Telegram-herald., 1890-03-01
FRACTIONAL CURRENCY.
ntknszs sx Dollars rhzs Have rsss< b~ss
k.ae~msd

=
Brsly .t she sub treasury ths other asy
as hs exposed 20 view . halt dozen
pieces Of ragged. dirty paper A close
F Inspection, says the New YORK Com
naerci2l Advertiser, revealed that Aey
were frsctaonAl paper currency or
shin -plssters. such As played so In
I portant part as circulating medium
before the resumption Of specie pay
ment The young nan wss airsct<d %
the small change room, where L. c.
Hat took the soiled and crumpled bits
In his hands, saoothed them out with
the hasty touch of 81 expert, singled
out one Of the pieces and turned around
70 BIT OF wood. that looked like = small
butchers block. and struck on II the
selected piece Of paper a whsek with e
steel instrument Then turning 70 the
young man he replied:
These ave are good, bat that one is
ooun terfeit"
AS be 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 teatale
word so clearly that il could never be
ef,aced and the voriest fool could see
that IN was worthless.
do you want these redeemed?" cor
tinued Mr.. Half. as be pointed 10 the
five grimy slips on tho marble counter
YES, sir, II you please, stammered
the youth, as he eyed with surprise and
fear tho mutilated piece returned 70
him. Mr.. Haf put two bright silver
dollars and a silver quarter on tho
counter, which the boy picked up in a
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.
Haf as the boy went out.
mo" he replied, I'VE get very little
now, not more than 81, 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
baskctful. 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?"
No, 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 $4,000, 900. And of this il is
estimated that not more than SO, 600, 900
TO $1,000, 900 will ever come in now
l. ~. i 4.
not come in for rodemption?"
"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 up in the many fires that
have occurred since the time it was ia
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 1t very handy for that
purpose. Then, too, tho old currency is
now so scarce that people keep the oc-
casional pieces that come TO hand as
curiosities or pocket pieces. A great
many coin collectors have crisp, unworn
specimens Of 1t in their collections
One wealthy gentleman in the city
know carries in his pocket book,
wrapped up with the greatest care, four
clear, bright specimens, so, 25, 10
and scent piece. He says it was the
first money he ever earned. 1t was paid
70 him in these identical pieces, brand
new from the press, and he has pre-
served them ever since for luck I do
net believe you could buy them from
him for 81, 900 each. lie calls them his
reserve capital, and II he ever loses the
million or more he is now reputed TO be
worth be will have his 90 cents reserve
TO fall back on"
a good deal of the fractional currency
that comes into the sub treasury for re-
demption turns out to be counterfeit,
and the moment it comes into the
hands OF the money changers in that
institution, no matter who hands IL 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 denom-
ination como in. Sometimes men get
very angry when their bad bills are
handed back to them mutilated in such
a manner that they can not be used.
A few days ago the South Ferry Com /
pany sent into the sub treasury bundle
Of the fractional currency representing
about SlO0. 1t had been discovered back |
OF a partition in the old ferry-house, !
where IL 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 !
shuffed through the pile, and not only |
pronounced 1t all counterfeit. but dis /
covered that some 4 t had been brought /
TO the sub-treasury n least twenty years I
ago, as the marks OF the old stamps ]
used as long ago as that to mark coun- /
forfeit paper money was still plainly /
visible on them. Each piece was sub /
ject 70 the cutting process, and will /
probably not be presented again for re-
demption.
All the fractional paper currency that 4
is redeemed at the sub treasury is sent 1
to the treasury in Washington. where ii 1
is placed In the crematOTy and burned /
up, and all that is left is sediment Of /
Stag. single pound OF which may rep 4
resent 800, 900. the balance floats Of as
smoke and gas.
a THtIE KEnTEICktAN