The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-07-11
BUT LITTLE NOW OUT.
Most of the Fractional Currency Has
Been Redeemed.
From the washington Star.

| for them he pulled out cutlOu5-4oOhiii5
pocketbook. which appeared to be nothing
more than two strong cards apparently
bound together at the long edge, opened it
from one side, disclosing some notes Sc
! curely held under two bands of tape and
| then, shutting IT again, opened it from the
| other side and showed the notes free. He
| selected one-a note about five inches long
| and a little more than a couple Of inches
wide-and rendered it to the clerk who
had carried out his wishes and who had
taken in the old pocketbook and the rath-
er queer looking money with hasty
glance.
That is not goodl 1t is confederate
money!! exclaimed the young lady.
NO NUM- That's good, honest money. =
but it isn't the kind we use, and l
! cannot take it."
A moment later light dawned upon the
| girl She called another employe Of the
] store, and as he happened to be of more
mature years and distinctly remembered
the time when the old fractional paper
! currency was in vogue he quickly saw
the old mans position. Whether he took
| the money ana paid for the goods out Of
his own pocket or whether the firm re-
| ceived the old-time notes is not known,
| but the old man got his purchases. Be
| fore he left, however, he was advised to
| go to the treasury and get the remainder
O
day, so as to avoid further misunder-
standings and disagreements.
There is more of this fractional cur
rency floating around al this late Gay
than one would imagine at first thought.
OF course, there is very little that finds
its way into public channels as medium
of trade, but a considerable amount is
redeemed at the treasury of the United
States each year, and the amount has in
creased very perceptibly since the set-in
of the hard times and the business de-
preston everywhere In a few years,
however the amount outstanding will
dwindle to a few thousand dollars, and
the notes representing this sum WILL in
all probability. never be turned in, but will
be held as heirlooms, souvenirs and valu-
able curiosities The amount outstanding
at this time is only a few millions Of
dollars.
There are many persons who remember
this fractional or postal currency very
wildly 1t was not so long ago that IL
was very much in evidence and along
with the memory of it is the thought of
the countless advertising schemes that
were based upon a suitable pocket book
or carrier for this currency. And there
are any number of persons who will aver
in the strongest terms that the period
when the country was flooded with this
fractional currency and the same money
OF larger denominations was the most
prosperous in their recollection.
The first issue of the fractional postal
currency was made under an act authoriz-
ing the same passed July II, 1862 and 800
2l5 635 was issued in denominations Of five,
ten, twenty-five and fifty cents The sec
ond issue and all issues thereafter were
made under an act passed March g. 1863.
The second issue comprised the same de-
nominations as the first and the amount
issued was S23. 164. Asa. IS. In the third issue
a 10 E.-Aw 81
Scent note-and the amount issued was
$50. 115.03S.S0. In this issue there were also
two 50-cent notes, a rare occurrence in
the same series. One has a picture of
Justice. and the other a portrait of Spin
ner, the latter being a very rare specimen
of the currency. The Scent note and this
50-cent note form two of the hardest
specimens-in the vernacular of the coin
and stamp collector-to obtain.
In the fourth issue, made under act Of
June 30, 1864, In conjunction with the other
acts, there were three series, the first
carrying 10, 10, % and 50-cent notes and
the other two series additional 50-cent
notes. The 15-cent note made its appear
ance for the first time in this issue. The
amount was S176, 567, 0S2 The last series
carried but three denominations of notes,
TO- % and 80 cents, and amounted TO &c.,
661 800. The whole amount of the postal
fractional currency issued was 1868, 724,-
NfS.4O. IneIe were issued OF denominations
3 cents, 1901 923.90; ) cents, 1854, 717S5; 10
cents, So, 1873. $3.50; 10 cents. $685. 56S.40;
Is cents. $l39, 4s2, and 80 cents, $135,-
S91, $3.50.
The whole amount outstanding June 60,
1896 the close of the fiscal year, was. ac-
cording to the treasurer's report, Sl5,267,-
AZ, and the amount outstanding to-day,
this fiscal year. is $15.265. 1871. OF this
amount Ii is estimated by the actuary of
the treasury department that $S375, 1884
has become worn out or totally destroyed,
and will consequently be a clear gain to
the government leaving as the actual
amount outstanding S6,S9l lSS.i7.
II is interesting to note the amounts
redeemed, each year since 1892, in coins
of the present day that are available for
| everyday business and other obligations.
In the year ending June 80 1898, S290S was
| redeemed; in "a, $3.S6720; in '95, $S.0l995;
in 80. S2.93S.35, and up to the present day
in the fiscal year of '96-7, S1943. This last
| figure shows a falling off in the redemp-
| tons, and this may be looked upon as an
| indication Of the loosening of the money
market and the lessening of the tension
\ upon the pocketbook.
The notes of the first three issues were
not very artistic, and were too small. with
| the exception of the two 50-cent notes
| in the third issue. The last two issues
were really beautiful specimens OF the art
/ OF bank note printing, the notes Of the
/ nth resembling the familiar treasury note
/ OF to-day In miniature.
The first issue was rather crude In work
manship. The prevailing colors were
/ brown and green, while the heads of
/ Washington and jefferson, none too well
| executed adorned them. Washington
| portrait adorned the notes OF the second
/ issue. and was noticeable on account OF
the bright gilt circle which surrounded
| II.
The colors OF the notes Varied-brown,
green. red and purple. The portraits In
/ the third issue. the notes Of which were
uniformly light, with green backs. were
| those Of Washington, Clark Fessenden.
| Justice and Spinner. The fourth issue
/ gave the first evidence OF any artistic abil-
| ity. the tens and ffteens being adorned
| with a handsome vignette OF the Goddess
/ OF Liberty. The other notes had portraits
/ OF Washington, Lincoln. Stanton and Dex-
/ ter. This was the first issue In which the
| treasury department used the familiar
seal that Is on the treasury note OF to-
| day. The fifth issue was very artistically
/ gotten up and had the portraits OF Mere
| dith, Crawford and Walker. The seals
stamped on these notes resembled very
much the seal In use a. the present time.
fttf Of