Every evening, Wilmington daily commercial., 1918-09-13
King Penny
by Frederic J. Haskin

cent piece and the greenback are slgnlii-
cant Indications of the trend of the ma
tion's finances
The one-cent piece, so long the property
OF children, the chewing gum slot, and the
newsboy, now rcposes grandly m miadys
expensive purse and is "A subject Of heated
discussion in the halls Of high finance.
The five-eent cigar and the ten-cent box Of
crackers are now purchased with one or
more additional pennies, while the fishing
out of two or three cents war tax at the
entrance to the moving picture show has
become for most persons automatic In
some cities, the copper has invaded the
street car system in the form Of six-cent
fare, and the man who struggles for five
minutes TO locate the extra cent has joined
company with the lady who holds UP the
car because she never can remember where
she keeps her carfarc.
Pennies have become 50 important that
the mInts coined 41j 62S ,20l Of them be
tween June 1917 and June 1918, thereby
turning out more than twice as many as
IN the preceding fiscal year, and break
ing the worlds record Tor penny manu-
facture. The next year will probably
establish an even greater record, for SIX,
eleven and twelve cent prices are with us
TO stay, financIers tell US, for several
years TO come.
HOW LONG, HOW long?
II is a matter 0f speculation as 10 how
long speed loving America will stand the
strain of waiting for change for a nickel
every time six-cent or slxteen-cent pur-
chase is made. Mathematicians have start
ed to work to prove that the effort and
time spent by conductors, shop girls and
customers in hunting elusive pennies and
making change could easily win the war if
properly converted into productive ener-
~.
The usual proposed solution to this
problem is the manufacture of new de
nominations Of coins such as three, six,
twelve and one half, and ffteen-cent
pieces. To mint a coin Of r new denOmlna-
ton requires the consent Of Congress
Bills authorizing the minting Of the vari-
Gus pieces named, and others making pos
sble restoration Of two and three cent
pieces have been introduced, but no
action upon them taken Congress. bur
dened with urgent war legislation, waits
for sign Of approval from the treasury in
order to advocate the measure, and az vet
that sign has been withheld. In the opln-
ION of Congressman on the Com Commit
tee, therefore, the one-cent piece will CON
tinue TO weigh down the pockets Of the
public indefinitely.
TONS OF THEM
Besides the addition Of tons Of one-cent
pieces 10 our Golfers, war conditions have
resulted IN an enormous increase IN paper
money. Instead Of working on it's usual
eight hours a day basis, the Bureau Of
Engraving and Printing has, for over
year been using shifts and operating on
"a hour basis, IN order TO turn out sufficient
money for the country to transact busi-
ness in wartime War-stmuated in
dustry means more trade and more
transferring Of money, for money follows
industry The life of a paper dollar is
shorter and more eventful now than ever
before
Proof Of this vide and rapid circulation
Of currency is the 30 per cent increase IN
Furthermore, gold and silver
are speedily giving way 10 paper GER
tihcates The American silver dollar is
taking It's place with the buffalo and the
pioneer.
The demand for paper money IS natural
enough in a country where money Is
reely handled as in the United States
Il is difficult TO imagine a bookkeeper
paying employees Of a business establish
nent in substantial silver dollars Though
he dollar has durability IN It's favor ut
will outlast 20 Bills, and though it
,links 50 fascinatingly in the pocket Of its
1wner, its weight and bulk have been It's
loom.
ALMOST GONE THE CARTwHEEL.
Only IL the West and the far South is q
,ilver dollar still pulled out OF shot bag or
pocket and flung on the counter as mat
er OF course. The main reason why it
holds it own IN these localities * the heavy
expense Of the banks OF shipping com for
redemption Even in the West, the jingle
)f silver dollar will soon be only mem
lrv None have been mInted since 1904,
and now Congress has licensed the melt
ng Of those which cover one and two
lollar certificates for shipment to coun-
ries in need of silver, such as India and
other countries on a silver basis. As re-
suit OF this measure, $50 100000 silver
dollars have already been melted and a
sum Ia silver certificates
has been Withdrawn from circulation and
destroyed
The silver dollar is going out Of exist
ence Just when It is placed 1T a high value
The amount Of silver in the United States
silver dollar has in the past been a subject
IF Jest and sarcasm. Ten years ego It con
tanned 45 cents worth Of silver According
10 the present price of silver, as fixed by
Congress, the silver dollar now contains
silver to the amount of about one dollar
md one and half cents That is, the
number OF grains Of silver in dollar now
,ell for more than the face value of the
,oin. Silver certificates are being manu-
actured only TO take care OF occasional
redemption of outstanding certificates.
To offset the withdrawal of our silver
lollars and certificates from circulation,
lew one and two dollar federal reserve /
notes are being printed. These notes. |
mostly supported by bond are covering /
he great bulk of the increase in paper /
money,
Up TO DATE
The design Of the new notes Is III keep
ng with the times The one dollar note /
arries on the back an eagle in flight, y hile /
he two dollar note pictures battleshiD
nder way. The heavy use of paper mon
y has brought to the Federal reserve
,anks s.. .000,000 900 circulation on Fed
raj reserve notes, whereas before, the
Irculatlon was about $500, ,0OO,O00.
Gold and silver certificates are prac-
ically withdrawn in every country at
var, for all are boarding their gold and /
liver We are the biggest gold boarding
ountry in the world To keep our gold In
he treasury the government is gathering
Ip all gold certificates into the sub
reasurles and il issuing instead the Fed
raj reserve notes and treasury notes At