New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-08-24
WASHINGTON.
THE PROGRESS OF REDEMPTION.


The AMOUNT OF NATIONAL BANK NOTES THUS FAR
RECEIVED S17,695.25 - TREASURER sPINNER's
ANSWERS TO QUERIES BY BANK OFFICERS.
WASHINGTON, Aug. 23-The total amount of
National bank received for redemption to date is
yrs9S2sI, OF which sl5,732,7A have been paid for in
legal tenders $685. In the assorters hands,
$3.50 600 Will be ready FOR destruction as the
hanks respond TO the call Just mads upon them to
reimburse the Treasurer i,r their redemption.
IL appears from tie corr >YoDdence OF the Ma
,onal Bank Redemption Aseaey that In counting
she returned notes of one of tue National
hanks the sam iuIdI TO be 500 snort
The bank having been informed or thls
fact insisted on tue correctness OF its count The
United States TIE sGrec replica that the money had
been twice oOuncG aud there vas no d)ubt the money
was short He Ia agree that, charged by the
bank something NrsI" in his Office. In the let
ter Of the Treasurer states the fact that the shorts
and overs detected since the establishment OF the
agency have been found almost precisely TO balance
each other though discovered on different days. IN df
fefen reEli anees by different counters-a fact
which no says, tends prove tue honesty OF the count
erS.
The Treasurer. in reply to another correspondent,
Acknowledges the receipt OF letter relative TO the re-
ception OF National bank notes. and says he agrees
with him as TO injustice of holding Innocent parties
liable for National bank notes Which have oeen sloen
while In custody Of the Government the signatures
,orge3 nm the notes put in circulation The treasurer
saws he intends In his next annual report to call the
a,tenton OF Congress to the subject, ami recommend
that the Government shall redeem the notes Which
were stolen from Its custody. aud that the banks OF
issue shall be compelled to redeem those which were
stolen from them In the absence however, OF such an
enactmep his only is TO reject all such notes
Another letter states that returns for Bank notes re-
deemed at the agency are made In all cases In new
Halted States currency, forwarded by express to the
p,rties from whom the old notes have been received
CIRCULATING notes of banks own issue, redeemed py
,be same hank may be forwarded TO the Controller OF
The Currency in sums OF $780, multiple there
a. a. heretofore There is advantage IN such cases
An forwarding the notes TO the agency. as the DanK
onld he required TO deposit with the Treasurer an
eoual amount Of legal tenders soon as the notes
Of the bank should pass through the asserting
room The agency will redeem fragments OF bank
notes cauang or exceeding three fhs OF their original
propoons at their full face value provided the name
n, the bank and signature Of one OF It's oncers are
clearly disnguishable. 1t will also redeem for the full
face value fragments less than threcnths Wnca tne
Controller VI the Currency has certified he VIII accept
as fnl notes. Fragments which the Controuer mas
certified that viii accept at less than race value
viii NOT be redeemed by the agency unless
,vO or more fragments OF notes OF the same denolna
lien are presented. tine aggregate redeemaOe Vllue Vi
which is equal full note. That is 10 say, TWO rag
mnns OF dollar each Of which the COntroller
i. wiling accept five dollars Will be redeemed as
len dollar note. This has been decided upon In
orer to prevent complication to the YreaSurers &c
count by the redemption OF notes for fractional part
OF their face value.