The sun. [volume] (New York [N.Y.]) 1833-1916, 1908-09-20
AFRAID OF PAPER MONEY
BUT CALIFORNIA ONCE HAD
SM. ALL BILLS OF ITS OWN. =,

A
BUT CALIFORNIA ONCE HAD
SM.a ALL BILLS OF ITS OWN. q
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The Pacific Coast sun shies NJ Even Geld
Certificates, but In the Pioneer Days
There Were Issues Of Quarter and
Half Dollar Scrip Payable In Gold.
That many C~alifornians view banknotes
of oil kinds with suspicion and in certain
instances have actually refused United
States gold certificates Is a matter OF
surprise to the average Easternor. but the
reason is simple enough. for little else
than metallic money has ever boea cir
culated in that part OF the country.
Unfamiliurity with papor bills he's re-
suited in many Californians being taken
In with some Of the most worthless OF
paper notes. including specimens Of the
numerous defunct wildcat banks and even
Confederate issues, and these costly and
aggravating experiences have made them
wary Of all but hard money
Tho small amount Of paper notes, in
circulation or hold In California In shown
by the reports Of the various county
~treasurers in 1906, WHOM the fact was dis
closed that in the hands Of he Treasure:
Of San Francisco county there was only
g., 200 in paper money and fractional
currency, while Of gold thore was the
total sum of 90, 2S5 200. Fresno county
with 1857. 900 in gold slowed away in its
vaults, had not a single cont to show
In either paper money or fractional cur
rency, while Alameda county. with a total
of gold of 81 ,3ss, $40. had Just $22.00 n
paper notes, nicke!s aud cents.
A short time ago an Eastern patron OF
q Sacramento restaurant who had just
completed a substantial meal teadered
to the proprietor In payment n bright.
crisp United States twenty dollar gold
certificate, II there Is a'blll OF United
Statos issue that -looks tho part OF real
money and which Is difioult to counter
felt on account OF the splendid engrav-
ing Il Ia this selfsame note.
But it did not at all appeal to tho Sac
Yamsnto proprietor. for no regarded 1t
curiously for a moment and h without
even taking the note ia his hands, satd'
"You may have the dinner
His reason for refusing tho bill was not
because Of a lack Of change, but simply
for the reason that he had little or no
acquaintance with paper money and didn't
propose to take any chances. feeling that
It WIS preferable to lose the price OF the
dinner rather than run the risk OF being
out the whole amount.
C~alifornisrs do not now and as matter
of fact never did, take kindly to paper
money. One Of the principal clr"seb IN
the States Constitution, formulated in
September, lsls, specified th[t no as
sociaion should make or put into cir
ullatjon n bill, check, ticket, certificate,
promissory note, or other payer, OF the
paper Of any bank to circulate as MONEY
also that the Legislature should prohibit
by law any person. association, company
or corporation from creating parer TO
circulate as money. 49,,
plenty Of trouble with their currency Of
gold dust and privately struck. gold coins
Of widely varying ve.fie, and certainly
hid no wish to add to their difficulties by
the circulation Of paper money:
notwithstanding the deeply rooted
objection Of the pioneers to paper promises
b pay, several attempts were maze IN
the early SOS to introduce paper none.
The first OF these WIS maie by Frederick
Marriott a GO, in the htter part OF 1851
To nut into circulation in 6au Frrncisco
paper notes Of the denomination OF one
and Ave dollars. This Arm conducted .
brokerage house known rs. the
Commercial Exchaugs Of All Nations,
on California street. San Francisco. Al
together /, 600 one dollar and 800 FIVE dollar
naper bills were issued by Marriott Il %,
those OF the latter Denomination specify
ing that they would be redeemed by the
banking house Of Benjamin Davidson Of
San Francisco, VII, was then the Cali
fornia agent Of the R~othsrhilds.
The strong dissuprovel with which this
attempt WAS greeted from all sides sHon
nut en- end TO it. Mr.. Davidson denied
and the locrl paoers contained long eli
torials %denouncing this and all other
issues Of paper money!. -.
A short time previous to this We diff
ferent banks iesue1 fractional paper
notes Of the denomination OF ~ and SO
cents. How these were received or how
many we're issued IL not known, but tho
fact that they were "just AZ good as gold,
and the great scarcity Of small change
at this part Of CaliforDia's history makes
it likelv that the little paper notes were
generally circulated, for tho pioneers
we're glad to handle anything that would
servo as the fractional parts Of a dollar,
as Ia prove1 bv the numerous varieties
Of gold half and quarter dollars that werA
widely circulated at this time. although
many Of them were by no means worth
the value stamped upon their face. and
also bv the fact that any silver. coin
possessing an actual intrinsic value Of
I2L cents or moro was freely received
for as cents.
The frst Of these small paper notes OF
the denomination Of Is cents was issued
nv Rureovne & Co.. a San Francisco
banking firm of the pioneer neriod. This
hill was about the size Of the Unite1 States
fractiopal currency motto for % cents
which was issued during and after the
war, but was remarkable especially a.
being re1eenabla IN cold dust. The note
was sioned by William Spence and the
enpra wing was done bv j. Mano,lverer
and r. Smell Of New Orleans. which .frm
also engraved the plates for manv Of the
paper notes issue1 by the Confederate
government.
Two rare fractional notes Of San Fran
CISCO, iss,ed about the samo time. ware
engraved by Gavit 4 o.. Of Albany. N. T.,
and were nut in circulation NV the Miners
Bank Of Savings OF Alta. Cal. Two dc.
nominations were engraved and issu~i
for this bank. Of Is ard so cents. Both
were nicely dedcned, the PRINCIPAL device
on tho twenty-five cen note showing 9
steamship in the centre and that OF SC
cents a seate5 female to h extr4rne
left. with a locomotive In the backRro,tnd