Semi-weekly interior journal. [volume] (Stanford, Ky.) 1881-1905, 1883-03-20
Government Profit on Coma 10.

A considerable source Of profit e
the United States Government is IN,
amount Of paper money aud coin that
is never presented for redemption
Much Of this is destroyed by fire.
some Of il is buried or hid in places
known to no person alive. A large
quantity of the coin is melted to make
sterling silverware. Considerable
amount Of both paper money and coin
are exported, never to return. Not
long ago U. S. bond, issued about
1919, was presented at the sub treasu.
ry In this city. The interest on thad
ceased over fifty years. II had come
back from Europe through Barring
Bros. The outstanding principal Of
the public debt Of the United States
last year was nearly two billion dol
lars, chiefly represented by bonds and
treasury notes. 1t would be, of course,
impossible to say how much of this
will never be presented for redemp-
ton, but some idea may be formed
from the fact that s57, 655 Of it was
issued so long ago that the date is not
recorded. Ii appears 10 the report as
"old debt" that may safely be put
down as profit. There is an item Of
ESQ 525 oftreasury notes issued prior
TO 1916 Some Of them we're issued
nearly fifty years ago and will not;
in all probability, ever be presented
for redemption. One thousand one
hundred and four dollars Of the Next.
can indemnity Of 1916 has never been
claimed. The last Of the fractional
currency was issued under the act OF
June 6, 1864, yet, although nearly 20
years have elapsed, s7,077,247 has
not been presented for redemption.
Some Of this is held as curiosity.
Some Of il is still used by the banks
aud merchants for transmitting small
sums by mail. Several New York
banks have considerable sums Of new
fractional currency, which they dis
tribute for the accommodation Of their
customers.
As TO the coin, the government de.
rives a considerable profit from it..
The silver in 1000 silver dollars costs
on an average, ssO375. The coinage
of silver dollar costs about one aud a
quarter cents. The total cost of | 900
silver dollars TO the government is,
therefore, 625. Since the organ
Ization Of the mint, in 1892, 127, 100.
els silver dollars have been coined,
on which the government has received
profit of over 5000, 900.
In the same period 1922, 1853, $40
was coined into halt dollars. At the
same rate of cost for coinage the gov
eminent profited $40, 1865, 769 on these.
The total silver coinage of the govern
ment since 1898 is s347, 766, 1872. Es-
timating the profit on the halves,
quarters and subsidiary coins at the
same rate as on the dollars, the total
profit received by the government on
its silver coinage has been about sea-
1000, 900.
In the coinage of the Eve cent nick
els the government reserved 10 itself
the liberal profit Of nearly so per cent.
This gave TO the government last year
the handsome revenue OF over $780,
900 from nickels alone. The wide
margin between the intrinsic value Of
the five cent nickel and its face value
led to extreme cOunterieiting. Sever
al years ago an assay was made OF
the counterfeit nickels, and it was dis
covered that the counterfeiters had
put into their coins more valuable
metal than the government uses in
making the genuine coins.-[ New
York Sun.