The Logan County banner. [volume] (Logan, W. Va.) 1889-1903, 1891-12-24

tlic duOptlOu u tHe IcutIdt cOusblJuLiOu,
were prefixed to the currency Of the
new United States, and which after
ward, in the hurry of writing, were
run into each other, the U being made
first and the s over it.
Others say that the contraction lis
from the Spanish pesos, dollars; others
still believe it to be derived from the
Spanish word fuertes, meaning hard,
SO called to designate silver and gold
from paper or soft money. The more
plausible explanation OF the puzzle is
this: That it is a modification of the
figures, and that the character, as we
mark it, denotes that we are speaking,
or writing, of sum of money equal to
eight reals; or. as the dollar was former
ly called "a piece of eight
In the early history Of the dollar,
when everybody knew it as piece Of
eight, writer's who had occasion to
mention it in their articles did so by
making this character: ts)
IS
The two Fights and the double hy-
phen gradually ''evoluted" until it
CAME out as
A word relative to the origin of the
old shinplasters, emanating from no
less a source than the late Gen. II. e.
Spinner, whose unique autograph wilt
long be remembered may not be amiss
at this particular point:
when all the silver mad been paid
out of the treasury of the United States
early in 1862 procured from the post
office department quantities of postage
stamps for the purpose of making
change. My recollection now is that at
that time five and ten-cent stamps
were the only kind in use.
$50, to facilitate the making of change,
had the stamps pasted on slips of pa
per so as to make rs and so cents. This
was doneeafter an agreement with Mr..
Montgomery Blair, the then. postmas-
ter general, that he would redeem them
in that condition in postage stamps. 1t
was soon found that this mode Of pro-
cednre was impracticable.
81 then persuaded the postmaster
general to procure the engraving and
printing of fac SMILES of the postal
compound postage. stamp. These the
treasurer bought from the postmaster
general finder an agreement that the
post office department should redeem
them. This was what was called pos
tai currency u
The postmaster general soon became
tired of the additional responsibility
and labor that the issuing and redemp-
ton of this currency threw upon his
office, and he urged that the treasurer
should relieve him of it. He then pro.
cured the passage of law by congress
for the printing of currency which
would represent the fractions of dol
lar.
These were engraved and printed in
denominations of 8, S, 10, Is, 20 and 80
cent notes., and in contradistinction to
the postal currency were called frac-
tional currency, and We're receivable
for all government dues.
Connected with the United States
treasury is one of the most remarkable
coin experts in the world. He is the
coin examiner. and has the remarkable
gift of discerning the slightest fraud in
specie without being able exactly to
tell how it is done.
If u counterfeit piece be conc called in
a heap of money he will detect it blind
folded. He runs his fingers through
the mass, and in few moments every
coin is tested. This is the result OF
that remarkable power of touch which
is only perfected by long practice.
When Treasurer Huston came into
his office he gave receipt for what the
treasury vaults contained, and this re
ceipt was the largest ever given in the
history of the world. A facsimile Of
it is framed and hung up in the treasur-
er's Office and it represents S77l, 49,.
800. 45st.
Over 90 per cent. of the silver
produced in the country passes through
the hands of few banks and firms
which make it their special business n
New York and San Francisco. In fact
three or four houses monopolize the
greater part Of the trade, and to then
silver is consigned for sale by the min
ing and smelling companies
They dispose of it In the market te
the government (whose purchases un
der the late silver law are now OF grea'
Importance, ship it abroad or buy II
themselves. :.
The stock is believed never to bt
very large, and even during the recent
silver agitation was not much more
than from six to seven million ounces
Bars weighing 1000 ounces on an aver
age are usually 900 fine, and all trans
actions in them are ON this basis, which