The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1890-12-11
POSTAGE CURRENCY.
Tho Credit OF Dcvlsing 1t belongs to Con
49,. oral Ernnola Z. 6ninner.

! 8
Tho Credit OF Dcvlsing It belongs to Gen.
erai Frnncis Il. Spinner.
Tho suspension Of specie payment by
the banks in December, 1861, caused q
disappearance Of tho gold and silver
coins from circulation with marvellous.
celebrity. They seemed to vanish in a
day; probably into the private boards OF
the people, since tho specie Of tho banks
failed to show any considerable in.
crease. War existed, no ono could pro-
elct tho future. the thrift and. caution
OF the people led them to lay sonnet thing
aside which could not lose its purchas-
ing power. They fastened to Law hold
2f these coins, and secrcte them whero
they could be found when other means
of subsistence failed.
The scarcity OF these coins produced
great Inconvenience in business. 1t be-
came almost impossible to make change
In the ordinary purchases from dealer;
and merchants. Shinplastors began to
make their appearance to supply the de-
hciency. In tho robelious States these
we're not only issued by individuals and
private corporations. but by States,
counties, cities, towns and all other
municipal corporations. A collection of
these rebel shinplasters upon all kinds
or paper, from white writing to brown
wrapping, would now be an interesting
mennonite Of the war, but in pocuniary
sense absolutely worthless.
The credit OF devising n lawful and
adequate remedy for this Inconvenience
belongs to General Francis F.. Spinner,
treasurer OF the United States He
found 1t impossible to facilitate as ho
desired to do the payment OF the SOL
alcrs and sailors and to conduct tho bus
mess of the Treasury with tho small
coins at his command. He therefore ar
ranged with the Post-Offlce Department.
to redeem In unused stamps such post
age-stamps as might be used FIR cur
rency. In short time his department
manufactured and introduced a new is
sue. All the denominations wore of uni
form size. A piece of paper with ono
stamp pasted on 1t was five cents; one
with two stamps, ten cents; Ave stamps,
twenty-five cents, and ten stamps, fifty
cents. In this way, at tho cost Of lit
tie labor, considerable amount of
small change was manufactured This
currency became so popular that, in
stead Of using stamps, plates wcro en-
EA"'oU ic' c"Ou IN
imitation Of the manufactured notes,
tho impressions from which had
the samo legal qualities and wcro
used FOR tho sauo purposes. These i'm
pressions wero called tho pos agc cur
rency." They were aftorwarl author
lied by the act OF July II. 1862. which
directed the Secretary to furnish to the
Assistant Troasurcrs tho pos arc and
other stamps of the United States to be
exchanged by them on application for
United States notes" These stamps
were receivable in payment of all dues
to tho United States of loss than five
dollars, and could DO exchanged for
United States notes when presented in
sums OF not less than five dollars The
same act put an end to the further issue
of shinplasters by making the issue or
circulation by private persons or corpo-
rations OF notes or tokens for less than
ono dollar punishable by fine and i'm
prisonment.
The convenience OF the postage cur
!, reEcy was great, and the amount called
for increased TO an extent which became
troublesome to the Post-Ohlce Depart
mont, and the Secretary decided to take
1t into the Treasury, whore it legiti-
mately belonged Accordingly, an act
was passed which suspended its further
issue, and substituted in its place cur
rency OF another description. L.
Chittenden. in Harpers Magazine.