The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1882-02-23
ice. l could tell you half dozen such

fee. could tell you half dozen such
incidents.
- According to recent Statemen'S 50
said the reporter, there appears Il, De
a large amount of money accuuu. .lteJ
in the oub-treasury at New Iorl..
- Before you go any farther said
Mr. Doughertv, :. | want to say that
thee is some misunderstanding regard
ing this money. Many suppose that it
was collected in New York alone. In
this, however, think they are mistaken.
II is money accumulated from invalid
money orders from all over the coun-
try and some of the orders date back to
the time of the organization of the monev
order department, now about seventeen
years. You see, New York is the for
eign as well as the domestic exchange.
and all surplus is sent to the Postmaster
at New York, who in turn deposits the
moneys in the Sub btreasury at that city.
The money orders which become in
valid, one year after date are sent to the
department at Washington, where they
are placed on file. In the meantime.
should the payer present himself at the
Office after that time we make applica-
ton on his behalf to the department at
| Washington, which then authorizes US
to make the payment.
.' You say that you send all surplus
funds to New York; how do you man
age when you run short?'
That is something we never allow
| to occur and in fact from the systemat-
ic manner in which everything is ar
ranged such thing can not occur. The
money-order system is nothing more
nor less than an immense banking CON
Germ, in which there is no capital in
vested and none necessary. l have al
ready told you that New York is the
exchange. The smaller offices send
their surplus to the nearest main Office,
whence in turn the entire amount is
remitted TO New York. At the same time
every office, large and small, has an ac-
count with the Postmaster at New
York, and is credited with a certain
amount, which it can draw when nee
essary. When that amount is exhausted
a renewal of the account is necessary.
Now our. limit is $4,000, and [ draw
for $4,000 at a time as need it. When
this amount is exhausted / make appl
cation to have the account renewed. Ia
this way we are always kept supplied
During the great panic in 1873, when
the banks were not considered safe, we
In the month of September alone paid
out at this office S125,00 This is
what is termed paying office; in other
words, we pay out about five times as
much as we receive. During the last
year we cashed 90,91S orders, amount
ing to 81, ,515, 307. AS, and we issued %,
245 orders for 1926, ,11610. AS the busi
ness is continually increasing, these
amounts will be swelled considerably
by the close of the present year.
'sHave you many invalid orders on
hand at PRESENT.
''Only few, and these will be sent
to Washington in a day or two. have
about 81, 600 worth, however, that ar
unclaimed-that is to say, they have
been lying here for a long time. Her,
is a lot, all belonging to one man, am
here is another. belonging to single
individual. They are merchants, well
known here, hut do not seem to be in
hurry to get their money. One of thest
allowed a couple of orders to remait
longer than one year, and thinking tina
his money was lost, he gave his orders
one for fifty dollars and another TO
, five dollars-to his wife, telling he
!. iocularly to make use of them. Th'
, lady came here and asked whethe
these orders were of any account. Upol
, being informed that they were, sh
: thought this an excellent joke on he
: husband. made application for her
and in two days she had her money -
| R1Ifi,1ore 41ne7,cUH