Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1890-01-18
FRACTIONAL SILVER CERTIFI.
GATES.
Hon. 8. c. Allen Ably Diseases This
important Question
And Presents Some cosent Reasons
Why Such q Currency Should
Be Supplied the People.

Why Such = Currency Should
Be Supplied the People.
What do you think of the prospect of
fractional silver certificates being issued @
This measure han sufficient merit to
make its own way in tine. think there is
little doubt but that Congress would pass
bill at this session. authorizing such issue,
II the real, urgent need felt by sixty.hve
millions of people could be brought home
to them With proper force. On the "a Of
January. 1859, | petitioned Congress for
the enactment Of \ Law authorizing and al.
rect,ns the secretary of the treasury to is
sue silver certificates of convenient demon
| nations under regulations prescribed by
the secretary of the treasury. This petition
was referred to the committee on banking
and currency and on March goth such a bill
was reported TO the House from the com
mi'tee; after full and very lively debste
| the bill passed the House by u vote of III
TO 81. From the senate committee the bill
was reported adversely aQd the chief areu
ment advanced was, btsleve, the alleged
great expense of supporting such curreu-
cy. 1t certainly appears to me very rdicu-
lous that such an argument should have
been given much weight for it 10 certainly
true that the amount required can be main
tained at cost which would not exceed
the loss caused through the abrasion of
subsidiary COIN"
Nv hat is the requirement of the country
for fractional silver certificates? The
question of course is, do thu people require
II for practical purposes and will it prove a
wise financial measure?"
THAT such measure would greatly con- |
venience sixty-tve millions of people, must
II seems to me, be apparent to any one |
who makes the subject a profound study. |
In making small remittances by mail. post. |
age stamps are now largely used to the in |
convenience of millions. IL Il person had /
fractional currency by him he would in
close the proper amount and would sei.d the |
remittance. sealed, to the post Office by al. |
most any one who happened to be going
there; but it 10 very rare that a persop
cares to send an unsealed letter, no matter
what its nature; it is therefore, not sent
unsealed by any neighbor, with authorize
ton to purchase and inclose stamps, and in
convenience results through waiting or
doubt but that there are many millions of
such cases every year, causing grea, public
expense, loss of time and untold inconven.
ience | would not demand fractional curren
cy for the reason that it would convenience
me in my own business or for the reason
that il would convenience a few thousand
men who. through lack of such currency,
receive great sums in postage stamps. /
would remain forever silent were the need
felt only by class, who are well able to
take care of themselves; but | see that =
great need exists from the necessities of
sixty five millions of people"
Would the issue of such currency prove
a wise financial measure?"
'lts soundness as financial measure is
not to be questioned, If ii is admitted that
the issue of silver certificates of any de
scription is wise"
why do not other nations issue such
currency2"
''Other nations have not adopted our na.
tional banking system. but for that reason
l should not be willing to admit that the
system WAS bad one. But l will aid tina,
other nations have adopted fractional ia per
currency to some extent and have learned
of no evil resulting through it,"
"Would not the issue of such certificates
displace subsidiary coin?"
mo, it would fl II the special requirement
now supplied by postage stamps; and. If il
displaced coin at all, the amount would be 40
snail as not to be worth any attention The
certificates would be issued on silver and
would therefore make an additional msrke,
for that metal. An issue of twenty mil.
lions in fractional paper currency, would.
in my opinion, fill all require ments. and /,
would be ridiculous to suppose that the
demand for silver for pocket change and
general legitimate use, could be materially
lessened thereby"
"What other reason can you urge for the
issue of this currency2"
"A great deal might be said upon tba,
subject but am hardly prepared to day to
go into the subject to the extent that its i'm.
portance would warrant. 1t is doubtless
true that the Government meets with
large loss through the universal sale Of
postsge stamps for small mail remittances
it is well known that many postmas sters
charge in their accounts. ALL or a large
proportion of the stamps sold, as stamps
cancelled; thereby largely increasing their
remuneration at the expense of the Gov
eminent. In 1889 the report of the Post
master General shows 1927 ,057.77 recov.
cred during the year in cases involving false
returns in cancellation etc etc. No one
acquainted with the working of the post
office system can for moment doubt that
the considerable sum recovered represented
more than small proportion of the actual
fraud. And this fraud and loss would be
almost entirely done away with by tn
issue OF fractional paper currency. The
post office evil will continue to grow unles.
the proper remedy 10 applied. Further.
more the general use of stamps for small
remittapces wa, never intended and 10 no,
legitimate; the people should be provided
with better medium-they have right to
be better served. 1t is not safe to send
small silver in letters, the people have
learned it and will not do it. The money
order system is not sufficiently far reach
ing and is too expensive anyhow for tn.
millions upon millions of very small, trif
ing remittances The postal note is a fail.
ure and ought to be discontinued. have
understood that an influential United State.
senator has plan for exte nding the postal
note system and for issuing such notes at
q reduced rate. 1t would do little good |
People would have to travel to the |
post.o Office for them; and something i.
needed which shall be on hsud every here,
that can be slipped into letter and sent to
the post-ofEce by a neighbor. Abolish the |
postal note entirely. supply the need, and |
convenience the people through a proper |
issue of fractional currency. regard the |
postal note as the most useless and uncalled |
for innovation of the postal system; i, |
does not even offer safety. have re
ceived over 81 300 in postage stamps all in |
small remi,tances in single day, and have |
frequently received over 81 900 in a single
day. Nov it sholid be remembered thai |
there are thousands upon Thousands who |
are daily receiving considerable sums in |
stamps. ! mention this to show the enor-
nous aggregate of such small remittance.
and the tremendous number Of people who |
are constantly making them. How many
millions OF special trips - the post
Office would be saved. 10 the great conven-
ience Of the people, If fractional currency
we're on hsndr This alone is sufficient
answer to the argument In relation to the
cost Of the currency even though the ex-
pense we're qusdrupIed. The loss Of such
currency has been urged ~ . reason why
| it should not be issued. No one need
trouble themselves about ,hat--the people
want to take care Of that part Of the bust
ness; they are not only willing to assume
| that burden but are anxious to. But sup
pose ten cent scrip 10 lost now and then,
there il no loss to the country, for whatever
IN individual loses is found 10 the treasury