St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-02-21
Prompts Merchants to De-
mand an Issue of Frac-
tional Currency.
Many Signatures Appended
to a Petition to Go Into
Congress.
Small RemitterS Put to Great
Inconvenience by the
Present System.
Application Of the Postal Note
Fraud and the Stamp
Nuisance.

Very many signatures we'll known in
ST. Paul mercantile circles are being at
tached to the petition to congress to
issue certain quantity of fractional
currency scrip and so do away with
what are termed the ''stamp nuisance
and the postal note swindle." The
petition has been circulated for few
days only, but has already been signed
by many prominent firms and will re-
ceive the Endorsement of many others.
No definite plan has yet been outlined,
but congress is simply asked to issue
certain necessary amount of fractional
currency scrip, for the benefit of small
making of the scrip merely
demand notes. based on the good faith
of the government The question of
the substitution of scrip for stamps and
silver for small remittances has been
gone over many times. but there has
never before been anything like con-
certed action. A Third street business
man said yesterday:
ut is we'll known fact that without
an exception the various committees in
| congress which have considered this
| question have recommended the isSu-
ance of some kind of fractional cur
| rency, but have never yet agreed upon
how it should be done. 1t could be
issued in dozens of ways: but the SIM
| plest way and that entaillng the least
trouble is to issue 1t as a demand note
of the government and let it go at that
There is not a business man in the
United States but that recognizes the
need of scrip. 1t is essentially ueceS-
sary to people using the mails, as it
forms a safe and convenient way of
transmitting small sums. A postal note
for which the exorbitant sum of three
cents is charged gives no protection
whatever to the buyer, any more than
were scrip. The trouble and delay Off
caShlng money prevents their use for
small sums. There is a strong and
| earnest desire, both among buyers and
| sellers, for return of the fractional
currency. The purchase of postage
stampt works an injustice to every post
office, as small offices are obliged to sell
them without receiving credit for their
work, while the larger Offices are CON-
| PEELED to do much work for which they
| receive no credit, as they do not sell
the stamps. Every large mail dealer
| feels the effects of the stamp nuisance.
Receiving thousands and thousands of
dollars worth, and being able to use but
small part of them for postage pur-
poses, they find an immense surplus on
| their hands, whichthey are obliged to sell
at large discount. We know of no
case where the discount is. less than
| 219 per cent, and it runs as high as 10
| per cent on stamps Of large demon ina
tion."
Sentiment in st. Paul is not unani-
nous tor the is ue of scrip, as many
serious objections are urged. The ra-
pidity with which the currency becomes
soiled and ragged is urged as against
the solidarity of silver, while many
merchants say they can dispose
of ali the stamps they receive at par
The argument used, however, is very
strong for the proposed change. The
| personal experience OF every man will
tell him that often he would have an
swered some advertisement had he been
able to put his finger in his pocket and
take out piece of scrip 10 remit. So
long as scrip was in circulation no trou-
BILE was experienced, comparatively
little was stolen from the mail. and, be-
ing light as paper itself, it neither broke
| loose in the mails nor was it a tempta-
ton which made itself felt to the
finger of every person handling that
letter from the sender to the receiver.
Scrip was withdrawn, and then COM
menced the stamp nuisance" Find
ing no expense in purchasing stamps.
remitters everywhere used them for
small sums to be sent by mail. The
postal authorities soon saw how it af-
| fected them, and how it thrust uncredit-
ed work on large Offices, and TO meet it
they successfully reduced the fees on
money orders, and then invented that
most gigantic swindle, the postal note.
For piece of paper, marked any sum
up to S., the purchaser pays three cents,
which is sent to his correspondent, who
takes it to the postoffice and cashes 1t.
In other words, at inconvenience to
himself, his correspondent and the post
office department. he has paid three
cents for a piece of paper which
gives him no security as to be-
ing paid to the right person; is not
replaced if lost or destroyed; and which
becomes valueless in three months from
its date-or, at least, requires a certain
lot Of red tape. formalities to secure
| duplicate. 1t is SWindle and incOn-
venience which is the logical result of
an officials judging the practical bust
| ness world from the narrow red tape
| line of bureau life. Checks, money Or
ders, ETC., all give the requisite security,
| but the rate of insurance, when YOU paw
the fees Oh small sums beneath dollar
mot tomention the Inconvenience their
use) is very high. Thus, if you desire
to send money order of % cents, aside
from the great inconvenience entailed,
you pay cents fee, j. e., you pay 90 per
cent insurance for safety. This natural
ly drives people descending small sums
in postage stamps, until houses that
advertise, and especially publishing
houses, obtain vast quantities of
postage stamps. which being of linn
tied use to them, they are obliged
to dispose of as best they may.
After paying their own postage, pub
fishers dispose of the stamps as best
they may, and at the prevailing dis
counts. 1t is safe to say that this state
of things prevails to a greater or less ex-
tent in every city in the United States.
1t is beyond question fact that there
is, and has long been, very general de-
sire for some kind of fractional paper
money; that the lack of it causes a great
loss and unlimited Inconvenience to
business men in every part Of the coun-
try: that this Inconvenience is shared
by every person that wishes to send
money by mail, and that to minor de-
gree people prefer scrip to silver cur
rency for ordinary use, the same as they
prefer the silver certificate to the actual
cartwheel silver dollar. Whatever loss
there is in the use of fractional scrip
does not accrue to the government,
which in fact is greatly the gamer,
through saving of interest and the great
amount which fails of redemption when
worn out.
Regular Opening. Spring Hats.
| tu1o for