The Caucasian. (Clinton, N.C.) 188?-1913, 1896-02-20
A BILL BY CONGRESSMAN sTRowD

| To Provide Fer = r"ssa. Fsaetioasl Cur
reney-what II Could and Would As-
eomplish.
Congressman Strowd has intro
duced the following excellent bill,
which, II enacted into law. would be
OF great benefit and convenience 10
the people, and no class of men
would appreciate the provisions of
this bill more than editors. As il
now stands they are loaded down
with postage stamps for subserip-
tions which not only cause much
trouble but entail considerable loss.
Postal notes are only obtained as y
rule IN towns large enough TO have
bank and do not serve the great
mass OF our people who are com
PEELED TO patronlze smaller offices.
| Ii a postal currency could be
again given to the people it would
never be suffered to be retired. The
following is the full text of the bill
as introduced. Mr.. Strowd hopes to
get it before the committee for dis
| cussiou:
"a bill to provide a postal cur
rency, and for other purposes.
BE IT ENACTED by the Senate and
House OF Representatives of the
United States of America in Con-
gress assembled, That on and after
January first, eighteen hundred and
ninety-seven, there shall be issued
by the post-ofice department a pos
tai fractional currency in denomina-
tlons of five, ten, twenty-five, fifty,
and seventy-fve cents.
SEC. =. That the issue of said
fractional currency shall be made
under the supervision of the post
office department., and shall be fur
nished to all pOstmasters in sums as
the POstmasterGe General shall deem
proper, having due regard for the
amount of business transacted.
Sec. 3. That the said postal frac-
tional currency shall be legal ten
der for sums less than one dollar,
and shall be redeemable in the law
full money of the United States to
the amount of one dollar; at any
money order post-office of the fourth
class to the amount of five dollars;
at any post-ofice of the first, second,
or third class to any amount not ex-
ceeding ten dollars in any one pay
ment to any individual on the same
dav.
Sec. 4. That such postal frac-
tional currency shall be furnished
to the public on payment thereof at
the face value in lawful money of
the United States without cost or
charges.
| Sec. 5. That any person convic-
ted of counterfeiting said fractional
currency shall, on conviction there
Of, be fined in a sum not less than
one thousand nor more than five
thousand dollars, or be subject to
imprisonment for not less than five
years nor more than twenty years,
as the judgement Of the court hav-
ing jurisdiction Of the case may de-
eide.
Sec. 6. That twenty-five thousand
dollars, or SO much thereof as is nee
essary to carry this bill into execu
| tion, be appropriated for that pur
pose."
The act of January 14th, 1875
commonly known as the resumption
act, provided for the redemption
, and destruction of the original frac
5 tional currency. This was a crime
as we'll as blunder. Not a singl,
petition was ever presented to Con
gress for their retirement, and th'
object of the bill was unknown t,
nearly all the people until the blow
was struck. The largest amount o
fractional currency outstanding a
4 any one time was SAG, ,912, ,003, i,
1874. The amount outstanding il
1880 was $15, 5,5S9,SSS In 1879 al
act was passed declaring $8,375, ,93
of this amount destroyed. Sine
which time about 1925, 900 has bee1
presented for redemption leaving
some Sc, ,S00,O 900 yet unaccounted fo
! which Senator Sherman recently de
clared was probably lost or destroy
ed.
Very few people, however, under
stand the cost of redeeming this bes
g of all small currency.
The act of 1875 provided that tn
! Secretary of the Treasury shoul
sell interest-bearing bonds and wit
. the proceeds buy silver to coin int
I small change to take the place 9
! this fractional currency. In follow
: ing out this instruction the Secre
4 tary did sell about $35, 100000 of
- per cent. bonds running 80 year
, and bought silver to coin into sma
. changes.
In 1902 when these bonds becom
n due the people will have paid 8
years interest amounting to $42 900
900, which added to the principa
: makes an aggregate of SIT 900, ,0C
which the people will have paid fo
this piece of criminal folly. Y.
this is only fair sample of on
& present system of finances.