Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-04-30
SMALL CHANGE Use
HELD GREAT SAVER
Experts Declare PopuIarizing
OF Coins Would Reduce Time
Loss and Waste.
BY J. G. ROYLE.

The Treasury and Commerce Depart
mentS. nationally known financiers.
merchants and experts in distribution
feel that this is a period OF change and
say emphatically it should be a period
Of small change. The wider use Of the
smaller silver and nickel and copper
currency. they assert. would cut dis
tribution waste $500,000,0 900 a year
through the saving of time. In this
case the old maxim. Time Is money" is
concretely as well as abstractly true.
The experts point out that millions
OF hours of time are wasted through
the making Of change and waiting for
change and that IL each individual had
the exact change to pay for minor pur-
chases and needs. labor costs would be
reduced, transactions speeded up de-
lays avoided and congestion obviated.
This they say would require only
minor change in the habits of the
American people
1t Is estimated by currency experts
that all this could be accomplished II
each individual able to do so made a
dollars, quarters, dimes. nickelS and
pennies instead Of carrying the same
amount in the form of one dollar or
two dollar bills.
Would Stabilize Silver.
Treasury officials agree to the asser-
ton that II this change were put into
effect, 1t would have the effect Of
bringing stability to the silver market
in large degree. 1t is admitted that
the drop in silver prices has been detri-
mental to all trade at home and
abroad. Charles Dewey. former As
sistant Secretary of the Treasury and
now financial advisor to Poland, made
vigorous attempt while in the de-
partment to popularize the carrying of
silver. but he devoted his efforts to the
| silver dollar, which was bulky. heavy
and unpopular. His efforts failed. but
none has been known to express keen
| aversion to the possession of half dol
! lars, quarters and dimes.
The present amount of currency in
circulation, including bills, silver, nickel
and copper. IS $37 per capita, accord
ing TO the Treasury. If each person
changed three one-dollar bills, 1t would
mean the additional purchase of APP
proximately 200 900 900 ounces of silver.
That amount removed from world mar
kets undoubtedly would give the white
metal boost. The Treasury at present
has over 400,000,000 ounces of silver
, in its vaults. but this could not be
touched since it is deposited against
the issue of silver certificates.
Advance in the price of silver would
| revivify trade with the Orient, improve
demand for American goods from Mex
leo and improve earnings of domestic
mining companies W. 0. Woods treas
| urer of the United States, declares that
the change to the habit of carrying
| small coins would result in the savings
of millions to the Government in the
| cost OF printing one and two dollar bills,
| which wear out quickly and which must
be replaced at great cost and trouble.
Replacement Is Great.
About $4,000, 900 a day reaches the
| Treasury in paper currency tagged for
| retirement and replacement Since
July, 1929, when the first of the small
| sized currency was put into circula-
ton. over 100,000,0O0 separate notes
have been printed and issued. The
coins far outlast the notes except In
the case Of notes of very high denomi-
/ nation, which in reality are not gen.
| orally handled by the public
The bankers of the country long have
| advocated that every one pay as they
go and now they are urging that they
have the exact amount ready. This
has worked excellently for street ears.
buses and subways and in the use of
automatic vending machines. The rner-
| chants are coming to the belief that
they have overlooked a factor in profitS
| and are beginning to establish change
booths. 1t Is estimated that much of
the traffic trouble from the use of taxi
cabs comes from delay in making
change.
tcopyrisht, 1887