The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-10-29
LETTERS FROM THE PEOPLE.



In your issue of Monday last, the Goth inst,
you publish an article. 1.-THE Money of the Peo-
ple,7 from your Washington correspondent, in
which he says, among other things, There is a
practice by the banks throughout the country
and especially in the West. of imposing upon
people who have mutilated currency in redeem.
ing it," and cites o case in point in Indiana
where ''the owner of $50 bill, with the corner
torn off the size Of your two fingers, was dis
counted $780, "The owner looked a little
askance. The banker said he would have to
send it to the Treasury Department for redemp-
ton, and could not get over so for it. The
banker must have been misinformed. When
ever the government redeems a mutilated or
ruined note it always pays its face value. The
government never scales its obligations. If they
are taken at all it is at par" These are broad
assertions calculated to deceive, and not
ranted by facts In your editorial notice of the
foregoing quotations of ''our Washington CORE
spondent' you facitiously say he reveals ignif
cant bit of information" when he says 'the
government does not sanction the prac-
tice of banks, notably in the West, of
dscounting government note if portion
of 1t be torn off and missing. 1t pays its face
value if it redeems it at all. Many a man has
suffered loss in presenting mutilated bills at our
banks.
According to this showing the banks must
have been gamers by the amounts they deducted
from the face value of the notes" This is true
if the facts were not on the other SIDE looked
in vain for refutation in to-day's issue of the
Journal to this broad and sweeping allegation of
dishonesty, notably in the West" by some of
our better informed city ENTHUSIASTICALLY
those of the Concentric Circle city. but found
none. Knowing the high position assumed by
the Journal and its frequent declarations of hon
esty of purpose for the enlightenment of the
public mind could not for moment think it
would designedly mislead its many readers on
any public question.
With all due difference to sour Washington
correspondent whose second letter deals with
the way the currency and banking of the coun-
try are conducted" we propose to refer him, as
we'll as yourself, to circular issued by Treas
urer Jordan, approved by Secretary Manning
July l, 1883, Negotiations governing the issue
and redemption of the currency, ETC." United
States notes are redeemable by the Treasurer
only when mutilated to the extent of one-tenth,
but not two-tenths, at nine-tenths of their face
value" ETC. Also, for national bank notes. see
fully page of this circular which may be
found on file with all the national banks You
will please pardon me for this intrusion only to
correct misstatement of the facts which this
article in question is well calculated to inspire
in the public mind
No system of banking has ever been devised
If honestly carried out in all its legitimate bear
lngS as TO security TO Dill holders, by any nation
on earth equal to ours from the time alluded TO
by banker Matthew, confirmed by Mark and
particularized by John, where the blessed Savior
took exception to the place and manner of carry
ing on the banking business of that day, down to
the present.
That Indiana banker told the truth in every
particular as to its being Observation-Disclosures
redeemed less such discount. The same rule
applies to all banks, East, West, North and
South. in the country, as likewise in the city.
1t was and has been a warfare to inaugurate the
present banking system, ard only by time has
the prejudice against it been wiped out in some
localities of our common country Should such
false statements misapprehensions go unre-
buked, the public will seize upon the same and
bring our whole banking system into disrepute.
Loss of confidence honest dealing with the
PEG Die is a sure forerunner of downfall They
lay down certain rules and regulations at Wash
ington to govern all banks. and, like the doctors
dose, we have to submit "Our Washington Cor
respondent" to the contrary notwithstanding. /
cannot for a moment entertain tie thought that
you would as journal willfully mislead your
readers, but do think this article of "Our
Washington Correspondent" and your editorial
comment on the same, do all bankers great in
justice and should, therefore, be corrected.
w. Fl. DURHAM.
CRAwFORDsvILLE, Oct. 81, 1885.
la letter from our Washington correspondent
makes the proper correction and explanation of
his letter ED. JOURNAL.