The Republican. [volume] (Oakland, Md.) 1877-current, 1890-10-31
POSTAGE CURRENCY.
The Credit of Devising 1t Belongs to Gen.
eral Francis e. Spinner.

The Credit of Devising 1t Belongs to Gen.
eral Francis K. Spinner.
The suspension Of specie payment by
the banks in December, 1861, caused a
disappearance 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 specie of the banks
failed to show any considerable in
crease. War existed, no one could pre-
dict the future, the thrift and caution
Of the people led them to lay something
aside which could not lose its purchas-
ing power. They fastened to lay hold
of these coins, and secrete them where
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 dealers
and merchants. Shinplasters began to
make their appearance to supply the de-
ficiency. In the rebellious States these
were 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
of paper, from white writing to brown
wrapping, would now be an interesting
memento of the war, but in pecuniary
sense absolutely worthless.
The credit of devising a lawful and
adequate remedy for this inconvenience
belongs to General Francis E. Spinner,
Treasurer of the United States. He
found it impossible to facilitate as he
desired to do the payment of the SOL
diers and sailors and to conduct the bus
mess of the Treasury with the small
coins at his command. He therefore ar
ranged with the Post Office Department
to redeem in unused stamps such post
age-stamps as might be used for cur
rency. In short time his department
manufactured and introduced new is
sue. All the denominations were of uni
form size. A piece of paper with one
stamp pasted on it was five cents; one
with two stamps, ten cents; five stamps,
twenty-five cents, and ten stamps, fifty
cents. In this way, at the cost of lit
tie labor, considerable amount Of
small change was manufactured. This
currency became so popular that, in
stead of using stamps, plates were en-
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 i'm
pressions were called the postage cur
rency." They were afterward author
lied by the act of July II, 1862, which
directed the Secretary to furnish to the
Assistant Treasurers 1.-The postage and
other stamps of the United States to BIO
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 five
dollars, and could be 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
one dollar punishable by fine and i'm.
prisonment.
The convenience of the postage cur.
rency was great, and the amount called
for increased to an extent which became
troublesome to the Post-Office Depart.
ment, and the Secretary decided to take
it into the Treasury, where it legiti.
mately belonged. Accordingly, an act
was passed which suspended its further
issue, and substituted in it's place cur,
rency of another description.-L. Z.
Chittenden, in Harper's Magazine.