The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-06-11
BLOATED BONDHOLDERS.
Paying the Interest the Public Debt-HOw
the Work il Done mt the sub Treasury.

Few persons saws the N Y. Euening Post have
any conception OF the labor that is required on the
part OF those employed by the Government to DIS
burse the interest on the public debt, and do 1t
promptly and without error When the interest
becomes due the officials at the Sub-Treasury have
as much as they can do to pay the coupons or regis
tered interest as presented, and often required
complished.
A few details of the process of paying the money
ment the assistant treasurer notifies holders of
coupons in sums of thirty dollars and upwards, to
send in schedules for examination. This notnca-
tion is complied with, and the coupons are at
tacbed to the schedules, which bear the numbers
and denominations OF the coupons Both are
examined carefully the latter to see that they
genuine and for the purpose of asserting
them, and the former to see that the numbers and
denominations correspond. This done, a check
upon the cashier for the total amount is given.
On the first day on which interest is paid holders
Of bonds come forward with their coupons singly or
in lots under thirty dollars, and receive payment.
The evidences of debt are examined with the same
as in the previous instance, and then passed
over to clerks for asserting and packing previous to
transshpment to Washington. Each denomination
and date are packed separately in bundles Of one
hundred, paper band is fastened around them and
upon it the .erk marks his initials the date OF ex-
animation, and the denomination, and then cancels
the whole by punching hole through the bundle.
Bovine, who packs them In parcels OF one
thousand coupons oP .. each, m and and 81 in this
there the coupons are again examined and If any
error is found the bureau in New York is called to
account. SO perfect is the system that If an error
occurs it can be traced to the clerk through whose
hands the particular coupon passed, provided the
paper strap is returned with the bundle. Thus, 1t
will be observed, the coupons are examined and
counted four or five times in the bureau here and
again in Washington, and every coupon paid may
be said to pass through the hands OF Mr.. Bovine.
When 1t is remembered that coupons, unlike bank
Treasury notes, very small and that the date
is printed in small characters, indeed is all the
lettering about the coupons the labor of examining
and asserting will be readily understood. The force
employed in the coupon bureau consists Of nine
CLERKS and messenger, besides the chief. Errors
very rarely discovered, and the business is
Quoted with the utmost despatch and regularity.
Those persons who have been disposed to
grumble because they found it almost i'm
possible to stop the payment of a stolen
coupon bond or trace ii by means of the coupon,
will see what remote chances there are for aiding
them in this particular. Notices are sent to the
| Sub-Treasury whenever coupon bonds are stolen,
and the numbers posted In front Of the eXamin-
ing clerks, and it sometimes happens that payment
| is stopped but the instances are quite rare.
In the bureau for the payment OF interest regis
! tered bonds, the labor of disbursement is more
SIMPLE for the reason that each creditor of the Gov
ernment, or his her attorney is recorded, and mo
payment is made unless the party demanding 1t is
! known or identified.
The various acts under which bonds have been
| issued by the Government bear the following
dates:-June Ia, 1858; June %, 1860; February s,
! 1861; March 2, 1861 (the oregon war debit; July
II, 1861; August 5, 1861: February 25 1862 (520s)
March g. 1868 Q0-40s; March 3, 1864 Q0-40s) June
80, 1864 20s); March 3, 1865 (520sl March 5, 1885,
! ito convert T.30s into consolidated debit