The clarion. [volume] (Jackson, Miss.) 1883-1888, 1884-06-18
Redeeming old Bank Notes.
Washington star.l

One of the most complete II the Gov
ernment workshops is the national bank
redemption division of the Treasury De-
partment. The work done there, while
of complicated nature, and requiring
great accuracy, is so systematized that
It runs without hitch. Even if mis-
take should occur in handling and count
ing the vast sums of money which
constantly pass through the bureau,
the system of checking and receipting
is so perfected that it would be discov-
cred in a very short time, and its origin
traced almost simultaneously. The
fifty-seven employees of the bureau,
mostly ladies, who are locked In
long room on the west side of the
building, are the ones who count and
sort the old worn-out bank notes, which
are sent to the department for redemp-
ton. Each counter has separate table
with compartments for different notes.
The casual visitor to the departments
gets partial glimpse of the ladies be-
hind the wire screens, rapidly lingering
the soiIed and torn money which has
lust been Withdrawn from general cireu-
lation, nut, for precautionary reasons,
visitors are seldom admitted to the In
terror
The bureau will have been in exist
ence lust ten years on the lst of Jqly,
and the work accomplished by it IS IN
| valuable. Since its origin there has
been redeemed 81 ,39l ,404, ,007.l or over
twice the national bank circulation.
"What is the average life of a bank
note?' asked Star reporter of one OF
tie officials.
"About FIVE years." was the reply.
"Of course" he added, I'VE have no
other way Of finding out than by COM
pairing the amount annually redeemed
with that in circulation, about twenty
per cent. of the whole circulation being
redeemed every five years. The lie
of the legal-tender notes, being OF
smaller denomination, is only about
three years
| The amount of money received from
year to year varies from S6O, O,O00,0OO 10
$40. 90 900. This would be an aver
age of $150,000,000, but the clerical
force can't be averaged in that way
| When the redemption is over St0O,oo0,-
900 the work is really more than ought
to be done with the present force. There
is a promise of an additional force be-
fore great while.
A Star reporter was escorted through
the division the other day by the super
intendent, Mr. Rodgers, and the modus
operandi was kindly explained. Money
sent here to be redeemed goes through
three separate processes, SAID that OH
| Ger. 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 accord
ing to denomination are turned in at
night, and the next day the counters
divide the bills into groups. We haye
fftv-two of these groups. which in
clude all the national banks, arranged
alphabetically bv towns in which they are
located. New York has group of its
own, and so has Boston, on account OF the
large number of banks located in those
cities. The group packages are depos-
tied in the vault, to be gradually with
drawn 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 the banks
of issue, and check generally given on
a suI-treasury sent for those which are
not fit. While the first two processes
are daily, the third is of course not.
The groups are taken from the vault in
order. and the whole fifty two are gen
erally gone through with about twelve
times a wear. When the redemption is
under Si00, 100000 in year about 70
per cent. of the notes received here have
: to be DESTROYED, very small portion
proving fit to be used again. When
however, the redemption is much over
that the proportion of fit notes is much
larger"
81 see the ladies are allowed to have
comfortable seats while at work; has
that always been the case?' asked the
; Star reporter.
"No! several years ago they were com
PEELED to stand at these large cases ane
!, perform their work. But the constan
strain from standing, and from the use
of the muscles of the shoulders II
handling the money, was very injurious
: The systematizing OF the work, however
|, permitted changes in the manner OF per
J forming it. After five years of stead!
work in the old way woman would b'
almost entirely used up.
ssThis book" continued Mr.. Rodgers
turning to a rather small account book
t.sshows the workings of this division
Z since its organization to the present day
giving the result of each days proceed
ings. 1t is balanced daily, and from al
= Iipspeetion of 1t, the workings OF the di
. vision can be seen at a glance. II a BAN
. sends more money than is marked on
: package. or not as much as is marked
= = # is noted here. On May the 9th yo
: will see that there was a shortage O
:, 1860. That is rather peculiar, for tn
!; Daekage of money came from the Nj
!, tiopal Metropolitan Bank of New 4ort
: inst a day or so before it suspended
:. The officers of the bank must have rt
a ceiyed letter from the department no
= inc the mistake on the very morning
suspension, Int / guess they were to
?, busy with more important matter
- to nav any attention. to 1T. Ihs
was the fourth time that there wer
: large shortages in the packages from tbs
e g hank in the last ten years, but ever
= = time before the bank would not own II
:. mistake. but insisted that the troub
!! was in this Office Very often banl
send more money than they mark on Il
I nackases. In fact the overs have g,
. ceeded the shorts, amounting to $lIt
r. 500, and the shorts to $3.50, SUI. In u
- same ten years 81 800 In counterfe
i notes has been discovered.
in .sTs it possible for an employe to e
In tract a note and take it homer asks
e the Star man.
,is eyes. it is possible, but not at 8
=. probable. If It should be done mi
"a take would be discovered by means
n The checks and receipts, and the poi
ha of disaereement would soon be locate
It 0f eonrse. if clerks were inclined to ste
~ they would be apt to take it from |
he soyer' package, but mistake OF tn
character is often. discovered at hoI
ial and reported here before we can lnfoI
nv the bank. We can point to the fact
ia the lovers exceeding the shorts 81
fv- general proof of the honesty OF t
pc, bureau.
CO. Of course everybody knows what
rs comes Of the redeemed notes 1 he pa
- notes are macerated in the basement
ted the Treasury in the presence OF 2 GO
the mittee. The United States notes
similarlg disposed Of at the Bureau
Inn Engraving and Printing The p
ms which remains Is often made into on
mants of different designs and sold
w private parties to curiosity seekers.
try TACT that each ornament contains the
ads mains of thousands Of dollars Is its %
! 81 attraction. The pulp Is sometimes mi
n into naper. but only the c0arsest E
1 i lean be made, IN fact not 50 good ever
INST farnariv. when the notes were prEn
,eat annn better material than nov. M