The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1875-03-04
THE STORY OF A BANK.NOTE.

~. . Efent"y IOSt.
THE STORY OF A BANK.NOTE.
The Washington correspondent of the
Chicago InterO Ocean gives an interesting
history of the manufacture and manner
of redemption of National Bank notes,
from which we take the following:
The paper ON which bank notes are
printed is manufactured by two Pennsyl-
vania firms, and has none of the dis
tinctive qualities of the fiber paper used
for legal tenders. These notes are of the
following denominations: 81, 81, 50, IS,
$40, $50, $50, 800, $500 and 81 ,0O0-$3's
never having been called for have not
been issued.
Let it be stated now, aud remembered
throughout the whole of this description,
to save repetition, that every note is
counted at least twice by every person
who handles it, when he receives it and
when he delivers it. Take national IS
half the national circulation is in $5's
and examine it carefully, face and
back. You will see on it what is techni-
cally called two printings, black and
green. The green is simply the margin
of the back, made by the local and ma
tional escutcheons and the denomination.
The black ION the back is an engraving
of Van der Lyn's Columbus landing in
America, which is hung in the rotunda of
the Capitol. Above is description of
the notes functions, and below a warn
ing to counterfeiters. Now turn to the
face of the note. In the righthand corner
is an allegorical picture of the European
tr aveler being introduced to the Ameri-
can native races; in the left corner Col
umbus sighting land. Between these the
Treasurer and Register of the United
States assure the public over fac SMILES
of their signatures that the Government
holds securities for the payment of this
note; beneath this is the promise of the
bank to pay the bearer five dollars. Di-
rcctly in front of Columbus and over the
other are some red figures, O15, say
been issued by that bank. All the work
up to this point has been done by the
Continental Bank Note Company, of
New York city. That on other denom-
nations is divided between the American
and National Companies. Our.five dol
lars, in sheets of four notes each, placed
perpendicularly and lettered A, B, G, D,
are now expressed to the Comptroller of
the Currency in the Treasury Depart
mcnt and delivered by him to the Super
intendent of the Printing Bureau. This
very interesting bureau is in the garnet
of the Treasury Department, and thither
we pursue our five dollars through
long, narrow halls, whose oily,
sitting atmosphere vibrates with
the whirr of incessant machinery. At
last we find a young lady slipping it
through two great rollers, which leave a
new red number and letter in the top
right-hand corncr-say A31894. This is
the Treasury number and is alike on
every four notes; it begins Al and runs
to A1O,000, 900, then B1, etc. In the
room opposite second lady stamps on
the note with pretty little machine the
Governments red seal, and third lady
consigns it to third machine which
prints at Columbus feet the number of
the banks charter. Thus numbered and
sealed, these notes are returned in pack
ages of a thousand sheets each to the
Comptroller of the Currency, and hence
in the demanded amount sent to the
banks. There the manual signatures of
President and Cashier are affixed, and,
clean, smooth and untarnished, the ma
1ional bank note begins life for itself.
Of its worldly career none can tell; we
may but infer hardship from the forlorn
plight in which new prodigal it returns
to its fathers house, knowing that there
only shall it find redemption.
The National Bank redemption agency
occupies the rooms on the first floor
along the north half of the western ia
cade of the Treasury Department. Its
exterior IS truly impressive. Fancy row
of six massive doors, stretching down a
long hall, whose heavy locks and bolts
are further barricaded by outside doors
OF iron network, and cOlored messen-
gers stationed sentinel.wise at inter-
walls. The messengers might be hand
cuffed to make the situation impregna-
BILE. The opening of these formidable
gates goes like kissing, by favor; none
but few privileged officials know the
sesame, and the public at large may
leave all hope behind of entering there.
Surprising that you are admitted, howev-
er, il implies jangling of keys, q graf
ing of bolts, clicking of locks, creak.
ing of hinges that is perfectly appalling.
Inside there is general manifestation
Of hard work-men and women, some at
desks, some by tills-everybody busy;
but the strongest impression is of money
money in piles and packages and safes,
money being taken to pieces or fastened
together money being counted and
cancelled, money good, bad, and indif-
ferent.
Money No, ey, money oney t eye sGuTa
Now, to give the account personal
interest, let us suppose the Inter Ocean
has sent $4,000 in defaced National
Bank notes TO the Treasurer for redemp-
ton.
The express company has an Office in
the department, and through its agents
there delivers the package to the Receiv-
ing Teller OF the agency and takes his re-
ceipt for it. About 100 packages, aggre-
of these coming from the city of New
York alone.
Mr.. Underwood numbers the Inter
Ocean package and with the seal unbroken
gives 1t to q counter and takes her re-
ceipt. She opens the package, which
should be subdivided by straps into bum
dies of hundred notes, each strap be-
ing clearly marked with the amount con-
tanned and the initials of the person who
put it up.
The counter (say Mary Smith, ex-
amines and reports the package as con-
tanning, say, one counterfeit five-dollar
note one tive-doilar note to be rejected
as being less than three-fifths in size, and
81 800 unfit for circulation; total 81, GOO.
Her report is made in duplicate; to one
are pinned one Of the duplicate Inter
Ocean letters, the two SIS with their re-
spective straps, on which the conpany's
clerks initials should be, and then re.
turned to Chicago with an explanatory
letter. The other statement and other
Inter-Ocean letter are fled together, 20
numbered that they can be instantly re-
ferred to. The company having said in
the letter what denominations of legal