New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-07-02

The new currency bill, which makes
Treasurer Spinner the sole agent IN the
United States tor the redemption of national
bank notes, will have a beneficial result in
giving the country new issue OF those
notes, in place of the torn and dirty ones
now in circulation. Il is well known that
for all moneys due to the United States, ex-
cept customs duties, national bank notes
are receivable the same as the treasury
notes. The new bill provides that all notes
worn, defaced, mutilared, or otherwise unfit
for circulation, when received by any as
sistant treasurer. or at any designated de-
pository of the United States, shall be for
warded to the treasury for redemption.
Treasurer Spinner, on receipt Of such notes,
will redeem them if sent in sums of $1,000,
or any multiple thereof The sender will
receive new notes OF the United States, and
those torn, defaced, or otherwise unfit,
will be sent to the controller, who will
return newly printed notes to the banks
to which they belong when the amount
has reached $500, and the bank has
deposited the amount in United States
notes to redeem them. It the bank fails
to 30 deposit, the amount is charged against
the five per cent already on deposit, and its
notes are retired to that amount. General
Spinner takes the ground that private par
ties and corporations are entitled to the
national bank notes in sums of $1,000 or its
multiple. as provided above. As the law
requires the national banks to bear the ex-
pense of the redemption, parties may send
bv express and have the amount returned
free Of expense to themselves. The follow
ing are the rules adopted by the treasurer
for sending notes for redemption: The pack
ages must be put up in boxes or in wrappers
of stout paper or cloth, tied with strong
INV norofy,1 coolipn nd
plainly marked on the outside with the
amount and nature of the contents, the full
name aud postOtfice address Of the con-
signor, and the fact that they are forwarded
under the government contract with the
Adams Express Company, thus: G. dol
lars, United States nOt,s. under contract
with the United States Express Company,
Treasurer of the United States. Washing.
ton, D. c., from -" Give full name and
address. A letter of advice. written on not
less than half sheet of commercial paper.
mpst be put inside the package, and a
duplicated letter shor'd be sent by mail to
the treasurer on the day that the remittance
is forwarded, and the letters shor'd state
the purposes of the remittancps. The gov
rr'nent contract with the Adams Express
Company extends to and includes all points
within the United States accessible through
established express Ines, reached by con
tlnuOuS railway connection. Ouu does nOt
extend westward beyond Omaha and Ne
braska City, in Nebra ska, and Atchison and
LeavenwOrth in Kansas, now includes the
lines of Wells, Fargo & Co., in Missouri and
Iowa. The contract covers the lines OF the
| following express companies: Adams, Amer
lean, Merchants Union, Central East, East
ern, Harnden, Hope, Howard, National
New Jersey, Southern Union, United States
and United States and Canada. 1t will
make no difference whether the notes are
all of one bank, or as many different ones
as there are dollars in the package.-Chi
cnoO Trib,xue