The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1879-08-07
THE REASON
Washington special (July 28) to Chicago Trib-

washington special (July ~ to Chicago Trib-
The scarcity in one and tive dollar notes.
which is complained of in some sections of
the country. does not arise from any action
of the treasury department in disbursine
the money. The treasury makes no dis
elimination of denominations, all United
States being issued upon the same terms:
but the banks, on account of the extra labor
required to handle one dollar bills, have not
lately ordered as many notes of these denom-
nations as has hitherto been the custom.
There is remedy, however, for the scarcity
of small notes IF which any business
man may avail himself, and at the expense
of the banks. Under the existing reeula-
tions of the treasury department., national
banks or individuals can forward by express
to tho United States treasurer at Washing
ton national bank notes in sums of thou
sand dollars, and have them exchanged for
one and two dollar United States not.s. The
person forwarding the money for exchange
is required to pay the express charges to
Washington, but the expense of returning
the money is charged to the per cent. fund
deposited ihFthe treasury by the national
banks, to maintain their circulating
notes in good condition. The express
charges are fixed by contract between the
carrying companies and the government.
The charge per 1000 from all points di-
rectly reached by the Adams Express COM
pany is 371a cents. When other express
companies are employed to carry money
packages from points not reached by the
Adams Express, the same charges per $1,000
must be paid to each additional company.
Thus any person having $1,000 in national
hon ly r,oto l.
and receive in exchange United States notes
OF any denomination, including ones and
twos. Where United States notes are
forwarded for exchange, the sender
ls required to pay the express charges
both ways, which for United States notes is
rs cents per III 600. Money forwarded from
New York city, Boston, and Philadelphia is
exchanged by draft on those cities. In for
ward'ng money for exchange the sender
should always state the particular denomina-
ton wanted, and it should be distinctly re-
membered that all notes for redemption or
exchange must be forwarded to the United
States treasurer at Washington.
There are apprehensions in some quarters
that there may be contract.on OF the circula-
ton OF National bank currency on account of
the high premium Of the 4 per cent bonds. The
theory is that the banks will not be disposed to
lose the six months interest which has al
ready accrued on the 1910 bonds deposited
as security for circulation, much less to lose
six months interest while waiting for the
four per cent. bonds to fall, and that the
banks, to relieve themselves, will, many of
them, abandon large amounts of their circu.
lation. Since the LIST of July there has been
$4,000, 600 of circulation surrendered by ma
tional banks. Of course, any such surren-
der temporarily locks up IN amount of
greenbdcks equivalent to tho amount Of ma
tional bank notes surrendered. The amount
OF circulation thus secured by bonds which
are still on deposit as security for circulation
is $1G,2O0,0O0.