Daily Yellowstone journal., 1890-03-11
FRACTIONAL CURRENCY.


q timld looking young man OF Door
keeper Brlly at the sub-tcasury the
other day, as he exposed TO view n half
dozen pieces of ragged, dirty paper, A
close inspection revealed that they
were fractional paper currency or
''shinplasters. such as played 80 inn
portant Il partas a circulating medium
Detosc the resumption of specie pay.
ment, The young man was directed
10 the small change room, where X.
{. Half took the soiled and crumpled
bits in his hands, sIaoothed them out
with the hasty touch of an expert,
singled out one of the pieces and
turned around To II bit of wood that
looked like "A small butchers block, and
struck on IL the selected piece of paper
a whack with a steel instrument. Then
turning 10 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 a sharp stencil die that cut the
tell tale WORD SO clearly that it could
never bc cifaccd, and the vericst fool
could see that it Mas worthless.
"Do you want these redeemed!' con-
tinued Mr.. Half, as he pointed to the
five grimy slips on the marble coun-
ter.
Yes, sir, if you please" stammered
the youth, as lac eyed with surprise
and fear the mutilated piece returned
10 him. Mr.. Half put two bright sill.
yer dollars and "A silver quarter on the
counter, which the boy picked up in a
hurry as Though lac WAS afraid they
would be taken back again.
"Do you get much of that old frac-
tional currency now vas asked Of
Mr.. Half as the boy went out.
No" he replied. 1--WE yet very lit.
tie now, moi more than a2, 500 "A year.
The amount coming IN for redemption
is growing less and less every year.
1t used Ia come in here by the bushel
baskctful. But for many years now
it has only come in in driblets. We
seldom get us much at "A time as that
young man just brought ill.,"
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 Sl5,0 900, 600. And of
this it is estimated that not more than
$1,000, 900 TO S., ZOO, 900 will ever come
in now"
''But where is the rest and why will
it not come in for redemption.'
"A 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 upint the many fires
hat 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 a 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, a fifty, a twenty-five, a 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. /
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 reputcd TO be worth he will have
his ninety cents reserve 10 fall 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,
il 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 i'm. Sometimes men
get very angry when their bad bills
are handed back TO them mutilated in
such a manner that they cannot be
used.
A few days ago the South Ferry
company sent up to the s~ub-treasury a
bundle Of the fractional currency, re-
presenting about 800. 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 shufiied through
the pile, and not only pronounced it
all counterfeit. but discovered that
some Of it had been brought 10 the
s%ub-treasury at least twenty years ago,
as the marks Of the old stamps used as
long ago ms that 10 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 il is placed in the crematory
and burned up. and all that is left is a
sediment of Stag, a single pound OF