The great West. [volume] (St. Paul, Minn.) 1889-18??, 1892-12-09
FRACTIONAL CURRENCY.
The Chicago Express Calls for Its Inn
mediate Restoration.

The Chicago Express Calls for Its Inn
mediate Restoration.
An issue of fractional currency as
every one knows who has ever used it is
one of the greatest conveniences. and
absolutely necessary to any well-de-
veloped social association; and serves
peculiarly to mark the political de-
velopment of institutions OF equality.
In 1872. while the era of lending
the issues of the bills of credit on
mortgages on real estate, at low in
terest continued in the colony of
Massachusetts. the general court or
dered an issue Of 900 pounds worth
of one, two and three penny pieces for
the specific purpose Of making
change" This issue was printed
upon bits Of parchment which were
round. square and six sided accord
ing to the denomination. Such
consideration for the convenience Of
the people is most exceptional
! and praiseworthy evidence of the
culture Of equality on the part Of the
governing class. No doubt many OF
the people were unable to read the
! legend upon the pieces so that their
value was indicated to them by their
shape. 1t is the hardest lesson for
the race to learn this lesson OF equal
ity Of GOd's economy which is no re-
specter OF persons. but distributes
justice to all; which. unlike the econ
omy of mammOn. would be more
carefully considerable that the people
should have their two and three cent
pieces Tor their convenience in their
exchanges, than that the millionaire
should have his thousand dollar bonds
| for constructing some thieving mo-
| nopoly. {
At about the same time. in 1924.
the assembly of Rhode Island. having
passed an act requiring a property
qualification for becoming freeman,
passed another forbidding the tearing
OF the bills Of credit into parts. for
the purpose of making change. in
stead of seeing in this action of the
people the evident indication that the
assembly, like most assemblies. was
derelict in its duty by not providing
the people with the appliance they
needed for making change.
In 1868 about $40, 600. 900 of frac-
tional currency was issued. This
issue was forced upon the authorities
by the memorable logic of events.
Gold and silver having disappeared.
IS they always do. in every emergen-
cy. the people were forced to invent
for themselves such substitutes as they
could, and postage stamps despite all
the inconvenience OF using them
gummed. were the basis used until
in 1863 when on July H. the presi-
dent approved AN act to authorize
payment stamps and to prohibit cir
culation of notes of less demon INA ton
than one dollar" The act authorized
the secretary of the treasury to issue
fractional currency but it was not
until 1868 that the first $40. 900. 900
were issued. and until 1874 this
amount was increased by about
S.. 900. coo each year. until circula-
ton of about $46 900. 900 was reached.
The act Of 1875, approved June IA.
Ito provide for specie payments. :"
required the coinage of silver COINS
to replace the fractional currency.
and under this the process OF re
demption. as it is called. was begun.
and has continued up to the present.
regardless of the inconvenience and
despite the protest of the people.
Between 1879 and June so. 1888.
the amount outstanding remained al
most stationary at about 81. 600. 900.
and during the nine months OF this
year only about SIG, 900 have been
presented for redemption. so that
s. 9S!. 900 are still outstanding.
In answer to the protest Of the peo-
} pie the foolish invention Of the pos
tai note was instituted, but has failed
SO utterly that even it's originators
will probably acknowledge it is abor-
tive. and that certainly in comparison
with the fractional currency it is
wanting in every merit being expen-
sive inconvenient and above all alb.
solutely wanting in every social and
associative merit which should be
peculiarly the characteristics of ever,
circulation.
The experts of the treasury esti
, mate that Of the seven millions. near
ly which have not been presented
the large majority have been lost.
worn out destroyed or otherwise
, passed out of their circulatory exist
ence as currency. With the dealer.
in curiosities the price of clean speci
mems averages about two hundred PEI
cent over their denomination.
Among the reforms there is not one
i, more important than the restora
:, ton Of our fractional curreu
cy, and it should be demanded
!, instantly. for besides its immediat,
;. convenience to the people, its exist
ence and use is constant ed
ucational reminder of the true char
ac.er and social junction of none,
+ and a practical protest against tn
selfish greed of that school of tn
economy of Mammon which has in tn
past objected to entrusting the peopl
with the ballot with the appliance
- of education. with their social indie
: pendence. and to-day is clamorlng TO
:. the destruction of the small bills
- The Lesson of History.
It is sad thought that men hav