Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1882-04-04
FINANCE AND TRADE.
Condition of the Markets Here ana
Elsewhere.
Money 5 to 6 Per Cent.-Governmsnts
Unchanged-Stocks Active-flour Quiet
and Firm-Wheat Iregular-Pro-
visions Firm.
WILL WE HAVE FRACTIONAL CURRENCY,

r. MIR. CaSW ell, oil w lScOnslI, mas lntIO-'
.dueed bill in the House, providing for
the issue of $25,OO0,0OO of fractional
paper currency. in denominations of %
and 80 cents, in exchange for like
amount of legal tenders, the latter to be
cancelled. The effect of cancelling the
legal tenders would, of course, be to
exempt them from the operation of the
stupid act requiring the Secretary
the Treasury to reissue and keep in
circulation" all legal tenders coming
into the Treasury in such wise as to be
come the property of the Government.
A further probable effect would be
contraction of S25,00O,00O in the etfec-
tive currency of the country. FIX
perience demonstrates that the
country requires only about GER
tain amount-thus far the amount
has never exceeded S5O,0OO,OOO
of its circulation in the fractional de-
nominations, either of coin or paper.
Enough is wanted for change, and any
thing more than that is nuisance. Ii,
therefore, the proposed fractional paper
should be issued, it would not be likely
to enter into circulation rs 50 mucn al
ditional fractional currency. Since
there is now plenty of currency OF the
propOsed denominations, the notes, II
preferred to coin, would simply displace
the latter, which would he gathered up
and presented at the treasury and
sub-trcasuries for redemption in full
leral-tender coin or notes, un-
der the act of 1873. The
fractional silver thus taken out of cir
culation would be equal i'll amount to
the fractional paper put III, ana the
rreenbacks cancelled would be so much
subtracted from the total volume OF the
currency. The cheap-money people.
will object 20 that, of course. But no
real harm would he done; for if there
should be any saringency in consequence
of the contraction the deficiency would
srcedilv be made good by the intrOduc-
ton of coin into circulation. Herein
lies the advantage of currency consist
ing of coin and paper convertible into
coin on demand
Probably Mr.. Caswell'o object in
bringing forward this measure is to pro-
vide the people with a kind of fraction
nj currency which can conveniently and
safely be transmitted by mail. II So,the
denominations Of - and % cents are
not the very best that could be chosen.
With only these denominations the only
fractional parts of dollar it would be
possible to transmit are the quarter, hall,
and three-quarterS. Adding note OF
the denomination of ID cents would
make it possible, by one remttanceand
one return of change, Ia send
any multiple of cents without
incl0sing more than three notes
either way. Thus, to pay cents, send
! two l5's, and receive one y i'll change;
to pay 81, send 81, and receive one - in
change, and 80 on. Without returning
change, fourteen different sums less
| than a dollar could be transmitted with
| these three denominations. With the
two denominations 10 and -, any null
| tiple of 10 could be transmitted without
inclosing more than five pieces, and
! the three denominations 10, p, and
| 80 would serve for almost anypaymcnt.
! This last combination would probably
| he best, as it is the one the people are
| accustomed to, and that is matter of
| very great importance, because the
notes, in order to be readily available
for transmission by mail, must be in
general circulation, and the denomina-
tons to which the people are most ac-
| custOmed will circulate most freely. In
| Trainings measure to promote the pub
! lie convenience, it goes without saying
that the public convenience should be
carefully cOnsulted.<
Itmay be that there is Il real demand
for the issue Of fractional notes for the
purpose stated, but there are objections
to meeting the public want in this way.
| The notes, as experience has proved ARE
peculiarly liable to loss and destruction,
and they soon become saturated with
beer, and other things more offensive,
| if, indeed, they do not become the
vehicles of disease. 1t is certainly a
| question worth considering whether the
! public convenience in the matter of
! transmitting small sums by mail can
not be quite as well or better served by
modification Ofthe postal Ordersystem
in connection with a reduction in letter
/ postage, or by something like the Eng
! lish check bank.