Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1884-02-23
How Torn Currency 10 Redeemed.

Al lS learned at the treasury De-
partment that, owing to the failure
of Congress to make an appropria-
ton for the payment of express
charges ON United States notes sent
here for redemption, the fund for
that purpose will be exhausted at
the end of the present fiscal year.
This is probably due to carelesness;
but, whatever the cause, it will re-
suit i'm great deal of annoyance.
A correspondent had a talk with
treasurer Wyman on the subject the
other day,the Treasurer said that few
people had any idea ofsthe large
amount of dirty and ragged curren-
cy afioat throughout the country.
The failure of this appropriation
would necessarily cause a decrease
in the amount sent i'm for redemp-
ton, for after July / the banks
would have to pay the express char
ges on all such packages, as well as
on all packages of good notes sent in
exchange for them. "Of course, Econ
tinued Mr.. Wyman, "this is a small
item, yet the tendency will be to
keep notes in circulation as long as
possible, and the currency will be
visibly dirtier and more ragged
during the coming year than here
tofore, and especially will that be
the case in the South, where the
long distance and high express
charges will keep the currency in
circulation even longer than in the
sections more accessible"
''Do you find any difference now
in the condition of money which
comes from the various sections of
the country?" asked your cores
pondent.
"Yes. The further away the
point from which il comes, the
worse the condition of the notes.
Banks don't like to lay out the
funds 10 send them two of three
thousand miles unless there is
positive necessity for doing so, and
for that reason they keep putting
them out as long as they will go.
The result is that those which come
to US from long distance are only
those that are so entirely unfit that
they must he redeemed"
"How much is sent in for redemp
ton and exchanged in the course of
the year ?"
He touched a little bell and a
messenger appeared. "Take these
messages. he said, "to Mr.. Rogers
and Mr.. Davidge," and he wrote to
one, "HOw much received for re-
demption to date this fiscal year ?''
and to the other, 'How much re-
demption this fiscal year, and how
much fit and how much unfit ?"
"You see," he explained, as the
messenger started off, lone of these
gentlemen has charge of the re-
demption of the bank notes and the |
other the greenbacks.
"With what are the bank notes |
redeemed ?-other bank-notes ?"
s4SOmetimes bank notes and SOM
times partly in greenbacks, accor-
ding to circumstances. The United |
States-gr enbacks-are exchanged |
for other and new greenbacks in |
most G. ga, except where gold, sill |
yer, or New York exchange is ask
ed for instead"
"What do you mean by fit and
'unfit'?"
"WeIl, there are few of the
bank notes which are sent in for eX
change which are yet fit for circula-
ton, and they are assorted out and |
sent out for circulation again. We |
used to do this with the greenbacks !
but there are so few 'tit'OneS among
them now that it does not pay for |
the trouble 10 assert Them"
"What is done with this worn
and multilated money when it is
presented for exchanges"
at is sent to the 'macerator,' a
big iron machine in the basement
81 ht,sl1sror ~ l., srrnF1nh /
to pulp and the pulp sold to paper
makers, who get the color out of it
and make it into paper again"
"YOu used to burn it, did you
not ?"
"Yes, 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"
fare the worn greenbacks re-
deemed with other and new green
backs of the same denomination ?"
mot necessarily. Most of them
are redeemed with new greenbacks,
except where gold, silver, or New
York exchange is asked for, but as
to denominations, 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, $l0S, 100000, of
National Bank notes, $72, 1000, 900 |
had been sent in for redemption,
and SIC, 900, 900 of the lot had been
decided aft" for circulation and
sent out again.
OF the currency thus redeemed
one dollar notes form very large
proportion. 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 attempt to make
it take the place of the greenback
dollar. In the redemption last year
of greenbacks alone there were
s, 1868 900 One-dollar bills, redeemed
and destroyed, 1910, 800 twO-dOllar
bills, &, 1854 900 tive-dollar bills, l.
3S0, 900 ten dollar bills. The life of
the dollar greenback appears to be
very brief. OF the 26,000,000 one
dollar notes issued between 1865 and
1879, known as the tissue of 1885,"
%, O00,OOO have come back worn
and ragged and dirty, and been re-
deemed with others bright and new
and crisp. Yet of the 230, 900 ten
dollar bills of that same lot, issu-
ed at the same time, not half had
yet come back at last accounts. OF
the tissue of 1875" which still con-
tinues, 100000 of 100000 one
dollar bills have come back, some
of them scarcely year old. OF the
tissue of $780," which began three
years ago, but is still running, four
million of the one-dollar fellows
came back used up in the first two
years. The ten-dollar bills are
much longer lived. Of 15S, 800 ten
dollar notes of the tissue of $780,"
issued between 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
obligations Silver certificates, frac-
tiOnal currency, etc., which have
been redeemed and destroyed since
the beginning of the issue of theSef