How General Spinner Invented Fractional Currency

The origtn at the fractional cotrency, rrhich haa been in the past feY yeaw swperseded by fraotional silver, is somewhat peculiar and not generally known. The appearanoe oí this currency, which at iirst was always spoken of as " postal currcncy," was due to the premium on specie. bold up and taking with it silver, these coins disappeared from circulation. Stoeldngs were bronght out, and the preoious nïctals found their way to their heek and toes. It was more than a day's search to tind a flve-cent silver piece or any otlicr small denomination of that coin. Pcople could not find exchance for small transaction3. In buying a dinner in the market change hnd to5 be taken in beets, cabbages, rwtatoes and what not. General Spinner was then Treasrrer of the United States. He was constantly appealcd to fron sH quarters to do sometliing to suppíy the demand for small change Hu liad no law under which he could act, but ufter buying a half-dollar' s .,..,,.4' times and ceivfhg íoi -dollar iu ohi more or less different kinds of produce, ho boo-an to cast aroviifd for a substitute for small change. In lus dilemma ho bethonght him of the postje stamp. He sent down to the Postofiiee Department and purchased a quantity of stamps. He then ordered uu a package of the paper upon which Government securities wcre priated. Ho ent the paper into various sizes. On the pieces he pasted stamps to represent different amounts. He thus imtiated a substituto fot fractional silver. This was not, however, a Government transaction in any sense. It could not be. General Spinner distributed his improvised cturency among the clerks of the Department. They took it readily, and the trade-folks more readily. The idea spread; the postagestamp3, either detachcd or pasted upon a piece of paper, beoarae the medium of small exchange. It was dubbed "postal cnrreney." Frotn this General Spinner got his idea of the fractional currency and went before Conrress with it. That body readily adopted it, and but a short time after ral Spinner had begnn pasting operations a law was on the staUite book providing for the issue of the fractional currency which became so copular. The fac-simile of postago stamps was put on each piece of currency, and for a long time ib was known as " postal cnrroncy." The ïntroduction of postal stamps as money entailed considerable loss to those who handled them. In a short time they became so worn and disfigured that thfiv would not take a letter on its way,