Huntsville gazette., 1883-05-19

senger started off. zone of these gem
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?'
Sometimes bank notes and some
tir les partly in greenbacks, according
+ 10 circumstances. The United States
| n Jtes -greenbacks ARE exchanged for
other and new greenbacks in@nlost
cases, except where gold, silver, or New
York exchange is asked for instead.
What do you mean by fit and
unfit ?''
s'Well. there are few of the bank
notes which are sent in for exchange
which are vet fit for circulation. and
they are assorted out and sent out for
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 assort
\ thern.D . l.sS46sFSAESGAgA 4Ak ~
.sWhat is done with this worn and mu-
tilated money when it is presented for
exchange?pggY rerrfa 80 n.
z ait IS sent Ito 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 1t into pa
per again.
You used to burn it, did you not?'
Eyes, but the present system was
found preferable. as it destroys the
money as effectually, and the sale OF
the pulp brings something into the
Treasury"
..Are 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-
fehang ge is asked for, but as&to denomi-
nations, I'VE usually give whatever IS
asked for
BY this time the reports had come
greenbacks and gold and silver notes
4 there had been redeemed this year up
/ to date S1O8, 700, 900, of National Bank
notes, $72, 100000 had been sent in for
redemption, and S10,000,00 of the lot
4 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 greenbacks alone there were
1865. 900 one-dollar bills redeemed and
DESTROYED, 4,O40,500 two-dollar bills,
4 1854. 900 five-dollar bills, $3.50, 900 ten
i dollar bills. The life of the dollar
fgreenback appears to be very brief. OF
Ithe 26, ,000 600 one-dollar notes issued
i between 1865 and 1879, known as the
/ tissue Of 1907. 25,OO0, 900 have come
back worn and ragged and dirty, and
been redeemed with others bright and
new and crisp. Yet of the $50, 900 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
1S7S.' which still continues, 100000
of 5000, 900 one-dollar bills have come
back. some of them scarcely a year old.
4 OF the s'issue Of. 1902 which began
three years ago, but is still run
ming, four million of the one-dollar fell
4lows came back used up in the first two
wears. The ten-dollar bills are much
longer lived. OF 15S,000 ten-dollar
notes of the tissue. of $780," issued be-
tween 1880 and 1882, only 10000 came
back during the first two years, or about
six per cent of the whole number issued,
while of the one-dollar bills of the same
issue nearly twenty per cent. came back
in the same time. The total amount of
greenbacks and other Government obi
cations (silver certificates, fractional
Icurrency. etc.) which have been re-
II deemed and destroyed since the begin
4 ming of the issue of these obligations is
about two and half billions, nearly
eight times the amount now loutstand-
ing, and nearly four times as much as
was aflOat in 1865, when the largest
quantity of this sort of obligations
($69S. .000, ,000) was in circulation.
A great deal of this money that has
been issued by the Government in the
past years has never come back for re-
/ ldemption. The Government is gamer
4 oflmillions upon millions of dollars in
this way. 1t is estimated by the Treas
urv Department, for instance, that
$1,000, 900 was burned up in the Chica-
go fme; Aother millions were lost and
destroyed during the war; others are
lost on sunken and blown-up steam
Il boats; others burned In burning build
ings, and many millions were lost from
, careless pockets, or worn out and never
presented for redemption. Nobody sees
, any paper fractional currency in circu-
lation now, yet there is nearly S15. .000.-
, 600 of it that has never been presented
Il for redemption. 1t is probable that not
$1,000, 900 of the $15, 100000 of this still
out will ever come in. Experts esti-
mate that at least one per cent. of the
money thus issued by the Government
never comes back for redemption, and
: that the Government has been gamer
from $4,000, 900 to $40, 100000 by this
process in the past twenty years, OF
!, nearly S2,00O,00O year Washington
} Cor. Chicago Times.
Deep.Sea CuriOsities.