The New York herald., 1877-02-05
MUTILATED CURRENCY.

NOTES DEPRECATED IN PROPORTION TO
AMOUNT OF AREA MIssING-THE EVILS OF
THE SYSTEM AND THE REMEDY DEMANDED
wAsuiSGros. Fob. 8, 1877.
To THE EDITOR THE HERALD
appeal to you IN the name OF the American people
TO redress grevous wrong put upon them by the
msinterpretation and abuse or the laws framed by
themselves IL the pressure OF public opinion. born
OF the education of the people ough the press that
frames and enorces salutary laws, aud the press
appeal TO lay before the people this usurpaton OF
legislative, judicial and functions by Of
the departments-a usurpaton without Defence with
out palaiion.
On the reverse side Of legal tender note Is
printed the following contract with the public which
contract alone gives the note vauo as an exchange
medium
THIS note Is legal tender, at It's TACO value for all
debts, &c.
Yet when the mutilatcd sent 70 tho Treasury
for redemption the power is there assumed Of valu,ng
the note by it's superficial area reckoning by tenths
thus declaring fragment. any of a note 10 be
money, II not handed in; worthless, however, IL
offered. The note Is deprcciatcd by the amount OF
area missing. hve-dollar note, one-tcnth OF which
has been away while performing ITS legitimate
duty Of exchange is when 1t reaches the Treasury for
redemption, worth only "a 60 A set OF measuring
glasses are used IN the Redemption Bureau, and the
the bill destroyed aud dcprccatc It's face valuc ac.
coraingiy. 1t sometimes happens the graduated
glasses precisely alike. and unucsy
passes o at laco valuo, estimating that
OF the bill remain, while another clerk with smaller
glass; condemns the same bill in which the dis
count Is made good from the salary OF the first poor
clerk Ths OF course, makes them not only doubIy
wachful but even anxious TO condemn many
notes as possible, ard note after note s daily
demned by the wary clerks who guard their little sti-
pend and apparently swell the revenue the whole
people by conilscatng the property OF few.
ANNOYANCE TO HANKS
The clerk tastons to tho condemned note an esti-
muto of its value, and Tho difference between this
assumed value and the the note is charged TO
the bank sending 1t, much ''shor" tho value
0f their package A banker sends in his package OF
ST. 900; In fractional currency tenth is missing
from ten cent note and there Is returned lo b,m
$999 99 and he must, to mako his books balance,
charge up 10 his account OF profit ana loss cent.
Thousands OF dollars are thus sent daily into the
Treasury by the banks from al parts OF the
country, which they have received valuo, ana
they are subjected ~ tho annoyance OF ng good
sometimes petty '.shorts that arc more trouble and
expense IN the balancing VI their books than actual
loss, sometimes serious losses.
HOW rHE raocEEDING oRiGiSArED.
This arbitrary proceeding ostcnsiUly uaugurated
to check fraud upon the thcr reorc, On
the people, in the matter OF SO manipulating number
OF notes by cutting aud hitting AS 10 Manufacture say
six notes from tive. and is 70 guard against this false
shrinkagc Of notes which results in pld expansion
OF the volume of currency that the practice rs
ucd. II II was necessary guard against any real
fraud accomplished or attempted The Treasury,
there would at least exist Justification that would
6ncld from rcDuke but II Is EOt II Is Impossible
cut aud patch sol OF bills TO make, say six from
hvc, and DO The work SO well not 10 be easily do
tcced aud these frauds daily rejected and rightly
too until they longer OF frequent
formerly, and II requires expert 10 recognize
note 50 manipulated. The corresponding numbers In
Opposite corners Of tho note. the duplicated letters
similarly disposed, the signatures absolutely necessary
to every b and which may not.be multiplied, render
detection easy. Tho rule s subject " gross abuse,
and opens the way for other frauds.
FRAUDS PERPBTRArED.
The teller Ut the bank when such bill is handed
him, with quick eye and show Of measurement,
decides II worth seventy live eighty cent OF it's
face " the bank al slight advance
on It's value and cautious empioye may, and many
do this way clear $40 pcr week, ycept perquisites
Tue evil does not stop here; the counter in the
Treasury has opportunity, and therefore tcmpla-
tion, to embezzle by pnning one value TO a mutated
note and reporting another value. pocketng tho differ
II is but justice say such has yet been
discovered but the possibility exisls and 1t may bo
unknown ony because discovery next to impossible,
Tor chie OF bureau can look over and record the
arbitrary values put upon individual bills by the army
of counters under hts charge
CUSTOM WITH BANK NOTES.
This discount OF mutiIatcd notes Is not exercised
with bank oils. which are only the promises ot
poraon to pay but only OF legal tenders Of the Uni
led states backed win the promise o the whole peo
pie TO pay Bank notes redeemed at face value II
the OF the tank, tho signatures and three nths
ot tho noto intact Ii less than three Gths Is
offered the Treasury sends 10 the bank ol issue, who
generally return IL with promise redeem at tho
vauation put upon IL by the Treasury AS rulc this
is onc.n .naif faco value, II one halt is prcscn ied,
nothing II less than oneha remains, uncss the bank
Is satisfied By the representations OF the parties mold
ing the notes that thor remainder has been actually
destroyed, as by ro or Otherwise, when they usually
redeem ut faco value even the smallest fragment.
bank, however, sometimes refuses to redeem mutt
lat cd Of TIL II has accumu lated
number Oi those Of other banks, when II Is generally
ell pleased terms and send INSTRUCTION
the Comptroller OF tho Currency that they ready
10 redeem their own notes and that they have few
belonging TO other banks they would be grateful 10
WHAT JUSTICE DEMANDS
our legal tenders ought 10 be redeemed In the Same
way-iacc value If Gths presented; one half
iacc value If either hall OF the note prcsentcd
ing II less than half unless 1t be substantacd by
the holder that the remainder has been actually do
stroyed IN which case justice would demand that tho
face value DO paid Tor such fragments Tho injustice
0! the present rule must bc apparent to tho most
thoughtlcss-an injustice which eventually ialls
heaviest on the poor man. Tho worn bills naturally
those OF rapid circuaton-oncs twos, &c The stores
aware oil The risk get rid of the suspicious
quickly possible, accepting them OF u valuable
TONER refusing them OF tho poor man, trado
possession OF noto which yesterday seemed good
enough, to-day the store refuses but OF course tho
bank next door Will make all right aud 30 It docs
less twenty-five or thirty per cent.
This loss which falls thus ON individuals should fall
instead on tho whole people. VINO should in common
bear The expense OF the ncavy exchange medium we
call currency, There necessity any new lcgis-
laton TO riPnt this wrong A resolution IRON either
house, calling the Secretary Of the Treasury
cause why this discount is made from notes which
promise redemption at iaco value, would at once
seitle the matter, better still, II bank would
but make test OF but before the courts
would at least bc decided in how Tar the Secretary
thus authorizcd and II his action declared within
the letter OF The law, then should such law DO
changed.
THE GAIN TO TuK TREASURY
The operation turns yearly into tho Treasury
$1,000 000 and M nrst thought this 81 100
saved but II Is no such thng. The whole people tho
States paid this amount by individuals ana this
much taxes which should pc borne by all alike paid
by few when the wear aud tear OF the currency
should be borne by all since all reap benefit of
the circulation, and II Is outrage mat the
last holder ot dilapdatcd legal tender oto should
pay TO the pubic for thus privilege, and that puolic
should conIscate his little substance as a line for
accepting what was thrust upon him by a wealthy
patron whom he dare not offend, q note OF tho
people which bore the peoples promise to be
redeemed at face value. T,Jr