The Washington herald., 1912-11-02


n,ss washington Ga,...... siN sx sH
Business on the local exchange yester-
day was featured by bonds. Washington
Railway 4s. Potomac Consolidated IS.
and Norfolk and Washington Steamboat
IS selling in considerable quantity. The
Railway bonds brought 81, Potomac Con-
solidated sold at 7-s above par. and the
Steamboat bonds were bid in at los.
Railway stocks were the more active.
Capital Traction going at II. Railway
common at So 3-4 to IL, and the pre-
ferred at 50 L. Transactions outside Of
these issues were confined to single sales
of Mergenthaler at "a IL. Lanston at
81 L., Gas at IS 5-S. Graphophone COM
mon at - rs, and American Security at
3o2.
The current issue of the weekly circu-
lar of the National City Bank Of New
York has the following to say Of the es-
tablishment and usefulness of the Bureau
OF Engraving and Printing:
THE Bureau of Engraving and Print
ing is the largest institution of its kind
in the world. 1t employs at this time
about 1900 men and about :, 100 women.
One and a quarter million bills. United
States notes. gold and silver certificates.
and national bank notes. are printed each
u
weigh two tons. and, II laid nat. would
completely cover five acres. II placed
end to end. they would extend 40 miles.
In addition to printing the vast volume
of paper money issued by the govern
ment. the bureau each day manufactures
4000.000 postage stamps. which would
cover approximately six acres, or make
a chain of stamps 6I miles long. The
value Of each days output Of stamps IL
$50. 100, and 600 employees are engaged in
their manufacture. Fifty-one different
kinds Of postage stamps in denomina-
tions from cent to IS are made for the |
United States and its insular possessions, |
and they are printed in fifteen distinctive |
colors. Another important part OF the |
bureaus work is the printing OF internal |
revenue stamps through which an an |
nual income Of 500. 100000 10 collected. I
The internal revenue stamps printed
each day would cover eleven acres II |
spread out in single sheets.
Prior to 1851. government obligations |
had been engraved and printed by /
private concerns. The first paper money
ever printed and issued by the Govern
ment of the United States was author
lied by the Acts Of July IL and August
{. 1851. The notes issued were demand
notes" The amount authorized by these
acts was $50.00O,0 900. For many years !,
prior to 1851 the paper money in circu-
lation was issued by banks under state
authorization. The emission Of bills by
the colonies and by banks was not re-
garded with favor by the mother coun-
try, and the Provincial Governors were
generally opposed to these issues. vari-
ous acts were passed restricting their L
use but with little result Parliament, In
1151, abolished legal tender money in the
Colonies and in 1853 declared any issue
void. The Revolutionary War brought II
about a change and the second Contin-
entail Congress. in order to raise much
needed funds and lacking the power Of
taxation. turned for relief to issuing
paper money. In May, I775. the first
Continental notes appeared. 100000
being first authorized and they were is
sued from time to time until January.
17p. when their issue was discontinued
as they we're then passing at the rate
of 80 Of paper to 81 Of silver. The u
Continental currency continued to de-
pfeciate until 17s1, when 81 900 in paper
money was only equal to . Spanish Sill
ver dollar, and thereafter 1t went en-
tirely out Of use. About $2l2 100000 were
iEsued. II
..During the Revolutionary war paper i
money, distinct from the Continental Z
currency. also was issued by several of ]
the States and it has been estimated that
more than 100000 was 30 issued, the s
greater part Of which also became &
worthless. In 15S1, on the recommenda- I
OF Congress, the Assembly Of Pennsyl- Z
vania repealed all legal tender acts and
this example was followed by all Of the
other States. Thereafter no State was I
permitted to coin money, emit bills of :
credit. or malee anything but gold and q
silver q tender in payment Of debt Simi- G
lar inhibtffons were Incorporated in the
Constitution Of the United States in 17N I
''Wnile notes Of different forms were is- :
sued By the government At various dates | n
Dome Of which were receivable for gov- 3
ernment dues, yet no circulating notes
we're authorized to be issued which were !
payable on demand in coin or made legal | 3
lender until the Act Of February Is, liz
lS6z ls
For q period Of twenty three years-ls
I'D to 1G3-nosnotes were issued. When =
he war Of 1872 was declared. and in the
three succeeding years, the administra-
don and Congress were forced 70 issue
Treasury notes in vari-
,us amounts aSgregating 3s0.0eo,0oo. They
we're not intended to circulate a. money !.
Ind were retired ~ soon a. possible =
lfter the was. II
The same situation arose at the BE- Isu
dnnang OF the Mexican War when Con- l.
ress authorized the issue Of similar =
lotes to the amount OF some S1gOoe.ooo :.
kGafn. In 1Ss7, owing to . financial panic
q . suspension Of specie payments by q