The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1904-11-06

in the last fiscal year under review had a
face value of nearly 0o.ocO. which is about
one-seventeenth of the coinage of cent
pieces from the foundation of the Gov
eminent. OF course, the development of
automatic vendors, or slot machines. has
had something TO do with the increase in
the coinage of pennies. as well as the
practice of making more exact change.
On the Pacific Coast they are coming into
use. At all events. twO-thirds Of the coin
age OF this denomination has been since
1870.
There has been similar increase in other
denominations. OF the 5-cent piece, for
example the total coinage up to 1870 was
only Si,5O.O10: the total coinage up TO 1902
was 81, 100 600. and the coinage IS now run
ming at about Si,50,00 annually.
The dimes have shown wide popularity,
The total coinage up 20 1870 was about
SS,O00,00: The coinage in the last fiscal
year under review was nearly 5000. 90.
and the total UP to the end OF the year
was S42. 100000.
There is a great profit 10 the Govern
ment in all this class of coinage. not only
by the difference between its face value
and the value of the metal, but from the
fact that so large an amount OF this small
change Is lost or gets into places where
it Is permanently held, which mounts to
the same thing so far as the Government
is concerned. Experience with the frac-
tional paper currency shows this.
When specie payments were suspended,
about January l, 1852, Congress author
lied. first. the use of postage stamps for
change; second. Il modified form of stamp
ca led postal currency. and finally frac-
tiona paper currency in denominations
corresponding to the subsidiary silver
coins. The highest amount issued was
100000. The highest amount out5tand-
ing at any time was Sis. l02, 66l.27. and the
amount still outstanding. though not in
use as money. is sl5.ats.i3S.SS, OF which
sS.S75.93i is officially estimated to have
been destroyed. This is nearly II per
cent.
In the fiscal year ending in lsG3 about
$500 worth came IN. and this remained
the average until 1893. when there was a
decided falling off. While there would
not be the same reason for keeping metal
lie coins az curiosities or the same liabil-
ity of their loss through wearing out, II
Is probable that a fair percentage or the
tota. coinage since 1873 has droDped out
of sight forever. This is one OF the profits
which a Government derives through It's
sovereignty. So iorg as ne supply OF SUD
sidiarv coinage must be constantly in
creased. Il is legitimate for Uncle Sam m
count the margin OF profit in each years
transaction as so much to the good"
DEMAND FOR A HALF NICKEL.
The Government has apparently reached
Il settled bass regarding the denomina-
tiop Of its coins. although there &c some
call for a 2t-eent piece. One Of the last
letters which Andrew II. Green. the IL t
OF the Greater New York. ever wrote Il
the Secretary of the Treasury was on his
SUBJECT. of which he had been i persistent
advocate.
He called attention TO the ~teracitv with
which people adhered to- the divisions by
common fractions even in a decima. sys
TEN Of money. and to the frequency y III
which 1917 cents and ST. cents appeared II
price lists. The Injustice of charging Il
or IS cents had been obviated by the old
half-cent niece. which was discontinued in
1851 and he p1so rerortod the existence IN
certain quarters of half-cent tokens is.
sued BY storekeepers and redeemable a;
their counters.
He also argued that a 2E-cent pisct
would eventual V become the TN { for pTy-
ment of street car fares in this country
School, children are already getting hal
fares in many PAGES. Two fares across
Brooklyn Fridge. he wrote. were sold for
; cents. while n single fire. for want OF
| the proper unit. costs 3 cents.
The objection which the denar.ment has
| had to this coin Is that It would seemingly
make necessary n half-cent riece for ad
iustment between 2 cents and 2Is cents. II
Is further nointed out that our whole ten
dancy has bPe- toward -ei1n'nP the mum
| per of units. instead Of increasing them
The a1-cent piece has dropped out. as wei
| as the two and three.
Experience with the half-cent piece IL
the P~hilipDines. where price Standard
among the natives are much smaller thar
here. shows little reI. demand for none
in that denomination.