National Republican. (Washington City (D.C.)) 1872-1888, 1873-11-05
For year end Amount 40 nal h ssn Per f
Ing outstanding. decrease. dscps.os

In high contrast TO this stand the redemption
and percentage Of the outstanding circulation
Of tho old demand notes. These are the other
and Is nearer up to The iuii amount issued than
that OF any Of the issues OF United States cur
rcncy. These notes wero all Issued within the
space Of one S and half years prior to December
is due to the fact that they have always been
receivable for customs duties, and have for
many years been redeemed In gold.
Gold was at q premium OF thlrty-threo per
cent. and upward when the legal-teuder notes
were substituted In their stead, thus making
three demand notes equal to four legal.tender
always the equivalent OF gold. This, with their
short term Of circulation, accounts for the small
amount left outstanding.
lions OF nves, tens, and twcntles, were Issued,
all Of which, except tI9. odIb0, were redeemed at
the close Of the fiscal year, being only about one
while the outstanding part Of the FIRST issue OF
the fractional currency Is over twenty-one and
oneJhalf OF one per cent. on the whole amount
issued.
CONDITION OF THE CURRENCY.
The various ofices Of tho Treasury, located In
| all the principal cities OF the country, anoni 10
| the holders Of mutiated and deiaced currency,
OF all the kinds issued by the United States,
facilities TO have the same exchanged for new
currency oflike kinds. The Department offers
additional Inducements for such exchanges by
paying the express charges, both ways, on the
transportation Of old currency to the Treasury,
and on the new IN return for the same. In this
way all the issues Of the legal-tendcr notes, AMI
OF the fractional currency as well, are kept In
tolcrahic good condition. Not 80 with the issues
OF the national banks; these have no such facii-
| ties, and no motive for making such exchanges.
The consequence Is that the larger part Of the
| notes OF these banks Is In q most wretohed con-
culation. Section % Of the national-currency act
provides that these notes shall be received at
par In all parts OF the United States 10 payment
81 taxes excuses, public lands, and al other dues
ports, and also for all salaries, and other debts
and demands owing by the United States to In
dyiduals, corporations and associations within
the United States, except interest on the public
debt aud In redemption OF the national cur
rency." Under this provision Of law the national
bank notes arc received, In large numbers aud
Assistant Treasurcrs, designated depositaries,
| and national banks designated as such depOsit0-
rics, In the various places all over the United
| ofncers, finding that the holders of drafts and
| checks on their oiIices refuse TO receive these
notes on account Of their worn and ragged con-
dition, send them as transfers Of funds by cx-
press from their ofrces to the Treasury.
| Here, because no other disposition can be made
| OF them, they are assorted, at considerable ek-
| pense and much labor, and sent, so assorted, Ia
the onces OF the assistant treasurers, designated
| deposltares, and national banks designated M
such repositories, In the cities where the banks
that issued such notes, or their redemption agen.
| Cies, are respectively located, thus mourning a
second expense for their transportation, besides
| the loss Of interest for three months time from
the date OF their original receipt until tue time
/ they can he converted Into funds nt to be used
| In payment Of dues from the Government. The
cost OF two transportations by express, the ne
cessary expenses incurred for clerk hire, and
other Incidental expenses attending their as.
i sorting and preparing for transportation to the
various banks and agencies, and the interest on
| the amount for the time consumed In converting
them into currency that can he used, amounts u
/ mora than two cent