The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-03-20
POSTAL CURRENCY
UNIQUE PROPOSITION WHICH CON-
GREss HAS BEFORE 1T.
Plan by which Money Can BE Trans
formed Into I~ndorsabIe Checks for
Convenient Transmission.
Washington Evening star.

Ath hhAS NAatfA - N4EctntNA III "a lARAA@
ton Of a postal currency. The system was
devised. perfected and patented By a pri-
vate citizen. who offers the result OF his
efforts to the government free of all cost
The system has the approval Of many ON
Gals, and is Endorsed by a long list OF man
ufacturers and business houses throughout
the country. Publishers and farmers are
especially interested. in that the new cur
rency promises an easy way for a maj IN
the country TO promptly send remittance
for his favorite publication. Under the
present inconvenient money order system
the individual desiring 10 send a small sum
of money through the mail is met by the
necessity for a time-killing journey TO the
~postohice to obtain safe money. This sets
up a barrier TO the prompt transaction or
business and results in much loss from the
fact that many people never carry out their
original intention TO subscribe or purchase.
The need IS Tor money in the hands OF the
people that can be safely and instantly
sent by letter.
The provision OF the post check" cur
rency bill, now before Congress, introduced
in the Senate by Mr.. Mcmillan. and in the
House by Mr.. Gardner. Of Michigan, pro-
vides for printing the one. two and five
dollar bills in the future with blank spaces
on the face. These bills. OF course. pass
from hand to hand before the blanks are
filled. When il IS desired TO send one in
the mails the blanks are filled i'm with the
name Of the payee. his city and state. n
2-cent postage stamp is placed in another
blank space and Cancelled with the initials
of the sender In Ink. the name OF the
sender is signed on the back. and. prest0l
his money has suddenly ceased TO exist as
currency and has been transformed into n
check on the United States government.
having all the safety OF any bank check.
and ready for Enclosure in his letter. When
the Dayee receives this check he treats IL
just as he would any other check-indorses
it. goes to the nearest bank or postofhce
and deposits IL or has IL cashed.
The paid check finally reaches the Treas
ury Department, when IT Is replaced by a
new one with the spaces untitled. This
keeps the circulation at par. No change
whatever is made i'm the financial policy OF
the government, the only change being in
the character of the printing on the bills
of S. and under.
The bin also provides for the issue OF
$75, {, 900 Of fractional currency, with blank
spaces similar TO the larger denominas
lions in place Of an equal amount or
money of larger denominations, presum-
ably twenty and ffty-dollar bills. n
provision under the new system for a con-
tinuai reissue insures clean money both in
the fractional currency and in the larger
bills. The government fee on the 5. 10. 10,
3 and 5O-cent pieces is TO be ! cent each.
BUSINESS ADVANTAGE.
Perhaps in no better way can the reader
come to understand the pressing need for
postal currency than to recall the times
without number when he himself has been
DESTROYS of sending a small sum OF money
through the mails with safety. Always I'm
such cases comes up the barrier. and only
the persistent one will carry out his pur-
pose by using stamps, coin placed In holes
in pieces of pasteboard or risking loose
money. The average person viii not eX-
pend the valuable time required for the
Journey to the postofice for a money or
der. Only the pressure OF necessity In the
absence OF a simple convenient system
brings TO the money-order system its pres
ent patronage. Statistics show that from
ten to twenty times the number OF letters
received by business houses, publishers
and others who do a large business through
the mails contains stamps, loose money or
some other representative Of money than
contain money orders, a clear-enough mark
of the disapproVal of the public.
While it is not thought that, II adopted.
the proposed system would entirely super
sede the money-Order system, because for
amounts over $50 the money order would
be slightly cheaper. IL Is thought by tho
advocates of the pending bills that such
a system of post checks would prove a
great convenience TO those desiring TO send
small amounts OF money through the malls,
and would result in gain 70 merchants,
publishers ana business nTmS WHO now It-
ceive such remittances In the form OF
stamps (often torn and mutilated), drafts
on small banks or loose coin in letters
always a temptation 10 postal employees
All OF these forms Of remittance entail
some loss, in many cases TO the receiver.
and to that extent perhaps a creditor is
u~n1ustly d~efrauded, innocently II may ne,
by the debtor. Under the new system
these troublesome and unfair methods or
making remittances would be done away
with. owing TO the simplicity and conven-
"a 49, ~nuf ahArLC nnd the cost or
sending the remittance would be placed
where II properly belongs-with the send
ing debtor or the person making the pur-
chase.
ALWAYS AT HAND.
The main difficulty with the present
money-order system Is that less than half
the postofnces i'm the country are money
order offices, and even at these such EVIL
dences of money can only be obtained az
the expediture OF much time and trouble
and during certain specified hours. With a
post check note in his possession one has
but to fill in the blank spaces FOR the pur-
pose, attach a postage stamp, cancel II, m
close in an envelope. place in a mail bOx-
and the transaction is finished.
Internationally the intent OF the postal
authorities is 20 extend anG Increase the
usefulness and popularity Of the rural free
delivery service. The adoption or the post
check notes viii afford a most convenient
and safe money for the agricultural com
munities, 10 whom banks. with their IA
cilities and safeguards cannot be utilized
with convenience. 1t is claimed by those
who have investigated the subject that the
revenues Of the Postofiice Department
would be very materially increased by the
adoption OF the post check system.
a somewhat unusual feature OF the posi-
check proposition is the fact that the IN
ventor is a successful business man, VINO
has for years realized the urgent neces-
sity for a simpler way OF making sInaH re-
mittances In the mails, and Who mas de-
voted a great deal of his time and means %
the perfection of the idea. and oHers, IN
case OF it's adoption, 10 turn the patents
and all rights under them over 10 the gov
eminent free OF any cost or charge what
ever. He considers that should the system
be adopted the consciousness OF having ac-
complished a reform OF such Importance
70 the general public and business men VIII
more than compensate him Tor ms time ana
trouble.
Congress can best judge OF the wants OF
the people by direct word from them. II Is
difficult to secure legislation OF this sort, In
volvfng a departure from present methods.
unless there be "A pronounced demand by
the people. Postal currency can be Sc
cured ~ those whom IL would beht Will
write personal letters 10 their senator's and
representatives in Congress. asking them
TO favor and work for the McMillan-Gard-
ner post check currency bill.
Gifts 10 Prince Henry.