The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1872-12-11
Uncle Sans SWindle.
THE PEOPLE WHO MAKE A LIVING M
r HIS RAGGED sHINPLAsTERs.S D

THE PEOPLE WHO MAKE A LIVING ~.
HIS RAGGED sHINpLAsrERs.>
Just now very brisk and proat,iA
business is being carried on i, q .n,n
way, and il based on the carelessue.. !.
mankind. This is the collrc.icp J,
mu,ilated currency and national b.,l
notes of every denomination. A lar..
quantity Of this material is constants.
floating about the money market, a,l /
very large portion Of it goes to vaa.
altogether. The business Of collects.
and selling this description Of paper !.
a discount now forms the trade Of !. /.
great number Of persons in this cit,
1t is a well-known fact that ne.,l,
every person who is in the habit !,
carrying money loosely about II
clothes, comes into possession If NM.
or less of it which is in rapid stat. j
decay. This, passing from hand !. {
hand, soon becomes mutilated to so.b
an extent as to warrant its refusaIL,
business people. Then it finds it's res,.
ing. place in the corner Of some unps.a
comparmen of pocket. book &.
money drawer, and in many cases =.
mains there until finally thrown iuta
the wastebasket and burned viii
other worthless rubbish. THUS yer,
great amount Of money is annual, /
lost. The adoption IF the idea If cal.
Letting it aud selling it again to Gov.
eminent agents, however, has opened. S
new field Of trade, and while it vim !
serve as a means Of atfording a liyiue
such as it is, to those engaged in it. i
will also be the source Of much sayio.
to tie general business commnni,r
The collectors, or "sptculato,sn 1,
they term themselves, only reanire ,
huge wallet, in to which the mutilated
stamps and bills are stuffed promi,.
cuonsly, without any attention as 10
whether they are further mutilateil !,
not. The capital stock necessary 10
successful prosecution Of this bnsines !
is not necessarily great. A few dollan
in the hands of a shrewd Speculation /
will return very gratifying leyeuus
us the prices for mutilaied cur, enc,
vary, in the most irregular manner
according to the various stage of do.
composition. Que of the operation
who does large business in this city
and its immediate vicinity, estimate,
his profits from the business at fguu
which would afford satisfactory liy. &
ing for a person Of moderate meana
This dealer has established a route.
which he visits with pnDctnal regulari.
ty, and the business people with whom
he deals lay aside all the mutilated pa.
per money coming into their posses
si"n until tie "stamp broker" calls foi
them. Many Of the business men inl
1t a matter of some profit to pay after.
ton to the collection Of mutilated cur
rency. The generality Of people ahs
not aware of the fact that when stamn
and bills have become torn and ditss
figured, and II portion perhaps, missing
that they can he redeemed ut q sliga.
discount, and, therefore, in view ois
their ignorance, lose considerable mon
:. ey. in tile way Of selling them at ii.
most any price. Persons who do bus.
ness with the broker, being aware u
this, buy up what they are able Il
seize upon, and retail to the brokers ii
, a profit. 'ss'sl
The prices for currency and bill
varies. An average Of from sixty vi
seventy per cent. is paid. In tue cas-
Of stamps and bills being so mutilatd
to an extent which rcndels their d.
nominations almost unrecognizahle the
price is very low; yet they are
marketable as the others. A day n ]
two ago the broker mentioned mad i
some large purchases in tho upp.i
part Of the city, investing about ~
The character Of the currency he pur' ]
o chased and the tightness Of the bat. ]
gains he made would bring him p's ]
c fit ofupward Of S., which, shows thai I
!. the business when judicioasly handel ]
b lis of considerable moment.
: The INITIATED currency Thus collee I
}. ted is s,ld at the snb-treasury in Wal
street, where the discount ON mutilatds
: bills averages about ten per cent
Here it is kept in quantities and thsts
q forwarded to Washington, wl,eres IS
n the Treasury buildings, it is destroyA
t The Speculation, in a majority Of cast
buys dilapidated currency ct abasss
: eighty cents and sometimes for sever
l ty-fve; this he disposes Of at tile sat /
1 treasury for ninety, aud as this Il
abont the average Of the business, M
lucrative results may he easily cor
: pntcd Oh the extent Of ground covert
by the SPECTATOR. The business ID
c'easing in this and neigl,boring eth
women, in many instances, hasiss
: adopted it, meeting with much sss
I CESS New York Times.
| AN INrxrtxcr,s,,.u !