The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-05-18
Kclemnfion oe Nnstonn, currency.

The following Circular has just been Is.
sued from the National Bank Redemption
Division of the Treasury Department
Ii view Of the risk TO which assistant
tveaSurcrs are subjected in collecting drafts,
and in the absence Of any law requiring
them to perform that service for this agency,
The Secretary OF the Treasury directs that
drafts on New York. Boston. aud Philadel-
phia he no longer accepted In reimbursement
FOR national bank notes redeemed. Payment
may, however, he made bg deposits TO the
credit of the Treasurer's currency transfer
account in those cities, as stated in Form +.
Banks outside Of those cities may make the
deposits through their correspondents, who
may forward the certificates directly to me.
10 order to facilitate the issue Of new cir.
cula;iug notes by the Controller Of the Cur
reucy IN return for national bank notes re.
deemed by this agency the redeemed notes
are in all cases delivered to the Controller on
the same day that my calls are made. The
issue Of new notes is under the exclusive
coatroi of the Controller, and any inquiry
III regard thereto should be addressed to
him.
Dr'avs in forwarding new notes to banks
are often due to the exhaustion OF the new
notes in the Controllers bands and to their
failure TO order an additional supply in pro.
per season. Banks may avoid such delays
by keeping IN account Of the amount OF their
new notes in the Controllers hands and by
ordering additional supplies at leas, sixty
days before the exhaustion Of previous or.
ders. The cost Of printing the new notes is
betrayed by the United States.
National bank notes unfit for circulation
my be forwarded by national banks to re-
imburse me for their notes redeemed, IS well
rs in anticipation of calls, thus saving the
express charges on tGe leSa.tender notes,
which would otherwise be returned. The
packages should be marked "For credit Of
live per cent. fund"
United States currency and national bank
notes, whether for redemption or credit,
should always be forwarded in separate pack.
ages, properly marked with the amount and
nature Of the contents, and should be accom-
panied by separate letters OF advice by both
mai, and express. United States notes and
II .tional bank notes may be forwarded under
the Government contract 10 reimburse me
tor notes redeemed in any amounts Tor which
the calls may tie made. National bank notes
for credit in anticipation Of calls, RS well as
for redemption. must be sent in even thou
sands of dollars. The wrappers of the pack
AGES should state whether they contain
Ullcu ElalCS uUtSS VI hutlOual pauh hOtSS,
and whether the contents are for redelnp.
ton y or for credit OF five per cent. fund.-
Every remittance. of whatever nature,
should he accompanied by separate letter
Of advice.
The redemption agency debts national
banks with the full amount of their notes
unfit for circulation delivered to the Control
Ter whether the full amount is rlsned Dy
him or not. Banks may avoid confusion be-
tween their five per cent. and circulation ac.
counts by crediting the redemption agent and
charging the Controller with the amount SO
delivered, and By crediiing the Controller on
the rcceip; Of new notes. OaIy notes clearly
| unfit for circulation are delivered to the Con.
lroicr for destruction.
| Tine law requires notes fit for circulation
redeemed by this agency 10 be returned &c
| the respective associations by whica they
we're issued, and no other disposition can be
made Of them. 1t would not be to tue adj
vantage Of banks for this agency to send
SUCH notes TO their CORES pondeuts in the
large cities. as they would speedily be re-
turned to the agency for redemption.
+. h. SPINNER, q
Treasurer United States and Redemption
Agent.