Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1898-10-07
The Proposed Post Cheques.


old fashioned paper fractional cur
rency that was in circulation a genera
ton ago. 1t is remembered with
pleasure. as compared with a load Of
silver, by all who ever handled it.
The smooth, fiat-lying little bills that
enc could carry $1,000 or $4,000 worth
of in vest pocket or neatly placed in
a fiat pocketbook, without weight and
Inconvenience, were in very marked
contrast with the present knapsack ar
rangement that the average man
makes of his pocket If he undertakes
to carry any reasonable amount of
small change. And when it comes to
sending small sums of money through
rency is more missed than at any other
time. Now recourse is had to money
order. often at great expense of time
and bother: or to private checks on
inland banks, subjecting the receiver
to an expense of perhaps 10 to Is cents
for their collection; or to silver pieces
placed in holes cut out of Cardboard;
or to postage stamps, which are usual
ly stuck fast to the letter, to the great
disgust of the recipient who has to
soak them off and sell them at re-
duction.
At times since the old fractional cur
rency was done away with attempts
have been made by business men. pub
fishers and others to have the govern
ment bring it back into use or furnish
an equally convenient substitute. An
other scheme to this end is now pro-
posed, and is being pushed with vigor
It's originator is c. w. Post, leading
Michigan business man, who brings
forward plan of post cheques"
which seems to have many practical
advantages and which will be dis
cussed before Congress at the coming
session. 1t is understood that both the
postoffice and treasury departments
look upon the plan with favor, and it
has many strong indorsers throughout
the country. Mr.. Post is not pushing
his scheme for personal gain, as he
offers his invention to the government
as a gift pro bono publico.
Briefly explained, the proposed post
cheque is no more than fractional pa
per currency, with a few blank spaces
left on the face. These are to be put in
general circulation, to replace silver
wholly or in part, just like the old
fractional currency of 80 years ago.
are worth their face value to the bear
er, whether handed from hand to hand
or sent through the mail. But if a per-
son wants to send money by mail, in
the most safe and convenient method.
he takes this fractional currency to
the amount which he desires to send
and upon the blank places on the face
of the little notes he fills in the name
of the firm or person to whom he de-
sires the money paid, gives also the
name of the city and state, then affixes
a two-cent postage stamp in the square
indicated, and thereupon signs his
name in ink, the signature traversing
and cancelling the stamp. By this act,
81 40 hot
ment have been negotiable and have
passed from hand to hand, are instant
ly transferred into pieces of exchange,
payable only to the payee named, at
any postoffice, and the toll or fee must
be paid by the sender and cancelled by
his signature. 1t is then ready for en-
closure in a letter, and cannot be made
use Of by any dishonest postal clerk or
other person than the one named as
payee.
1t will be observed that the sender
must pay the fee, which is an import
ant feature to those merchants who
| have been receiving small checks by
mail, upon which they have been conn
PEELED to pay 10 or 10 cents for collec-
ton. This postage stamp on the post
cheque is not to pay the postage, but Is
a fee to the government in return for
the safety and convenience afforded
The average individual esteems com
mon two-cent postage stamp as OF
drifting value, compared with tWe
copper pennies, and it is estimated tina,
the governments receipts for fees or
post cheques would be a very consid-
cradle amount in excess of the present
fees obtained for money orders, for tn.
reason that practically all sums sem
by mail, would, under the post chequt
system, pay toll, whereas under the
present arrangement, it is estimate e
that not more than one case in ter
yields an income to the government.
This plan would also dispense Will
the need of money order clerks and the
red tape attendant upon the presen
methods. 1t is proposed to issue TIL
post cheque in five. 49, rs and so cen