Million Dollar Certificate

Last week the Treasury prepared to print its biggest negotiable security--a $1,000,000 certificate. Ordinary currency stops at the $10,000 bill bearing the portrait of Salmon Portland Chase, Secretary of the Treasury (1861-64), Chief Justice of the U. S. (1864-73). U. S. bonds are not issued for more than $100,000. About four times the size of a dollar bill and engraved on the same paper stock, the $1,000,000 certificates--there will be 500 of them--will be used for the Treasury's short term financing of a year or less. On each will appear blanks for the date of issue and the rate of interest. Though they will primarily pass only between the Treasury and the great urban banks subscribing to Government loans, any citizen with $1,000,000 in cash is privileged to purchase one. If found on the street, such a certificate could be cashed as easily as a Treasury bond.

Selected to decorate the $1,000,000 certificate was a portrait of William Harris Crawford who served from 1816 to 1825 as Secretary of the Treasury. Born in Virginia in 1772, Crawford moved to Georgia, built a plantation home, "Woodlawn," at Lexington. In 1802 he killed Peter Van Allen in a duel. Four years later in an other duel his left wrist was shattered. The duel was fought at ten paces. His opponent had urged that the combatants be permitted to advance at will up to a distance of five paces and that they continue to exchange shots "until one of them could not stand, kneel or sit." Crawford demurred.

Georgia sent him to the Senate in 1807 where he served Secretary of the Treasury Gallatin in much the same way as Pennsylvania's Senator Reed today serves Secretary Mellon. Despite charges of corruptly favoring certain banks in the 1819 panic his friends hailed him as "the greatest Secretary of the Treasury since Alexander Hamilton."

In the 1824 election he was President Monroe's candidate for the White House. Against him in the Democratic party were arrayed John Quincy Adams, Henry Clay, Andrew Jackson. Crawford men insisted that a Congressional caucus, as heretofore, should make the Presidential nomination. All others flayed the caucus as undemocratic, refused to participate. In the election Crawford was a poor third and the choice was thrown into the House of Representatives where Adams was elected with 13 States voting for him, Jackson getting seven, Crawford four. Historically the defeat of Crawford marked the end of "King Caucus," the beginning of a slow movement toward the nominating conventions of today.

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