Daily independent. [volume] (Elko, Nev.) 188?-1915, 1890-03-29
----- - -
FRACTIONAL CURRENCY.

t1mid-looking young man of Doorkeeper
Braly at the sub-treasury tho other day
as no exposed to view half dozen
pieces of ragged, dirty paper. A close
inspection, says the New York Com
mercial Advertiser, revealed that they
were fractional paper currency or
'shin-plasters," such as played 80 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. G.
Half took the soilod and crumpled bits
in his hands, smoothed them out with
the hasty touch of On expert, singled
out one of the pieces and turned around
to bit of wood, that looked like q small
butchers block, and struck on it the
selected piece of paper whack with a
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 face
was the word 'counterfeit". cut clean
and clear. The steel instrument with
which he had struck the paper was
sharp stencil die that cut the tell-tale
word so clearly that it could never be
effaced and tho veriest fool could sec
that it was worthless. ,''"
''Do you want these redeemed?" con-
tinued Mr.. Half, as he pointed to the
five grimy slips on the marble counter.
ayes, sir, if you please" stammered
the youth; rs he eyed with surprise and
fear the mutilated piece returned to
MIN. Mr.. Half put two bright silver
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-
tional currency now?" was asked of Mr..
Half as the boy went out.
emo" he replied, ''we get very little
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 now it
has only come in in driblets. We
seldom get as much at time as that
young man just brought in"
"Then it has most all been redeemed,
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 some
thing like $15,0OO,O00. And of this it is
estimated that not more than SO, OOO, 900
to S5,O00,00o will ever come in now"
"But where is the rest and why will it
not come in for redemption2"
ga 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 che many fires that
have occurred since the time it was is
sued, 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, tho old currency is
now 30 scarce that people keep the oc-
casional pieces that come to hand as
curlosities Or pocket pieces. A great
many coin collectors have crisp, unworn
specimens o. it in their collections.
One wealthy gentleman in the city I
know carries in his pocket-book,
wrapped up with the greatest care, four
clear, bright. specimens, so, 25, 10
and O scent piece. He says 1t was the
nrsI money ne ever earned. 1t was paid
to him in these identical pieces, brand
new from the press, and he has pre-
served them ever since for luck. I do
not believe you could buy them from
him for 81 ZOO each. He calls them his
reserve capital, and If he ever loses the
million or moro no is now reputed to be
worth he will have his 90 cents reserve
to fall back on"
b. good deal Of tho fractional currency
that comes into the sub-treasury for re-
demption turns out to be counterfeit,
and tho moment it comes into the
hands OF the money changers in that
institution, no matter who hands it in,
1t is hurried to the block and branded
with tho sOcncil-cutting die. They ask
no permission, but just go and do it,
, The same rule is followed, too, in tho
rotunda where the bills of larger denom-
Inc ftfNVN