New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-10-26
REDEEMING MUTILATED CURRENCY

WASHINGTON, Oct. 23.-One of the latest OF
the many reforms that have marked the administration
Of Secretary Boutwell, is the revokng OF the arbitrary
regulations which governed the redemption OF mutated
currency Under these regulations, every lcgaltcnder
or fractional note which corner missing was
subjected when presented for redemption at the Treas
ury TO "shaYe" propOrtioned in amount to the part
lost destroyed unless the owner Is able TO swear t
the absent fragments were to his knowledge totally
destroyed In this manner, nearly $26OOcO taken from
the owners Of dlapdated papermoney has been carried
INTO the Treasury The only excuse that has ever been
made for this practice been the fear that under more
beta rules the Government might be subjected to loss,
through patching together OF pieces OF notes 30 as 10
represent larger number than ever actually existed
1t ia not known what plan Mr. Boutwell, proposes 10
adopt lieu Of the in force but 1t Is the opinion
of some OF the Treasury officials who have studied the
subject that in general among banks would
be Just to the holders OF muiatcd money and etectual
against fraud Under this plan, fragments OF notes
than halves are redeemed at ALL without proof that
the sing portion has been actually destroyed This
devised, and at the same time obviates all risk from
fraud through the redemption OF patched notes NO
larger than half out of nine notes II Mr. Boutwell,
he viii earn the gratitude OF large portion Of the
munity especially Of the poorer clases upon whom
As every knows, tradesmcn and Others show most
desire to get rid OF mutlaed or doubtful notes,
on in such matters they usually In the end become
most
| OF the discount to which 1t Is subjected There are
| many sharpeTs who carry OH lucrative business
| in mutlated currency, which they buy up
| at m enormous discount from those VINO arc
ignorant Of its value under the rules while the mna-
lion Of the currency Is due, i'll nnetyne cases OUT or
hundred the ordinary and tear OF circulation
IL is not probable that $0O out Of the $20O deducted
has been withheld from the money OF sarpers while the
remainder the proceeds Of tax for the prevention OF
fraud imposed upon person unfortunate enough to
be the owner OF o ragged piece OF paper money.
Another consideration which has doubtless Influenced
the Secretary the fact that In any event. the Govern
lnent will large gamer by the destruction OF large
percentage of its issues by res losses at sea- and other
wise Every great fire puts thousands OF dollars worth
of greenbacks beyond the hope OF redemption while the
great agraOn ut Chicago doubtless destroyed mil
hons OF dollars in United states currency The dposta
currency stTkingy illustrates this fact Or an issue OF
$40 OOO over a. 400 0O0-mOre than oneifh OF the
original ssue-s still outstanding AS this was issued
early in the war; and redemptons have nearly ceased,
IL Is probable that at least 100000 Of this amount will
be clear gain to the Government With this fact In
view the Government afford to be liberal, and H. In
giving honest people their due, 1t happens to afford
rOgues q chance to deiraud 1t Of few dollars, the
amount sinks into insignihcance when compared with
the vast amount gained by the circulation in the end.
Regret is expressed that Mr.. Boutwell, Intends to
fine his reform the fractional currency Although the
system Of deductions when applied TO egstender notes
has not much the appearance OF petty pering as i'll
the case Of fractional currency, when FOR instance
cent is deducted from the value Of threeoent note be-
cause OF a corner Missing still the REASONS apply
with equal force in each case.