New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-11-26
CHASING THE ELUSIVE PENNY.
GREAT CONNECTION OVER THE CENT.

CHASING The ELUSIVE PENN L.
A GREAT CONNECTION OVER THE CENT.
BANKERS AND MERCHANTS IN DISTRESS OVER
FAMINE OF SMALL COIN.
MANY MANY wears ago St. James wrote to the Christ
ans in and about Palestine that the tongue was little
member Boosting great things. and asked them to see
how great matter little fire kindled. To-day men
of business are saying to Themselves and to one
another that the penny the despsed copper cent, is
little member boasting nothing, but is is kicking up
mighty commoton in all departments OF trade Inc
silver dollar in BANDS palmest days never raised hat
so big fuss brought down so many maiedicuonS
on the head of the Treasurer of the United states.
When pennies were abundant little was thought Oh
their value but now that they have suddenly ana
mvsteriously disappeared form the cash-oo1' ap-
narenty o return no more their worth has grown into
proportions 40 enormous to stagger not ONLY the
oddcent retail dealer but the banks Also and even the
Sub-Treasury of Uncle Sam. SO scarce. indeed nave
pennies become that newsboys and bootolacks nave
ceased to pitch em Mail-st and City han farK'
This is undoubtedly fair copper currency barometer
and indicates not only that the il scarce Dut tnst
for lack of the boys may be induced to go astray auu
gamble
A multitude of uneasy merchants and bankers and
landlords went to the Sub-Treasury last week looking
for pennies.
sMv business is stagnang for want OF pennies" said
an rate Bowery furniture dealer.
my tenants say they'll quit me if don't get EN-
some penniesr comp aimed the Washingtonst landlord
who lets his storerooms TO butchers.
Our depostors threaten to withdraw their accounts
if we don't supply then with pennies" expostulated
the bank president.
aWhen will Won have some pennies for us |" walled
chorus of butchers cigar dealers, candy men-shop-
keepers in general
Everybody seemed to be in pursuit of the elusive
penny Where had it gone Who took it t. Z. Han
stood all day behind the information window IN the
Fractional Currency Department OF the subrreasury
and sorrowully told all who joined IN the chase ater
tho coin that it had not cone his way.
awe haven't penny in the building" he kept on
saving over and over again importlnate nquirers
- never before knew pennies and nickels to be so
scarce ~ he continued We could easily dispose Of
81 600 worth every dav but we don't take in on an
average $50 worth We are dependent Tor our supply
on persons who come here TO exchange pennies lor
notes and theg have ceased 10 come as they can
sell their coppers OF a premium elsewhere IN the clty
The mint iii not send rs any minor CONS suppose IL
can't do it now as understand it Is over SIX weeks
behind on orders" m
Are all the minis in operation n
Yes but the Phiade phia Mint is the only one that
issues minor coins Large orders now sent there
by and mercantile houses which used TO get their
small coins OF us and under the law something
over 1000 600 silver dollars must be coined every
month il i impossible TO issue pennies and ncKes Iast
enough 10 meet the demand. 80,
1What the OF the increased demand r.
Shipments West and South. Vast quantities OF
pennies being sent into those regions Where'
il seems the people are just be inning TO use them IN
trade Hitherto the amounts OF all small purch Uses IN
those parts OF the country have been dlvlsloe by nV
the nickel being the small est com IN general use. II
YOU bought article valued at say, oZ cents you pad
80 and called It square or II they came 10 % cents
you paid 30. the custom BENG 10 ADJUST Ie price 10
eI ., 49, ua
Of the penny this age quick sales ana sDal prof.
its those people now insist on having supply BANKS
and commercial houses with which they DO business III
the North and East have shipped sucn quahtlIes VI
the coin that they have robbed themselves. For TWO
years the coinage of pennies and nckes was lracu-
cally suspended, but August 1t was resumed unGer
pressure from the public Business men come here dsy
day with their appeals and complaints, DuJ we
unable 10 do anything tor them we teil tnen "
send 70 the mint, but, you know. no mercusn. Gun
afford 10 want six weeks for his pennles ne must nave
them now, else his business suffers MS scarcity OF
One-cent coins is especially hard on the odd-cent
retailers"
When did you have your last surplus of pennies
and nickels p $500
In March believe, we had on hand $40 600 in
the Two coins We I'D them in large lots to bankers
for shipment to the South and West, receiving orueFs
even from han&s in Chicago for this purpose
"What your average daily receipts Oh
pennies :"
:" should say abont $780,
No wonder merchants complain. What else , can
they DO Here millions OF detested SILVER donars
country while the insignificant penny that millions OF
American citizens seduously seekng cant De
found. What law Why here Is one OF the city
banks-m the Twelfth Nard-vhch employs mes
senger whose sole business ii is to visit the various
public and private institutions and the Cathohc
churches in search OF pennies and nickels ne oaIA
has one big depositor to whom II under oohgatohs
to furnish 800 day in pennies. and the pennies
must be got somewhere Stern Brothers. retal airy
goods, OF est Twenty -hrd-st., sent out man me
other day on big hunt Tor pennies and he returned
from an ali days chase with only SO III them Other
mere bants are going through the same experiences.
One left money at the Sub Treasury TO pay Tor as
many pennies could be saved for him in week.
On the seventh day he called there and found f3o IN
pennies awaiting him. No more could be got. An
othcal OF the Institution remarked that the SUD
Treasury run in the interest Of the Government
the people hadn't blank tbing to do with H. VI
such Is the Democratic Administration.
The scarcity of pennies has had the effect always
produced by the scarcity of any article In this cy
has Matched brood of Spectators. The reasoc why
the sub Treasury cannot get the coins Is tha brokers
in Wall Street are buying them up at premium OF .
per cent They sell them ut advance OF per
making hundred pennies cost the needy buyer iV'