The morning call., 1890-10-27
POSTAGE CURRENCY.
How 1t Was Devised by General Francis
Il. Spinner, Treasurer.

How 1t Was Devised by General Francis
4. Spinner, Treasurer.
The suspension of specie payment by the
banks in December, 1861, caused a disap-
pearance of the gold and silver coins from
circulation with marvellous CELEBRITY.
They seemed to vanish in day;
probably into the private boards of
the people, since the sperie of the banks
failed to show any considerable increase
War existed, no one could predict the future.
the thrift and caution of the people led
them to lay something aside which could not
lose its purchasing power. They FASTENED
to lay hold of these coins and secrete them
where they could be found when other
rieans of subsistence failed,
The scarcity of these coins produced great
Inconvenience in business. 1t became al
most impossible tn make change in
the, ordinary purchases from dealers
and merchants. shnplasters began to
make their appearances to supply the
deficiency. In the rebellious States these
were not only issued by individuals and pri-
waite corporations. but by States. counties,
cities. towns and all other municipal cor
porations. A collection Of these rebel shin
plasters upon all kinds of paper, from
white writing to brown wrapping, would
now be an interesting momentO of the war,
but in pecuniary sense absolutely worth
less.
The credit of devising lawful and adj
equate remedy for this inconvenience be-
longs 10 General Francis E. Spinner, Treas
urer Of the United States. He found it i'm
possible to facilitate as he desired to do the
payment of the soldiers and sailors, and to
conduct the business eff the Treasury with
the small coins at his command.
He therefore arranged with the Postuffice
Department to redeem in unused stamps
such postage-stamps as might be used for
currency In short time his. depart
ment manufactured and introduced
new issue. All the denominations were
of Uniform size. piece of paper with
one stamp pasted on it was 8 cents;
one with two stamps, 10 cents; five stamps,
% cents; and ten stamps 80 cents In this
way, at the cost of little labor. considera-
bic amount Of small change was manufac-
tured. This currency became so popular
that, instead OF using stamps, plates were Gu
graved for each denomination, in imitation of
the manufactured notes, the impressions from
which had the same legal qualities and were
used for the same purposes. These impress
sions were called the postage currency"
They were afterward authorized by the
act Of July II. 1862, which directed
the r seeTsta1y to furnish rt to the a A
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 the
United States OF less than So, and
could be exchanged for United States
notes when presented in sums of not
less than s.. The same act put
an end to the further issue of shinplasters
by making the issue OF circulation by pri-
vate persons or corporations of notes or to-
kens for less than 81 punishable by fine and
imprisonment.
The convenience of postage currency was
great, and the amount called for increased to
an extent which became Troublesome to the,
Postoffice Department. and the Secretary de-
cided 10 take it into the Treasury, whereitle-
ultimately belonged. Accordingly an act
was passed which suspended its further is
sue, and substituted in its place currency
of another descripton.-From" New Moneys
OF Lincoln's Administration" by L. L. Chit
tendsn, in Harper's Magazine for October