The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1891-04-03
POSTAGE CURRENCY.
the Credit of Devistng 1t Belongs 10 QSa-
Oral Francis z. Spinner.


0ral Francis e. Spinner.
The suspension Of specie payment By
sha banks in December, 1861, caused .
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 purohas-
ing power. They fastened to lay hold
of these coins, and seorete them where
they could be found when otAer 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 THAR appearance to supply the de-
6ciency. In the rebellious States these
Mere not only issued by individuals and
private corporations, but by STAGES,
counties, eities, towns and all other
municipal corpegationk. 4 collection of
these rebel shinplasters upon all kinds
Of paper, from white writing to brown
wrapping, would now be an interesting
nemento Of the war, but in q pecuniary
sense absolutely worthless.
The credit OF devising lawful and
adequate remedy for this Inconvenience
belongs to General Francin T. sniAner,
Treasurer Of the United States. He
found it impossible to facilitate as he
desired to do the payment of the SOL
dters 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-Qfics Department.
to redeem in unused stamps such post
sgo=stamps as might be used fer cur=
reney. In a short time his department
manufactured and introduced a 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
tic labor, a considerable amount of
small change was manufactured. This
currency became so popular that in
stead of using stamps, plates were ens
! EraVed for eaoh 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 be
exchanged by them on application for
United States notes." These stamps
were receivable in payment of all dues
to the United States of loss than five
dollars, and could be exchanged fer
! 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:
prisonmeRt
The convenience of the postage eur
rency was great, and the amount called
| for increased TO an extent which became
| troublesome to the Post-Of1ce Depart
ment, and the Secretary decided to take
it into the Treasury, where 1t legiti-
mately belonged. Accordingly, an act
was passed which suspended its further
issue, and substituted in its place cur
rency Of another description.-L E
Chittenden, in Harper's Magazine.
Il