Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1884-06-13
REDEEMING OLD BANK NOTES.
How the Work is Conducted at the
Treasury of the United States.

dA WIN 1kN1S1 vi WIG
treasury department. The work
done there, while of complicated
nature and requiring great accuracy,
is so systematized that it runs with
out a hitch. Even If a mistake
should occur in handling and count
ing the vast sums of money which
constantly pass through the bureau,
the system of checking and receipt.
ing is so perfected that it would be
discovered in a very short time, and
its origin traced almost simultane-
ously. The fifty seven employees OF
the bureau, mostly ladies, who are
lscked in a long room Oh the west
side of the building, are the ones who
count and sort the old WORKOUT bank
notes, which are sent to the depart
ment for redemption. Each counter
has a separate table with compart-
ments for different notes, The casual
visitor to the department gets par
tial glimpse OF the ladies behind the
wire screens, rapidly lingering the
soiled and torn money which has
just been withdrawn from general
circulation, but, for precautionary
reasons, visitors are seldom admitted
to the Interior
The bureau will have been in ex-
istence Just ten years on the 1st of
July, and the work accomplished by
it is invaluable. Since its origin there
has been redeemed 81, 391, 405, O0L IS,
or over twice the national bank cir
culation.
what is the average life of bank
note?' asked Star reportersof one OF
the officials.
ABOUT five years." was The reply.
''Of course, . he added, I'VE have no
other way of finding out than by con.
pairing the amount annually redeemed
with that in circulation, about 20 per
cent. of the whole circulation being
redeemed every five years. The life
of the legaltender notes, being of
smaller denomination, IS only about
three years.
The amount of money received
from year to year varies from $50, 000,
900 to s24O, 600, 900, This would be
an average of $3.50, 900, 600, but the
clerical force can't be averaged in
that way When the redemption is
over 800, 900, 900 the work is really
more than ought to be done with the
present force. There is promise of
an additional force before a great
while
A Star reporter was escorted through
the division the other day by the
Superintendent, Mr. Rodgers, and the
modus operanti was kindly explain
ed. Money sent here to be redeem
ed goes through three seperate pro
cesses, said that officer. Packages
are received from banks, and just in
the shape they come are taken by
counters. who give their receipts for
them, to their tables, and are there
sorted by denominations. These
packages containing bills according to
denominations are turned IN at night,
aud the next day the counters divide
the bills into groups. We had fifty
two of these groups, which include
all the national banks, arranged
alphabetically by towns in which they
are located. New York has group
of its own, and so has Boston, on ac
count of the large number of banks
located in those cities The group
packages are deposited in the vault,
to be gradually Withdrawn and the
bills separated according TO the banks
of issue. This constitutes the third
and last process. Bank notes which
are fit are returned to tho banks of
issue, and check generally given on
a sub-trcaSurv sent for those which
are not fit While the first two pro-
cesses are daily, the third is of course
not The groups are taken from the
| opI he. ,Iybp1a
two are generally gone through with
about twelve times year. When the
redemption is under 500, 600, 900 in a
year about rs per cent of the notes
received here have to be destroyed, a
very small portion proving fit TO be
used again. When, however, the re
demption is much over that the pro-
portion of fit notes is much larger"
Il see the ladies are allowed to have
comfortable seats while at work; has
that always been the case?" asked the
Star reporter.
mo; several years ago they were
compelled to stand at these large cases
and perform their work. But the
constant strain from standing, and
from the use of the muscles of the
shoulders in handling money, was
very injurious. The systematizing of
the work, however, pernitted changes
in the manner of performing it. after
five years of steady work in the old
way a woman would be almost en-
tirely used up"
This book" continued Mr.. Rod
gers, turning to a rather small &C
count book, shows the workings of
this division since its organization to
the present day, giving the result of
each days proceedings. 1t is balanced
daily, and from an inspection of it,
the workings of the division can be
seen at a glance If bank sends
more money than is marked on pack
age, or not as much as is markell, it is
noted here. On May 9th you will see
|. that there was a shortage of $3.50.
That is rather peculiar, for the pack
age of money came from the national
metropolitan bank of New York,
just day or SO before it suspended.
The officers of the bank must have
received letter from the department
noting the mistake on the very morn
ing of suspension, but l guess they
were IJO OuSy Will lI1pOl
matters to pay any attention to it.
That was the fourth time that there
were large shortages in the packages
from that bank in the last ten years.
but every time before the bank would
not own the mistake, but insisted
that the trouble was in this office.
Very often banks send more money
thar they mark on the packages In
fact the overs have exceeded the
shorts, amounting to $40, 800, and
the shorts to S135, 800. In the same
ten years s41, 900 in counterfeit Eotes
has been discovered
is it possible for an employee to ex
tract a note and take it homer" asked
the Star man.
Eyes, it is possible, but not at ali
probable If it should be done mis-
take would be discovered by means of
the checks and receipts and the point
of disagreement would soon be locaU-
ed. OF course, if clerks were inclined
to steal they would re apt to take it
from an over package, but mistake
of that character is often discovered
of homo and ranorted hera before we