The Olneyville tribune. (Providence, R.I.) 1893-189?, 1894-06-23
FRACTIONAL NOTES.
The Government Gained Millions
By Their Issue.
A Large Number Have Been
Lost or Destroyed.

The fractional currency of the
United States, SAYS the New York
Herald, was the most profitable form
of money ever issued by the federal
authorities. All of il that was lost or
destroyed, and this is estimated in
round figures at $50, 900, 900, but is
probably more, is figured as clear
gain to the government.
The total amount of the currency
emitted, including reissues, was $685.
deemed aggregates 1858, 447, ,636. 20.
This would apparently leave outstand-
ing Sl5, ,272, 443. OIL, but in the last an
nual debt statement the outstanding
amount is set down as SO, 900, 5O4. CD.
This amount is merely an estimate of
the authorities. hut clearly illustrates
the fact that S,271, 1859 has been
marked off to profit and loss.
The government still stands ready
to redeem its fractional currency and
has no intention of repudiating any of
il, although Congress has authorized
the marking off of SS, 600, 900. Very
little of il is now turned into the Sub
Treasures, in consequence of the
rarity of certain issues and the fact
that large quantities remain in the
hands of collectors, who would not
part with their specimens for ten times
the face value.
There was redeemed last year ex-
actly 80, 95S worth of this profitable
currency, and SO accurately are the ac-
counts of the Treasury department
kept that the exact amount of each
denomination destroyed can be asccr-
tanned. They were as follows: Three
cents, 93. 40; five cents, SIS. 43; ten
cents, $500. 05 fifteen cents, $50. IL;
twenty five cents, 81, 095. AZ, and fifty
cents, 81, ,178 80. Fragments of bills
are, of course, redeemed in proper
ton, which accounts for the apparent
impossibility of redeeming total
amounts that are not multiplos of the
face value Of the notes.
Fractional currency was "A feature of
our money from August /, 1862, when
the first issue was authorized, until
February 10, 1876, when the last or
fifth issue ceased. The emission of it
therefore covered period of fourteen
years. and it is eighteen years since
the last notes were issued.
Considering the length of time since
the government discontinued the issue
of fractional currency the amount out
standing is enormous, greater by far
than any other form Of the public
debt, or for that matter all forms of
the public debt unredeemed from the
foundation of the republic down to
1862, when the legal tender notes were
authorized. 1t is not likely now that
more thnn $50, 900 of fractional cur
rency will ever be presented for re-
demption, 20 that the total profit to
the government will in the end amount
to fully $l5, 900, 900 from it's issue.
A curious fact about the presenta-
ton of fractional notes for redemr-
tion is the large proportion that spu-
rious bills bear TO the total. Last
year when but 49, worth was re-
deemed, counterfeit fractional bills 10
the amount of 1923 were turned into
the treasury and destroyed. The pro-
portion is very nearly eight per cent
which illustrates two things--frst, how
extensively the fractional currency
was initiated, and secondly, the ten
acity with which persons, who had
been taken in by the bad money, cling
to the hope of eventually obtaining
it's value. New York Herald.