The Marietta journal. [volume] (Marietta, Ga.) 1866-1909, 1890-05-08
FRACTIONAL CURRENCY.


A0SPeE DEdly AT the SuO-treaSufy the
other day, as he exposed to view a half
dozen pieces Of ragged, dirty paper. A
close inspection revealed that they
were fractional paper currency or
'shinplasters, such as played SO i'm
portant part as circulating medium
before the resumption of specie pay
ment. The young man was directed
to the small change room, where r.
Z. Haff took the soiled and crumpled
bits in his hands, smoothed them out
with the hasty touch of an expert,
singled out one of the pieces and
turned around to a bit of wood that
looked like small butchers block, and
struck on it the selected piece of paper
whack with steel instrument. Then
turning to the young man, he replied:
These five are good. but that one
is counterfeit"
AS he spoke he handed back the
spurious note paper, and across the
lace was the word 'counterfeit," cut
clean and clear The steel instrument
with which he had struck the paper
was a sharp stencil die that cut the
tell tale word SO clearly that it could
never be effaced, and the yeriest fool
could see that it was worthless.
do youwant these redeemedg" con-
tlnued Mr.. Half, as he pointed to the
i've grimy slips on the marble coun-
ter.
Yes, sir, if you please, stammered
the youth, as he eyed with surprise
and fear the mutilated piece returned
to him. Mr.. Half put two bright sill
yer dollars and silver quarter on the
counter, which the boy picked up in
hurry as though he was afraid they
would be taken back again.
DO you get much of that old frac-
tlonal currency now2" was asked of
Mr.. Half as the boy went out
NO." he replied, I'VE get very lit
tie now, not more than SO, 500 a year.
The amount coming in for redemption
is growing less and less every year.
1t used to come in here by the bushel
.basketful. But for many years nov
1t has only come in in driblets. w,
seldom get as much at time as that
young man just brought in"
Then it has most all been redeem
ed, has it,"
mo, indeed, and what is more, a
very large amount will never be re-
deemed. There is now outstanding of
the old fractional paper currency
something like SIS, 100000 And of
this it is estimated that not more than
So, 900 to S., 100000 will ever come
in now
''But where is the rest and why will
it not come in for redemptiong"
IA great deal of it has been worn
out by the wear and tear of twenty
odd years of usage. Any quantity of
it has been burned up in the many fires
that have occurred since the time it
was issued, and in numerous other
ways it has been lost and destroyed.
Then there are some other people who
hold all they can get to use in sending
small amounts by mail, finding it very
handy for that purpose. Then, too,
the old currency is now so scare that
people keep the occasional pieces that
come to hand as curiosities or pocket
pieces. A great many coin collectors
have crisp, unworn specimens of it in
their collections. One wealthy gen
tleman in this city / know carries in
his pocketbook, wrapped up with the
greatest care, four clear, bright speci-
mems, fifty, a twenty-five, ten and
a five cent piece. He says it was the
first money he ever earned. 1t was
paid to him in these identical pieces,
brand new from the press, and he has
preserved them ever since for luck. l
do not believe you could buy them
from him for 81, 900 each. He calls
them his reserve capital, and if he
ever loses the million or more he is
now reputed to be worth he will have
his ninety cents reserve to fell back
on"
A good deal Of the fractional cur
rency that comes into the sub-treasury
for redemption turns out to be counter
felt, and the moment it comes into the
hands of the money changers of that
institution, no matter who hands it in,
it is hurried to the block and branded
with the stencil cutting die. They ask
no permission, but just go and do it.
The same rule is followed, too, in the
rotunda where the bills of larger de-
nominations come in. Sometimes men
get very angry when their bad bills
are handed back to them mutilated in
such manner that they cannot be
used.
A few days ago dhe South Ferry
company sent up to the sub-treasury
bundle of the fractional currency, re-
presenting about $780, 1t had been
discovered back of a partition in the
old ferry house, where it had either
been slowed away or misplaced and
was found when the old building was
torn down to make room for the new
structure. Mr.. Half shuff1ed through
the pile, and not only pronounced it
all counterfeit, but discovered that
some of it had been brought to the
sub-treasury at least twenty years ago,
as the marks of the old stamps used as
long ago as that to mark counterfeit
paper money was still plainly visible
on them. Each piece was subjected to
the cutting process, and will probably
not be presented again for redemption.
All the fractional paper currency
that is redeemed at the sub-treasury is
sent to the treasury at Washington,
where it is placed in the crematory
and burned up, and all that is left is
sediment of Stag, a single pound of
which may represent 100000; the