Rensselaer Republican, Volume 12, Number 13, Rensselaer, Jasper County, 11 December 1879 — How General Spinner Invented Fractional Currency. [ARTICLE]

How General Spinner Invented Fractional Currency.

The origin of the fractional currency, which has been in the past few years by fractional silver, is somewhat peculiar and not generally known. The appearance of this currency, which at first was always spoken of as “ postal currency,” was due to the premium on specie. Gold being up and taking with it silver, these coins disappeared from circulation. Stockings were brought out, and the precious'metals found their wav to their heels and toes. It was more than a day’s search to find a five-cent silver piece or any other small denomination of that coin. People could not find exchange for small transactions. In buying a dinner in the market change had to be taken in beets, cabbages, potatoes and what not. General Spinner was then Treasurer of the United States. He was constantly appealed to from all quarters to do something to supply the demand for small change. He had no law under which he could act, but after buying a half-dollar’s worth of apples several times and receiving for his half-dollar in change more or less different kinds of produce, he began to cast around for a substitute for small change, In his dilemma he bethought him of the postage stamp. He sent down to the Postoffice Department and purchased a quantity of stamps. He then ordered up a package of the paper upon which Government securities were printed. He cut the paper into various sizes. On the pieces he pasted stamps to represent different amounts. He thus initiated a substitute for fractional silver. This was not, however, a Government transaction in any sense. It could not be. General Spinner distributed his improvised currency among the clerks of the Department. They took it readily, and the trade-folks more readily. Tfie idea spread; the postagestamps, either detached or pasted upon a piece of paper, became the medium of small exchange. It was dubbed “postal currency.” From this General Spinner got his idea of the fractional currency and went before Congress with it. That body readily adopted it, and but a short time after General Spinner had begun pasting operations a law was on the statute book providing for the issue of the fractional currency which became so popular. The sac-simile of postage stamps was put on each piece of currency, and for a long time it was known as “postal currency.” The introduction or postal stamps as money entailed considerable loss to those who handled them. In a short time they became so worn and disfigured that they would not take a letter on its way, and were therefore worthless.—lFasAinylon Star. —The linen mills in Greenwich, Washington County, N. Y., have been f purchased by a firm of manufacturers rom Guildford, Ireland, who will give employment to seven hundred hands. If successful, the firm will transfer their entire business to this country.