The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1888-03-15
TEN-CENT PAPER CURRENCY
Congress Likely to Order the Issuing of
$4,000, 600 in Silver Shin-Plasters.
4 Prominent Democrat Thinks There Is Little
Prospect for Tariff Legislation-A Plan
for Dealing with the Big Trusts.
sH1sPLAsTER MONEY.

The House viii Probably Vote in Favor of
Fractional silver Certificates.
ipecial to the indianapolis JournaA.
WASHINGTON March 1.-THE proposition to
ssue $50. 000, 900 worth of silver certificates IN
denominations of five, ten. twenty-f five and fifty
seats will meet with good deal of opposition
from few men in the House. The bill has
been reported from the committee on banking
and currency, and is Endorsed py all OF tho mem
bers except Mr.. Bacon, Of New York Dir.
Bacon holds that there is not g general demsnd
from the country for this currency, and that to
Issue it would be in conflict with the
general principle that the Treasury of
the United States should not become
. bank of deposit for the money
of private Individuals. issue its negotiable
certificates of deposit TO its depositors He
holds that it viii do SO If il issues class of
money which will be a convenience only TO
email class Of the people. He holds, further,
that this fractional paper money would be large
ly coup terfeited, as IL was many years ago, and
that it would drive from circulation the suit
sidiary coins. one-third of whose issue lies idle
in the treasury at present. Mr.. Bacon says that
the issuance of this money would also require
an enlargement of the Bureau of Engraving and
Printing. and considerable additional expense
20 the government But his conclusions not
entertained by large majority of the House, if
one can form conclusion by miscellaneous
statements
Chairman Wilkins, of the COMMITTEES on bank
Ing and currency. says be has an immense guam
tity of letters, and kilograms, and petitions
from various business interests in Indiana
Ohio. Pennsylvania. Nebraska. Iowa, Michigan
and the Southern States, well in the East,
in favor of this fractional paper money. showing
that its advocates are confined in special To-
cality He says the merchants and the people
who make purchases of goods by mail are ex-
tremely anxious for this money, and that the
newspaper publishers everywhere want il. be-
cause it can be conveniently transmitted by
mail. Most of the petitioners have asked for
the reissue of the old fractional currency,
not as substitute for silver, but
TO supplement it, especially for use
In the mails. The proposition to make
this fractional money silver certificates and de-
duct 1T from the regular issuance of silver GER
tifcates also meets with very general approval,
and it is believed that the additional expense
will be quite trivial, inasmuch as only the
craving Of the plates will be o new expense.
The silver certificates are being issued almost
constantly, and the printing is about the same
for the bills of large and bills of small denomi-
both branches of Congress and become law.
He also believes that his bill increasing the cir
culation of national banks TO the par value of
bonds deposited with the Treasury-wnich
measure is the calendar of the House,
and in condition of suspended animation
will be taken up of these days and passed.
He says there is doubt about its success in
she Senate, where there are fewer demagogues
Pnd men who pirate about things of which they
know nothing.