The National tribune. [volume] (Washington, D.C.) 1877-1917, 1903-03-26
SitiOn.


NV article on the Post Check System in
The National Tribune of Jan. %, ultimo,
the Committee on Post-offices and Post
Roads of the House of Representatives
decided to report favorably on the propo-
sition-tlle first distinct and tangible
victory gained by its friends, conse-
uuently long step advanced toward
their ultimate triumph A reform of
the nature of the post check currency
project necessarily makes slow progress.
Time is required to get it presented to
Congress in such way that the National
legislators will see that it will not disturb
in the slightest the country'S financial sys-
tenn. At first blush n good many persons
seem to believe that the project would re-
suit in an issue of fiat money, but this I'M
press sion is entirely erroneous. The post
check notes would simply take the place OF
regular Treasury notes or silver certih-
Gates as they are retired. and there would
not be change even of Il fraction OF 4
cent in the volume of the circulation.
THE PROPOSITION REsTATED.
As previously explained, the Post Check
bill proposes to give to the people an
easier and more convenient manner i'll
which money may be sent through the
mails. The purpose Or plan is to have the
Government issue notes Of denominations
less than So with blank spaces. The notes
possess to every degree the same use as
those of the present time, save that they
can. when it is the wish of the owner to
send money to distance, be converted
into Il money order by writing the name
Of the payee in the blank space provided
for the purpose. He then affiXes. a stamp,
cancels it, and forwards to the address of
the payee. This note which has thus
been converted into a money order is pay
able upon identification of the bearer at
any post-office or bank in the country.
What more convenient manner could any
business man or other person ask for re-
hitting money? No trip to the post-office
is needed to purchase a money order
as under the present system. No
fee is charged for the order save the two
cent stamp. The notes would be reissued
often, thus keeping plenty of money clean
and new in circulation.
The theory of the post check notes is
that man has them on hand in the cur
rent money which he carries in his pocket.
There would be nothing else in the way
of small bills. Each man would have his
own money order on hand if he had 81
bill or Il 81 bill or 4 S. bill which he might
wish to transmit. All the money of those
denominations would be in the form of
post check notes and would pass current
as money until converted into checks by
Endorsement. These notes would constantly
flow in and out of the Treasury and there
would be no appreciable contraction.
FROM A BUSINESS STANDPOINT.
1t is an axiom of business that the time
to close a trade is when the customer is
convinced and ready, but there is no con-
venient method in existence at present by
which the. willing customer can at once
carry out his desire to send money for his
magazine or what not. 1t is estimated
that the great majority of would-be Gus
toners, when they reach a conclusion to
make an outside purchase and are ready
then and there to close up the deal, post
Pone the matter until they can find a coz
venient way to send the money. This put
ting off is fatal in perhaps 80 or IS per
cent. of cases; therefore, the publisher or
larger advertiser loses probably more than
half of the business that his enterprise
really earns, and this loss is occasioned
solely by reason of the Inconvenience of
doing business by mail under the present
methods.
- What the proposed device would mean
to this publication, as well as to its read
ers and advertising patrons, may be taken
as 4 measure of its usefulness to the bust
ness world and all classes of the people.
Will post checks superseding all other
small Government bills, every would-be
subscriber to The National Tribune would
have the means at hand of making a safe
and acceptable remittance, which he
would promptly do while the desire was
fresh. The same is true as to purchase of
the many useful articles advertised in its
columns. The publishers and advertisers,
aside from receiving many more remit
ances owing to the conveniences thus sup
r.tta Ill
for deposit in bank, instead of loose silver,
sticky mass of spoiled stamps, Or a
money order invalidated by some vexatious
technical irregularity.
THE PROGRESS MADE.
The friends of the project seem to be
satisfied with the progress made during
the recent session of Congress and are pre-
pairing to bring the matter forcibly to
the attention of the next Congress. The
bureau in Washington will not be closed,
but a force of clerks will be kept busy
advancing the propaganda. Mr.. G. w.
Post, the father of he movement. has
added to the already abundant evidence
of his unselfsh interest in the measure by
continuing the agitation. Mr.. Post pre-
diets the passage of the two bills at the
next Congress if the same generous sup
post accorded to the movement by the
newspapers in the past is renewed at the
opening OF the next Congress.
Substantial progress has certainly been
Z made within the last year. During that
time, or in six months actual session of
Congress, the bills were introduced, then
amended and re-introduced, referred to
the Postmaster-General and the Secretary
OF the Treasury, considered by commits
sioIt of officials of each Department, and
then sent back to Congress with divided
report.
OF the two bills introduced the one pro-
yiding for fractional post check currency
WAS held by all the members of the joint
commission to be, for the present, unad-
visable. But two of the members-Assist-
ant Postmaster-General Madden and Audi
tor Castle-reported in favor of the plan
for one, two and five dollar notes, with
limitations that important amendments
should BE made.
At the opening Of the second session of
Congress last December such pressure was
brought 10 bear again from the newspaper
and business houses that the bills were
taken up for serious consideration by the
committees. The House committee gave
hearings, and. after considering carefully
the statements pro and con, voted Jan. 30
to report the bill providing for 81, 81 and
50 post check notes. with amendments,
with the recommendation that it be passed
as amended The amendments do not
change the general principle of the plan.
but tend to greater simplicity in detail
and are designed to overcome certain OBJ
Jections raised by Treasury officials.
THE AMENDMENTS ADOPTED.
Concerning these hearings and the
amendments Incorporated into the new