New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-01-17
CURRENCY REDEMPTION.

GOOD EFFECT or THE NEW ORDER-GREAT sAVfNG
OF ExrENsE-A FAILING OFF IN TIE RECEIPTS
FOR REDEMPTION.
lrRoM THE REGULAR CORRESPONDENT or THE TRrBuNE.l
WASHINGTON, Jan. 16.-The receipts OF
grcenbacs aud fractional currency at the Treasury have
fallen the past week. account Of the Department
order imposing a charge Of oncquaricr Of one per cent
for asserting packages which contain currency 1T for cir
cnaton or currency put up IN bad order. Though the
regulations from the first have prohibited the sending of
greenbcs defaced for exchange nj the expense OF
the Government. heretofore no distinction mas Deeh
made but all United States currency presented has
been redeemed and destroyed whether fit for circulation
or not Banks and individuals have taken advantage OF
this and save the expense OF asserting, by packing up
their daily or weekly receipts whatever the condition OF
the notes may be- and forwarding them ut Government
expense to the Treasury, and receiving new notes
without expense by return express The annual expense
of maintaining the circulation has thus up to at least
five per cent year. which fact dctracts little from the
popular conceit that it is loan without interest.
Though by law fractional currency notes, when pre-
reuta in sums less than 49, are e1changcablc Tor
United states notes yet, II not defaced, they must he
presented the expense Of the holder The Government
contract with the Express Company was made to trans
port at tne expense OF the Department only such United
States notes rs by Of their condition have become
unfit for circulation The meaning If the recent Depart
mcnt order Is simply Treasurer cannot undertake
to exchange grcenbacks for other grecnbacks unless
by previous special agreement aud at the expense OF tho
sender, unless the notes UNIT for circulation, in
which the expenses will be borne by the Department
il the sent under the rules Fractional cur
rcncy may sent In any condition for exchange In any
amount not less than So to the Treasurer, Assistant
Treasurer Depository, at the expense of the sender
and when only such as ia unit for circulation is nofed
the Department pays the express charges II the remit
lance is made to the Treasurer
The main lcuty j. that no definition has been given
OF the condition Of 40 for circulation, it being left
10 the Judgment OF the assorters Treasurer New how
ever rules very literally that point He will suspend
the order imposing charges the condition OF
the currency received shall warrant Meanwhile, the
public being cut OF from the receipt OF grccnbacks IN
exchange for United states currency, making large
rcittanccs OF national bank notes for redemption upon
which the department 10y law bound to pay all charges
for transportation and asserting
Treasurer Now has written letter TO New-York
member of Congress on the subject OF the redemp
ton regulations explaining the reasons therefor lie
says that under the practice OF redeeng all notes sent
in for that purpose fully 80 cent Of those received
were really nj for circulation. Much OF the currency
NJ clean and perfect when first issued aud
still in the original packages In which 1t had been
sent out from the Treasury. To illustrate the labor
OF counting all this currency the Treasurer states that
OF all issues and denominations Of egaltender notes and
fractional currency there now 90 kinds, composed of
IS denominations In 10 scnes each Of which must he
separated put up aud accurately accounted for II Is
TO expect he department to pay express
charges upon money received and returned when
that which returned Is Ia but little II any better con-
dition than that received.