The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-04-27
Mutilated Currency.
TO THE EDITOR OF THE HERALD.

There TO be considerable dissatisfaction with
reference tho decision of the Comptroller Of
the Currency respecting the redemption Of mutlated
national bank currency.
The entire community Is flooded with mutilated Urea
sury notes and national bank currency. The mutlated
Treasury redeemed at their face value accord
ing the government standard any bank will take
them that basis But this not the case with mutt
lated national bank notes The Comptroller says shat
national banks obliged TO redeem mutated Of
their issue in full" and account Is 10 be taken Of the
mutation unless evidence Of fraud should appear Of
which the officers OF the bank To be tho judges and
that he will redeem them at the same rate Of Taco value
at which they taken In the first place, he compes
the banks TO redeem their notes and then leaves TO
their Judgment which puts the holder entirely at the
mercy OF the officers Of the bank The bank may also
be located at some distance and the holder Of the mutt
lated bill be put TO the trouble and expense OF sending
It 10 Chicago or New Orleans for redemption and then
the officers may believe that fraud intended and
Clarke. VIVA. Is 10 be done with the mu.ated note,
Perhaps poor man holds II, and no other national
bank no merchant no railroad conductor nor other per
will take H. because there no place OF rcdcmp
ton The bill Is worthless.
National banks should be required to redeem mutlatsd
Treasury notes are redeemed They should b. required
not alone to redeem their mutlated notes less the
mutiation, but those OF other national banks In tho
same way, and instead OF sending them to the banks
which issued them, should be required 10 send them
direct 70 the Treasury for rsdempson which should
just conveniently credit each bank In case ~ In
tho other for tho muaed notes Of the respective banks
redeemed.
Il would not be long, n tho above rule were adop ted
before everybody would understand and refuse TO take
muated currency in trade without making tho standard
discount the mutaor would be the direct loser and
one else.
In order the whole ground, and 10 mako the
redemption OF muated national bank currency just and
right for the people, for whom IL was created will sug
gest the following r,les-
!. To allow national banks to redeem their own mutt
lated notes. and authorize them to take muaied notes
OF other national banks by the rule mutated Urea
sury notes redeemed less the mutaton according 10
the government standard
To require and authorize all national banks 10 for
ward tot the Redemption Division all mutated notes
Of their sueS and those OF other national banks TO be
redeemed and retired
a. Where less than one third Of bill appears Is
be redeemed ut ALL and amoucf less than one
hundred dollars in face measure 10 be sent for rcemp
ton time. and allow individuals 10 do the same
To credit the respective banks with their currency
sent in tor redemption according 70 the sum u Is re-
deemed at.
The above would establish a uniform system and
standard Of discount OF all mutiated national bank
currency throughout the United statcs An now
stands let Mr. Clarke get mutilaed national bank note
on "a bank In New Orleans or Chicago and como 10 New
York and what he can do with II. He will then ap-
prrcisfc the condition thousands OF our banks, mer
chants and fellow citizens are in Az Il now stands the
rule Is bad, and mutilatcd currency IN much wore
ONE or THE PEOPLE
NEW Yonx, April Il, 1899.