New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-06-14
THE MANAGEMENT OF THE REDEMPTION


AGENC1.
PRECAUTIONS AGAINST DISHONESTY in COUNTING
MONEY-NEARLY ALL THE SHORTAGES AC-
KNOwLEDGED TO BE ERRORS OF THE sENDEks
THE AGENCY TO BE CLOSED PROM JUNE 20
To JULY /.
WASHINGTON, June 13.-The recent theft OF
$4,000 from the Treasuers Office has caused consider
able inquiry concerning shortages reported by that office
m currency forwarded for redemption. The officers OF
the Redemption Agency assert that under their method
OF dong business Is almost impossible that false short
sses should be reported. The counting OF National
bank received by express is performed by ladies'
Gil of known to be of the highest character
and most of whom have had long experience
IN handling money The work is performed in
one room. TO which no one except the counters
and clerks in charge Of the money have access. The
packages are given by and the counters
required to receipt for each package received by them
Each pao kaye counted and the proceeds turned in be-
another is taken. Tue contents OF each strap
verified before the next strap is opened No counter is
permitted under any circumstances to have more than
package the straps of than package upon
her desk at the time Each desk Is provided with
cover which may be locked and each counter has box
In which she may lock her surplus money Each remit
tance must DC completed by the counter to whom 1t lie
given no two counters ever being permitted TO work
upon the same package In short is discovered, it
Immediately reported the teller who ycIcs the
Of TIE strap and IN the shortage Is OF any con-
siderable amount the whole remittance is carefully re
counted by another counter The only remaining Ques
ton to the honesty OF the counter Upon this point
the officers Of the Agency state that the lovers
ported continually and largely in excess Of
the shorts and that all Of the counters III the agency
have frequently reported covers" varying in amount
from 81 TO s. OOO. This would 10 be conclusive
the honesty OF the counters, for il they disposed
plfer they would be likely 10 take the overs,
report package short which was not actually so, and
thus provoke investigation and perhaps controversy
An account is kept in the agency OF tie
counters by whom they are reported, which
open the inspection OF any bank officer who desires
o. see H. There 1000 National Banks In the
bank clerks and tlicrs who count money which Is sent 10
the Redemption Agency. On general principles would
he likely that errors should be made
tiOnally by some OF them than by the 20 counters
OF the Redemption Agency, whose character
II well known and who are under constant
supervision The large shortages reported by the Agency
shortage ~ 500 has been acknowledged To be the
error OF the hank that sent the money, and there
only two banks that have disputed shortages OF 500
Bank officers who have inspected the records OF the
Agency and its method Of doing business, frankly
Tess that every lie taken and that II Is almost i'm
possible that "A false shortage should be reported.
The Of the S47 900 occurred in what known the
eashroon Of the Treasury which has no connection with
either of the branches in which currency sent for
dempton IL counted. The shortage OF S2S5 IN the remit
lance Of Mechancsburg Penn, bank, the correspond
eDce concerning which recently published was not
reported by the Redemption Agency. Gen Spin
has issued notice stating that In order to
facilitate the examination OF cash upon the erelnent0
the present Treasurer, the Agency will be closed for
redeDptiOns from June % To July j. Correspondents
specially requested TO hold their remttances OF bank
notes for redemption until after July l. Ronttanccs Of
Of deposit for credit Of the ve cent fund will, how
ever, be received ~ usual.