The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1918-09-13
rornxA STATE JouaNAn
INFORM ALTON
BUREAU
FREDERIC J. HAsKIN. Director,
washington. d. c.
rHE RISE OF THE PENNY.
Washington. D. c.


Washington, D. c., sept 1o.-Econ-
omy is the fashion and the cost OF
living almost unattainably high, yet
the chink of the penny and the rustic
of bills can be heard more loudly than
ever thruout the United States. These
two items of currency-the ubiquitous
1-cent piece and the greenback-are
significant Indications of the trend OF
the nations finances.
The 1-cent piece. so long the prop
erty of children. the chewing gum SLOT,
and the newsboy, now reposes grand
ly in milady'S expensive purse ana is
subject of heated discussion in the
halls of high finance. The scent
cigar and the 10-eent box of crackers
are now purchased with one or more
additional pennies, while the fishing
| out of or 3 cents war tax at the en-
| trance to the moving picture show mas
become for most persons automatic.
| In some cities, the copper has invaded
| the street car system in the form of
| 6-cent fare, and the man who strug-
| giles for five miputes to locate the ex-
| ira cent has Joined company with
the lady who holds up the car because
| she never can remember where she
| keeps her car fare.
/ Pennies have become so important
that the mints coined 445,62s,201 of
| them between June, 1917, and June,
1913, thereby turning out more than
twice as many as the preceding fiscal
| year and breaking the worlds record
! for penny manufacture The next
year will probably establish an even
greater record. for 6. II, and 12-cent
prices are with us to stay. ffnanciers
tell US, for several years to come.
It is q matter of speculation as to
how long speedloving America will
stand the strain of waiting for change
for nickel every time a six or six
teen cent purchase is made. Mathe-
maticians have started to work to
prove that the effort and time spent
by conductors, shop girls and custom
ers in hunting elusivei pennies and
making change could easily win the
war il properly converted into pro-
ductive energy.
The usual proposed solution to this
problem is the manufacture of new
denominations of coins, such as three
six, twelve and one-haif and fifteen
cent pieces. To mint a coin of a, new
denomination requires the consent OF
congress. Bills authorizing the mint
ing of the various pieces named, and
others making possible the restoration
of two and three cent pieces have
been introduced, but no action upon
them taken. Congress, burdened with
urgent war legislation, waits for g
sign of approval from the treasury ir
order to advocate the measure, an6
as yet that sign has been withheld Ir
the opinion of congressman on this
coin committee, therefore, the one
cent piece will continue to weigh dcwr
the pockets of the public indefinitely
Besides the addition of tons of one
cent pieces to our Golfers, war condi-
tons have resulted in an enormou.
increase in paper money. Instead OF
working on its usual eight hours &
| n hos ', hrrrn xf
printing has for over a year been US
ing shifts and operating on a twenty
four hour basis, in order to turn GU
sufficient money for the country tt
, transact business in war time. War
stimulated industry NEAR more trad,
and more transferring of money, fol
! money follows industry The life O
a paper dollar is shorter and more
eventful now than ever before.
Proof OF this wide and rapid circu
lation of currency is the SO per cen
; increase in redemption. Furthermore
gold and silver are speedily giving wa.
to paper certificates. The American
. silver dollar is taking its place will
the buffalo and the pioneer.
e The demand for paper money is nat
. ural enough in a country where none
is freely handled as in the United
1 States. 1t is difficult to imagine
81
business establishment in substantial
!. silver dollars. Tho the dollar ha
l durability in its favor lit will outlas
! | twenty bills), and tho it clinks S
/ fascinatingly in the pocket of its own
!, er, its weight and bulk have been it
; doom.
|, Only in the west and the far sout
: Is silver dollar still pulled out G
q shot bag or pocket and flung on tn
counter as a matter of course. TIL
main reason why it holds it's own
u these localities is the heavy expens
n OF the banks of shipping coin for re
+ demption. Even in the west the jingl
of a silver dollar will soon be only
memory. None have been minte
since 1904, and now congress ha
: licensed the melting OF those whic
9 cover one and two dollar certificate
for shipment to countries in need
c silver, such as India and other couI
o tries on a silver basis. AS result
i this measure, 35O,000.000 silver do
s lars have already been melted and
corresponding sum in silver certif
"a Gates has been Withdrawn from circt
Il lation and destroyed.
e The silver dollar is going out of e,
. 1stenee Just when it is placed at
:, high value. The amount of silver
Ii the United States silver dollar has
ID the past been a subject of jest ar
l. sarcasm. Ten years ago It containe
,e Aoi y -iiNe Genus worth OF SILVER. "A
=, cording to the present price of silve
IL as fixed by congress- the silver do
Of lar now contains silver to the amour
\ of about one dollar and one and
half cents. That is, the number
'e grains of silver in a dollar now sc
in for more than the face value of ii
Ly coin. Silver certificates are beir
~ manufa ctured only to take care of o
=. casional redemption of outstandir
II certificates.
To- offset the withdrawal of o,
silver dollars and certificates from ci
ol cu1ation, new one and two dollar fe
De era1s reserve notes are being printe
Sc These notes, mostly supported
"a bond, are covering the great blu
of the increase in paper money. T.
e. design of the new notes is in keepil
rs with the times. The one dollar no
carries on the back an eagle in fligl