Jasper County Democrat, Volume 5, Number 10, Rensselaer, Jasper County, 14 June 1902 — NEW POSTAL CURRENCY. [ARTICLE]

NEW POSTAL CURRENCY.

Bill Authorizing the Isenance of Poat - Check* for Small Sumo. An administration bill for the establishment of a postal currency has been drafted by the committee appointed to consider the question. It authorizes the Postmaster General to cause to be issued postal checks of fixed denominations, not above sl, in even multiples of five and ten cents. Th"se are to be redeemable or payable at any money order postoffice. A fee in addition to the face value will be charged for every cheek issued. It is generally conceded that the present postal money order system is both inadequate and inconvenient, and Congress has been attempting to perfect a design for currency intended especially for transmission through the mails. Particularly since the adoption of rurnl mail delivery has the need been felt of some [dan for sending small sums of money by mail without necessitating a special Journey to the postofhee on the part of the sender.

The committee on postofliees and postroads have had before them a measure providing a post check in denominations of $5 and down to the denominations of fractional currency. It was proposed to retire the five, two and one dollar bills now issued by the government and substitute the post check and make the latter the regular paper money for those denominations.

The proposed post check was nothing more than an ordinary government note so printed ns to permit its transformation quickly into a veritable check. Ry affixing a stamp nnd writing upon provided spaces the name and address of the payee this note would become a money order, payable only to the payee. To forgo the signature of tlie payee was made a penitentiary offense, same as counterfeiting. As rapidly ns the signed bills would come into the possession of postmasters they were to be sent to Washington for redemption. By this process, should one desire to make remittance by mail be would simply take out a bill or piece of fractional currency, write the name of bis creditor, affix and cancel a stamp, and it would only require the signature of the latter to again mnke the money as good as gold “tt the office named.

The committee of postal and treasury experts appointed to consider the above plan for the establishment of a postal currency, however, submitted an adverse report to the Pastmaster General. While commending the general scheme, the report said the methods of detail seemed impracticable. The bill since framed is supposed to be free from the objections advanced and it is said the measure is likely to be favorably considered by Congress.