The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1872-12-18
Uncle Sans SwintIe.
THE People WHO MAKE A LIVING FROM
HIS RAGGED sHINPLASTERs.

just now very brisk and profitable
business is being carried on il u small
way, aud is based on the carclessness of
mankind. This is the collection of
mu,ilatcd currency and national bank
notes Of every denomination. A large
quantity of this material ls constantly
floating nbont the money market, ard
a very large portion Of it goes to waste
altogether. The business of collecting
aud selling this description of paper at
u discount now forms the trade IF a
great number of persons in this city.
1t is wellknnwn fact that nearly
every person WHO is in the habit Of
carrying money loosely ahout his
clothes, comes into possession of more
or less of it which is III Il rapid state of
decay. This, passing from hand to
hand, soon becomes mutilatel to such
al extent as to warrant its refusal by
business people. Then it finds its rest
g-place in the corner Of some unused
compartment of a pockrt-hook or
money drawer, and in many eases re-
mains there until finally thrown into
the wastebasket and burned with
other worthless rubbish. Thus very
great amount of money is annually
lost. The adoption of the idea If col
lecting it and selling it again to Gov
eminent agents, however, has opened a
new field of trade, and while it will
serve as means OF afIor,ing living,
such as it is, to those engaged in it, it
will also be the source Of much saving
to tie general business community.
The collectors, or "spcculatus" as
they term themselves, only require a
hinge wallet, in to which the rnutilated
stamps and bills are stuffed promis-
cuously, without any attention as tn
whether they are further mutilated o,
not. The capital stock necessary to a
successful prosecution of this business
is not necessarily great. A few dollars,
in the hands of a shrewd speculator,
will return very gratifying revenue,
rs tie prices for INITIATED currency
vary, in the most irregular manner,
according to the various stage OF de-
composition. One Of the operators.
who does a large business in this city
and its immediate vicinity, estimates
his profits from the business at figure
which would afford satisfactory liv-
ing for a perspn Of moderate means
This dealer has established route
which he visits with punctual regu.ari-
~, and the business people with whom
he deals lay aside all the mutilatcd pa.
per money coming into their posses
sion until tie ''etamp broker" calls fol
Them. Many Of the business men fint
it a matter Of some profit 70 pay attcn
tion to the collection of mu,ilatcd cur
rency. The generality Of people ar,
not aware of the fact that when stamp
and bills have become torn and dis
figured, aud u portion perhaps, missing
that they can be redeemed at Sigh
discount, and, therefore, in view 0
their ignorance, lose considerable mon
cy, in the way of selling them at al
most any price. Persons who do bust
ness with the broker, being aware Il
this, buy up what they are able t
seize upon, and retail to the brokers a
a profit.
The prices for currency and bill
varies. An average Of from sixty I
seventy per cent. is paid. In the cas-
of s:amp} and bills being so mutila'e
to an extent which renders their dc
nominations almost nnrecognizahle II,
price is very low; yet they are q
; marketable rs the others. A day (
two ago the broker mentioned mad
some large purchases in the upps
part of the city, investing about So
The character Of the currency he pu
. chased and the tishtness Of the ba
gains he made would bring him a prs
L fit ofupwartl Of SIS, which shows ia;
the business when jn.liciously handle
is of considerable moment.
The mutilated currency thus collie
ted is s"ld Mt the snb-treasnry in Wa
street, where the discount on mutilatt
hills averages about ten per cent
, Here it is kept in quantities and the
i forwarded to Washington, where,
G the Treasury buildings, it is destr"ye
! The Speculation, in majority Of case
buys dilapidated currency at abo
, eighty cents and sometimes for seve,
\ ty-five; this he disposes of a, the suI
: treasury for ninety, and as this
i about the average Of the business,
/. lucrative results may he easily cor
> pntcd on the extent Of ground cover
by the SPECTATOR. The business is i
: c,easing in this aud aeishborins elite
women, in many instances, havi
T adopted it, meeting with mucl, ST.
!, CESS New York Times.
g 70 A good natured Traveller f
y, asleep in a tain q short time az
ia onI yvou f.nr, inI u f4w fn;iaS