Wessington Springs herald. (Wessington Springs, Aurora County, Dakota [S.D.]) 1883-1891, 1883-05-26

"You see," he explained, as the mes
senger started off, zone of these gen.
tlemen has charge of the redemption OF
the bank notes and the other the green
backs"
"With what are the bank notes re-
deemed?-other bank-notes?"
s.Sometimes bank notes and some
times partly in greenbacks, according
to circumstances. The United States
notes-greenbacks-are exchanged for
other and new greenbacks in most
cases, except where gold, silver, or New
York exchange is asked for instead
"What do you mean by tit, and
"NVell, there are a few of the bank
notes which are sent in for exchange
which are yet fit for circulation, n
they are assorted out and sent out Q
circulation again. We used to do this
with the greenbacks, but there are SO
few fit ones among them now that it
does not pay for the trouble to assert
them"
"What is done with this worn and mu-
tilated money when it is presented Tor
exchange?'
cit IS sent to the 'macerator,' a big
iron machine in the basement OF this
building, where it is ground to pulp and
the pulp sold to paper-makers, who get
the color out of it and make it into pa
per again" .
you used to burn it, did you not?'
eyes, but the present system was
found preferable, as it destroys the
none as effectually, and the sale OF
the pulp brings something into the
Treasury"
care the worn greenbacks redeemed
with other and new greenbacks of the
same denomination"
..Not necessarily. Most of them are
redeemed with new greenbacks, except
where gold, silver, or New York ex-
change is asked for, but IS to denomi-
nations, we usually give whatever is
asked for"
By this time the reports had come
back from the Redemption Division. OF
greenbacks and gold and silver notes
there had been redeemed this year up
to date, $1OS, 900, 900, of National Bank
notes, $72, O0O, 900 had been sent in for
redemption, and $40, 600, 900 of the lot
had been decided eft" for circulation
and sent out again.
OF the currency thus redeemed one
dollar notes form a very large proper
ton. They are worn out faster than
any of the other notes, in spite of the
fact that the silver dollar is constantly
being thrust forward in the vain at
tempt to make it take the place of the
greenback dollar. In the redemptions
last year of g%reenbacks alone there were
1858, 900 one-dollar bills redeemed and
destroyed, 4,O4O, 800 two-dollar bills,
3,554,000 tive-dollar bills, 1,3S0,000 ten
dollar bills. The life of the dollar
greenback appears to be very brief. VI
the 26, 1000, 900 one-dollar notes issued
between 1865 and 1879, known as the
tissue of 1885," $4,000, 900 have come
back worn and ragged and dirty, and
been redeemed with others bright and
new and crisp. Yet of the 100000 ten
dollar bills of that same lot, issued at
the same time, not half had yet come
back at last accounts. OF the tissue Of
1873" which still continues, 10, 000,0 0(
Of $4,000, 900 o%ne-dollar bills have come
back. some of them scarcely a year old
OF the tissue of $780," which began
three years ago, but is still run
ming, four million of the one-dollar fel
lows came back used up in the first two
years. The ten-dollar bills are mucl
longer lived. OF 1853, 900 ten-dolla,
notes of the tissue of $780," issued be
tween 1880 and 1882, only 10000 came
back during the first two years,o abou
six per cent. Of the whole number issued
while of the one-dollar bills of the sam,
issue nearly twenty per cent. came acl
in the same time. The total amount o
greenbacks and other Government obi
cations (silver certificates, fractional
currency, ETC. which have been re
deemed and destroyed since the begin
ming of the issue of these obligations i
about two and a half billions, nearl,
eight times the amount now outstand
ing, and nearly four times as much a
was afloat in 1865, when the larges
quantity Of this sort of obligation
($69S, 900, OOO) was in circulation.
A great deal of this money that ha
been issued by the Government in til
past years has never come back for re
demption. The Government is game
of millions upon millions OF dollars il
this way. 1t is estimated by the Treas
ury Department, for instance, tina
81, 1000, 900 was burned up in the Chica
90 fire; other millions were lost an
destroyed during the war; others al
lost on sunken and blown-up steam
boats; others burned in burning build
ings, and many millions were lost fror
careless pockets, OF worn out and neve
presented for redemption. Nobody sec
any paper fractional currency in circu
lation now, yet there is nearly $751; 600.
600 of it that has never been p~resente
for redemption. 1t is probable that nc
I 81. 000, 600 Of the S15. 0O0, 900 of this SIT
out will ever come in. Experts est
mate that at least one per cent. of til
money thus issued by the Govcrnmer
never comes back for redemption, an
that the Government has been game
from $50. 900, 900 to $40, 600, 900 by thi
process in the past twenty years, q
nearly S2,000,000 Washingto
Cor. Chicago Times.
Deep.Sea Curiositics.
A very ingenious contrivance is til
l trawl which is ordinarily used &c
!, tho bo+tou, of tbo n IL ~,