New Ulm review., 1912-03-20
CORNERS IN COINS
Odd Schemes That Were Worked
by Willy Operators.
CLEVER RUsE OF A NEW BANK

g.
Il Won tho Good Will Of the Town by
"obIisins" its Citizens After Corner
ina All It's Metal Money-A Russian
"Prophet" Who Made Rich Haul.
There have occurred from time to
time in various countries all manner
Of corners" in coins. traceable to all
manner of queer origins.
Some years ago an individual named
Peterson established in a boon" town
of new state bank that was
branch of a larger institution else.
where. AS, for special reasons. the
people of the new town would nave
nothing to do with the new bank the
outlook for Peterson was gloomy one
After. reflection be hit upon happy
expedient. He sent out men commits
stoned to go to all the stores OF the
place to get change for greenbacks and
banknotes. In a little while he had
all the coined money In the town. the
result being. Of course. that the good
people of the coming metropolis were
flush of greenbacks. but had no
'change." .s--.
Some one suggested that Peterson's
bank might possess some of the coined
pieces, and accordingly rush was
made there. where every one was
obliged with silver. The ruse of the
willy Peterson had the desired effect,
as the next morning his bank was filled
with depositors.
Superstitition has frequently been
the basis Of a corner in coins of par
ticular denomination. A remarkable
case of this kind occurred in southern
Russia in 1908 There appeared at
Berliansk. on the sea of Azov. a per-
son proclaiming himself prophet. and
as such be announced his intention of
redeeming the world. Among the
queer doctrines advanced by this indi-
vidual was included the decree that all
bis followers must retain all five ko.
peck pieces issued in the year 1861. the
year of the emancipation of the serfs.
They were by reason Of that event
held to be holy. .s..-5.
1t was not long before the ignorant
peasants in the vicinity became con-
vinced that all pieces Of that denomi-
nation should be taken to the prophet
for preservation. The heaven sent one
further announced that should the
get into difficulty every one
of the coins in question would turn to
gold' and thus save the empire.
" And so it happened that over an
area of 300 miles Russian peasants
were :feverishly collecting the holy
pieces and turning them over to the
prophet. When he had gathered
goodly number of the coins be de-
.5..
In a way the Russian government
may be said to corner its own coins
Of one denomination. Each year it
mints limited number of bronze
pieces of the nominal value of one
fourth Of a kopeck, about one-eighth
Of cent. AS these coins are practi
cally not In circulation. only a few
are issued.
It is really an easy matter in small
towns to corner particular coin. At
4 Welsh holiday resort members of
the local band became so indignant at
the large proportion of halfpennies in
their "silver collections" that they
holf
The consequence was that in a few
weeks there was hardly halfpenny
In the town. Then the band reaped
a harvest of coins of higher value.
Cornering gold coins demands a
capital that few men possess. Some
years ago. however. at Dieppe there
occurred a sudden scarcity of ten
franc and twenty franc pieces. due to
the operations Of an eccentric British
er. who for some cryptic reason had
The day before changed several hun
lred banknotes Of high value into
gold. Laden with the coins, he left
Tor Paris. and week elapsed before |
he town regained its normal amount |
# gold.
An attempt to corner the Maria
Theresa dollars, used In parts Of north
I'm Africa. collapsed by reason Of
queer circumstance. An Abyssinian.
Ras Makoppo. conceived the unique
Icheme of collecting all specimens of
;hese coins extant in his district As
hey were old coins, he reasoned they
would rise In value. When he had |
himself of about 5000 of
hem he found that the country was
Is we'll supplied with them as before.
While he had been busy collecting
he old coins modern Maria Theresa
lollars. made in Germany, were being
by the thousand. The result
vas that the coin fell in value, and
he too astute chief lost half his
York Herald.
Two Causes, One Effect.
One morning at breakfast Joey an.
that be had the misfortune to
all out of bed the night before.