New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-07-28
WASHINGTON.

HE WYNN VI AnE AAO-N hOA~'S~'
DELAY IN BEGINNING THE COUNTING AND REDEMP-
TIoN OF NOTES.-THE PROCESS THROUGH WHICH
THE NOTES Go-THE RECEIPTS THIS MONTH Es-
T1MArED AT Sl0,OOO,OOO.
rrRox REGULAR CORRESPONDENT oF THE rRrDUNr.l
WASHINGTON, July 25-The amount of
National bank notes received TO-DAY at the National
Bank Redemption Agency for redemption Is sfoS'SN
1akns the total amount received To date ES46l42 OF
this amount s52TL492 have been counted and returns
have been made IN United States currency 20 the
pares from whom the remittances received, eav
Ing s257I65O the Treasures vaults uncounted and
not remtod for. The Agency to-day made returns for
the remittauce received Saturday tue 18th nst so
that the work Just week behind over 800 remit
tsnoes are hand for which returns have not yet
been made. The Treasurer has found himself unable,
even with the utmost eXertions provide sufficient
facilities for making prompt returns for the notes re-
deemed As The Currency Act went into operation i'm
Ined.atey upau is passage the Treasurer was COM
PEELED e begin the redemption OF bank notes at once,
AMI time allowed Tor making the proper prepare
tons suitable and expert counters were required
for the work aud these 10 impossible TO obtain on
The instant The counters best qualified for the WORK
were those employed in the regular redemption division
o. the Treasurer Office in counting United states notes
and fractional currency but the remittaDces Of the
hanks on OF the five per cent fund for the re-
dcm0t0u REGULATION largely consisted Of eCal-tender
notes sen, Treasurer for retirement these cOun-
fe-s were fully employed 10 their own office and could
not De detailed for work the redemption agency.
Tie consequence was that new counters entirely IN
acquainted with the work had 70 be secured for the pur
nose anu they were necessarily required u proceed
Bi.h great c-cumspecuOn.
L. the ur,t place they had 10 famillarze themselves
with couutertei,s and with stolen notes. The latter
have been a source u great annoyance. The notes
o. some banks have been stolen ID greater or less
amounts either from the Treasury Department or the
banks hef1r. being issued, the signatures Of the bank
officers forged and the notes put 10 circulation. As the
I4u6s refuse recognize these notes as their own they
arr placed tAe category With counterfeit notes.
and the required 90 be continually on the
alert FOR Their detection. Moreover constant care has
10 be taken prevent the redemption OF notes made up
% fragment. OF notes Of different banks ingenlOusly
pasted together These have cOnspred 10 render
the progress " the work much less rapid than 1t would
have been had the been persons Of experience
IN counting National bank currency The next difficulty
was % secure suitable rooms. The Department being
crowded 20 ITS utmost capacity some time elapsed be-
for proper accommodations could be obtained for the
new redemption agency. These difficulties have been.
70 some extent surmounted. New counters are being
constantly employed and instructed the work, and
additOna rooms being obtained ana the Treasurer
hopes that within short time he VIII be able 70 make
returns with sufficient prOmptness 10 obyiae any cause
for complaint.
Urdcr the Currency Act and the regulations OF the
redemption agency issued pursuance OF the act any
person banE rm, corporation Is permitted 20 for
National bank notes. assorted or unassorted TO
the redemption agency IN sums of $1,000 or any even
multiple thereof by express ana 10 receive returns by
express 10 new United states currency free CT charge.
a consequence most of the currency received Is In
badlYmix condition and SOME additional time Is re-
CURED 10 assert IL properly by denominations ms
renders the difficulty OF counting the remlttances OF
bank notes much greater than that OF counting those OF
legalcLder notes, tnasmuch as parties renting the
latter are required 20 assert them by denOmna-
tons, aud 20 put them up IN packages Of even
hundreds The remttance thus far received have been
exclusively from banks and other private parties The
Jaw requires Assistant Treasurers ana designated de pos
iarcs ne United states TO select from the currency
received by them IN payment Of public dues all bank
notes amt Tor circulation and TO forward them 10 The
redemption agency Tor retirement, but the amount re-
ceved from private parties has been great as 70 rem
der agency unable thus far TO receive remttances
from Assistant Treasurers and depositaries There
on hand I'M these officers between Ss91UOJO and SO,
ON Of bank notes ready shipment TO the agency
as soon az st able TO them The aggregate re
CENTS OF bank notes for the present month Will not b
less than s0OJlOJ0 and estimated that when tn
agency ls aDie make prompt returns for all remit
tauces from private parties. and receive sucl
amounts as the Assistant Treasurers ma!
forward the monthly receipts Will be near
double this amount. II is probable that from
s5G0)0U30 20 sl0J0OOO0O Of the bank circulation viii b.
retired and replaced with notes within one yea
from tne passlgC Of the act The Temlttances are re
ceived from parts Of the United states, although tn
greater amount TINS far from the city Of NewYork
The circular IN regard 10 the redemption Of notes Ia
not yet been sent TO private and State banks at ALL ant
hence greater part Of the receipts are from DaOna
banks The counting Of the is but the beginning
OF tie labor. After they have been counted and as
sorted by denominations they pass TO the assorters
where they are distributed among the 900 banks OF tn
United states. They are twice assorted IN tn
asserting room, first, into forty-iour groups o
about fifty banks each; next, among the II
oividual banks composing each group Some Nttl
progress las been made in this assortment TIL
FOR the purpose have been prepared and in few day
the whole process viii be in complete operation TIT
law requires the Treasurer 70 notify 10 each bank thu
amount OF u notes redeemed the first day Of eacl
month for the already mentioned IL VIII b
impossible % make such report on the Ist day o.
August Tue Treasurer hopes that enough progress vii
have been made with the assortment TO enable such
report 20 be made time during that month. TIT
Law requires the banks reimburse the Treasurer
iegatender FOR the amount Of their circulation
redeemed BY him, but the banks may send bank notes
70 the Treasury and demand legal tenders for them
then remit the legal tenders TO the Treasurer
10 reimburse him notes redeemed he has decided
20 receive bank notes well legal tenders for tint
purpose the expense of express charges
OF the Ie ga tender notes 70 and from the banks.
THE DUTIES OF SPECIAL AGENTS.