The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1883-07-12
GOVERNMENT PROFIT on COINAGE,
Somo Curious Facts Relating to Unre-
deemed Obligations of tho Goycrnment,

A considerable source of profit TO the
United States Government is the amount
OF paper money and coin which is never
presented for redemption. Much of this
Is destroyed by fire. Some Of it is buried
or hid in places known to no person
alive. A large quantity of tho coin is
melted to make sterling silvcrware. Con.
siderable amounts of both paper money
and coin are exported, never to return.
Not long ago IL United States bond, is
sued about 1919, was presented mt the
Sub-Treasury in N Y. City. The interest
on 1T had ceased over fifty years. It had
come back from Europe through Barring
Brothers.
The outstanding principal of tho pub
lie debt of the United States last wear
was nearly two billions Of dollars, chiefly
represented by bonds and Treasury
notes.
1t would be, of course, impossible to
say how much of this will never be pre-
scnted for redemption, but some idea
may be formed from the fact that S57,-
6G5 of it was issued so long ago that the
date Is not recorded. 1t appears in the
report as ''old debt" that may safely be
put down as profit.
nry notes issued prior to 1876. Some of
them were issued nearly fifty years ago.
and will not, i'll all probability, ever be
presented for REDEMPTION. One Thousand
one hundred and four dollars of the Mex
lean indemnity Of 1916 has never been
claimed. The last of the fractional cur
rcncy was issued under the act of June
e, 1864, yet, although nearly twenty
nl q y i
been presented for redemption. Some
of this is held rs curiosity. Some of it
is still used by banks and merchants for
transmitting small sums by mil. Sew
cral New York banks have considerable
sums of new fractional currency which
they distribute for the accommodation of
their customers.
AS to the coin the Government de-
rives considerable profit from it. The
silver Ill one thousand silver dollars
costs, on an average about $SO3. rs. The
coinage Of II silver dollar costs about i
cents. The total cost of 1,0OO silver
dollars to the Government is therefore
&S162J
Since the organization of tho Mint, in
1793, 1877, 100, ,61S silver dollars have been
coined, on which The Government has
received Il profit of over twenty three
millions Of dollars.
In the same period S122, 7&S, 80 was
coined into half dollars. AT tic same
rate of cost for coinage tho Government
proiitcd S19,39j, 100 on these. The total
silver coina%" of the Government since
1913 is $}i7, ,7GG,79 Estimating the
profit on the halves, quarters, and sub
SldlaTy coins at the same rate as on the
dollars, the total profit received by the
Government on it's silver coinage has
bcrn about siXty-four millions of dollars.
la the coinage of the tivc-ccnt nickcls
the Government reserved to itself the
liberal profit of nearly 80 per cent.
This gave to the Cove last year
the handsome revenue of over 800, 600
from nickcls alone Tho wide margin
between the intrinsic value of the five
cent nickel and its face value led to OK
trcmc countcrfriting.
Several years ago an assay was nude
OF som" of the counterfeit nickcls, and it
was dlacOv red that the comtcrfcitcrs
had put into their coins more valuable
metal than the Government uses in MAX
ing the genuine coins.