The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-05-08
Dealer Now Gets an Additional
Five Mills.
IT WILL PAY GOVERNMENT
To Make Small Value Coins,
Holland Points Out.
United States to Make Wonder
full Record This Year.


name. at least. the Yankee shilling
Six of these shillings made dollar and
three of them so cents. But the shill-
ing itself was of the impossible de-
nomination of 16 2-3 cents. In many of
the country stores of New England
even today goods are marked as OF
the price of SO Is cent, that being the
amount of two shillings. But the store
keeper usually charges "a cents, since
he cannot make the change.
So, also, in parts of New England,
and possibly of New York, confusion
still prevails as to the meaning. of the
shilling, so that it is not infrequent
to hear the question asked, DO you
mean a York shilling, eight of which
make a dollar, or a Yankee sh1lling? j.
Up to the time of the civil war, or as
long, at least, as the old-fashioned cop
per cent. which was nearly the size OF
a silver half dollar, was minted, there
were also in circulation copper hall
cents, although not many of these were
minted. 1t was one of the features OF
shopkeeping in the north that once in
about three months, sometimes once in
six months, kegs containing the accum-
ulation of copper cents were nailed up
and shipped to New York for redemp-
ton at the subtreasury.
1t was always the custom, and is tC
this day, when the price of an article is
fixed at 12A cents, for the shopkeep-
er to take the extra half cent. excepting
upon those somewhat rare occasions in
the early days when the customer was
fortunate enough to have a half-cent
coin.
The measure which is now before con-
gress' which is likely to become a law
either at the present or the next session,
really reflects the lessons of economy
which the American people are begin
ming to learn. Members of congress
have been told that the thrifty French
peasant has been able more easily to
add to his stock of savings because
france provides very small coin for
general circulation. This is really the
motive which has led Congressman
Buckley of Cleveland to introduce a
bill providing for the coinage of a half
cent piece. In the aggregate the half
cents saved by customers will amount
to a very large sum in the course of a
year and, in addition to that, there are
many things which may be marketed
in small amounts at the cost of half
a cent instead Of one cent.
That is true, also. of the proposed
coinage of three cent piece with
some distinguishing feature which will
make it impossible to mistake the coin
for dime, as frequently happened III
other times when the three-cent nickel
piece was in circulat ton, or still earlier
when the three-cent silver piece-about
as big as a small WATERWAYS in circu-
lation, which was often mistaken for
a half-dime silver piece, no longer
coined. ./
The Governments Advantage.
So far as the government itself Is
concerned 1t would be of real pecuniary
advantage were it to coin these small
pieces. The majority of them would
never be presented for redemption, or
for exchange into fresh coins. How
great the profit for the government is
in the coinage of small pieces is showr
by the fact that in the most recent
complete fiscal year the federal minis
turned over to the treasury department
3 million, 246 thousand dollars as se1g-
norage for the coinage of one-cent cop
per and f1ve-cent nickel pieces. The
intrinsic value of a cent or a five cent
piece is a trif1e as compared with the
value as currency. So, also, the gov
eminent received from the minis near
ly 2 million dollars as seignorage upon
the coinage upon so cent % cent and
10 cent pieces.
The economic view which is behind
the proposition to coin half-cent and
tkree-cent pieces is spoken of here by
men as undoubtedly very sound Such
coinage will re very profitable to the
government while the same time it
will facilitate not only small savings,
OOl SIudl purchases
Our Great Foreign Commerce.
In about seven weeks the fiscal year
will end. June 80 is near enough to
make it possible for the experts to fig
ure upon estimates showing the total
foreign commerce of the United States
between July of last year and June
80 of this year. Notwithstanding poll
cal agitation and the strenuous at
tempt to adjust big business to the
new conditions which have arisen, the
United States is to make in the present
fiscal year a record and one of the
worlds records. We have been ex-
porting on the average commodities 10
foreign nations of the aggregate value
of three million dollars a day. When
William Mckinley came into the presI-
dency it was thought wonderful thing
that the United States should be ex-
porting products commodities of the
average value of a million dollars a
day. At that time, however, he would
have been regarded as a luratic who
dared to predict that within ten or
twelve years the United states would
be exporting of manufactured products
an aggregate whose money value was
equal to or in excess of the money
value of agricultural products. Appar-
emily this fiscal year we are to sell to
other nations considerably over one
billion dollars worth a. manufactured
products. We have, in fact, sold in
nine months of this fiscal year manu-
featured prod cts to other nations of
the money value of seven hundred and
twenty million dollars. The treasury
department experts now figure that n
the current fiscal year the total exports
Of the United States will be in money
value two billion, two hundred and
fifty million dollars; this, in a year
when it has been said again and again
that business has been sluggish, that
there has been no health in it. We shall
probably export in the same time for
eign commodities of a money value of
about a billion,9fiye hundred millions,
so that it is now estimated that the
apparent trade balance in favor of the
al