Butler citizen. [volume] (Butler, Pa.) 1877-1922, 1879-09-10


without, however, reaching any OF
the secrets of the jury room-that
action upon all the bills was practically
| unanimous.
MUTILATED HONEY.
SOME THINGS WHICH ARE NOT GEN
| ERALLY KNOWN.
Very few people have an idea of the
| amount of business transacted hy
what is known as the Redemption
| Division of the United States Treas
urv. 1t is this division which has
charge of the work of redeeming and
reissuing the mutiIated or worn-out
notes of National Banks, and is under
the very able superintendent of Mr..
Z. o. Graves, of New York. The
division is supported by the National
banks. each bank being assessed upon
its circulation to pay the expense.
When bank finds itself in possession
Of worn or mutilated currency, it packs
it up and sends it to the Redemption
Division, where it is counted, examined
and sorted, and is redeemed by an
equal amount of new or fit notes for
circulation.
During the fiscal year of 1878 there
was sent in for redemption 1913, 600,
900 Of National bank notes, out Of the
entire National bank circulation, which
in that year was 1925, 100000. But
in October last Secretary Sherman
issued an order that banks sending
money TO the Treasury to be redeemed
must pay the express charges in ad-
vance, and this had the effect of re-
ducing very much the amount of money
sent in for redemption, so that during
the fiscal year Of 1879, just closed, the
| amount received was only $l57, 900,
| 900, which is the smallest for many
years. Formerly the express charges
were paid by the division, and assessed
upon the banks according to the
amount of their circulation redeemed.
This order Of Secretary Sherman has
caused National bank notes to remain
| in circulation about one-third longer
than usual In the fiscal year Of 1878
the actual number Of notes redeemed
was about % millions, while in the
fiscal year Of 1879 the number was Is
millions
The reason why there is so much
difference in the value and the number
Of notes redeemed when comparing
the two years, is that when bankers
did not have to pay the express charges
they sent many bills Of large denomi-
| nations, but since Secretary Sherman'a
order they have stopped sending large
| bills, because the express charges are
reckoned upon the value Of a package,
and not upon its weight, so that it
costs just as much to send one thous-
and bill as it does to send one thousand
one dollar bills. There are more five
dollar bills sent for redemption than OF
| any other denomination. This is be-
cause, of course, that in the general
exchange Of money more iives are
used, and the largest issues are made
Of this denomination. The fifties re-
deemed present the largest value, and
there is about one fifty presented to
nine Gves.
OF the $I57, 900, 900 received for
redemption last year, only $40, 000,0 300
were found to bc totally unfit for circu-
lation, and were destroyed. The re.
maindcr were rcissucd.
or the $l57, 100000 sent in, So, Ole
only was found TO be counterfeit, which
is an exceedingly small proportion,
and shows that the Secret Service
system is doing great good in sup
pressing countcrfeits.
1t is generally believed that banking
people are very careful and accurate in
handling money and doing business,
but inquiry at the Dead Letter Ollice
OF the Postoliice Department will show
! that a great proportion Of the mlsdi-
rectcd letters containing valuable pa
pcrs received there are from banks, and
in the $l57, 600, 900 received in the Re-
dcmption Division last year, the girls
who count the money found errors
amounting to $32,05I77. The Treas
ury "countesscs" are prOvcrbial for
their accuracy in counting and their
aptness in detecting countcricits. Gen.
! Spinner used TO say that women could
handle money under all circumstances
| better than men But il il due to the
banks TO say that nearly 10 per cent.
| Of the errors they made last year were
against them. Out Of the $32 ,054.77
errors, $22, 1882 were "overe," and
only $9,90G.35 were Shorts" to use
the slang Of the counting-room.
The circulation Of the National
banks IL not at all evenly distributed
through the country, but four-fifths OF
it il in the Eastern States. The Boston
banks alone have over twelve per cent.
Of the entire circulation Of the country
| The amount Of the circulation Of the
Boston National banks during the last
fiscal year was $2S, ,325, 900, while the
circulation Of the New York banks was
but $22, 0S6 900, and Of the Chicago
banks but $5G5 900, and IL is peculiar
circumstance that Of the twcnty-eight
millions Of Boston circulation nearly
twenty-five millions passed through
the Redemption Division last year
This Ia phenomenon dillicult TO OK.
plain, but it is fact that Boston money
wears out faster than that Of any other
locality.
TnE LAW OF NEwspAPEns.-Th'
courts have decided that if person
orders paper discontinued he mus
Il i