ''''...''.'... % cents
ittll uol 30 cents
SSuaT 'oilafS..... 10 cents
cents
fiV".."...'. cents
These values are placed upon coins
so punched with a view to calling in
and stopping the unlawful practice of
"mutilating" silver money of the Uni
ted States.
This notice was shown to the Assis-
SAINT Treasurer ut the United States
Treasury building in this city. lie
said he knew of no such order.
"It is absurd on its face. Why, you
might punch such Il big hole in dol
lar piece that only the rim would be
left, and then claim the right to OK
change it for siXty-tivc cents. or
course, we never receive mutilated
coin, or coin that has been fraudlllcntly
abrascd by sweating. We have men
here who can tell by intuition whether
Il coin has been abrascd by sweating or
by commercial use"
He expressed dhinselfstrongly against
the circulation of mutilatcd silver, and
was glad to hear of Mr.. Jenkins
attempt to stop it.