The new North-west. [volume] (Deer Lodge, Mont.) 1869-1897, 1885-09-25
VAGRANT BANK NOTES
PASSING IN REVIEW THROUGH THE
REDEMPTION AGENCY.
The Wear and Tear Of Bank Notes and
Greenb Observation-Disclosures Of Burned
Notes-Expert CountIng-Cstshinx
the unterfeits
New York Post.l


When the national bank notes have
tramped about the country until they have
become ragged and vagabond, and have
reached the lowest depths Of degrad alton,
they are bundled up ana sent to the treasury
department. for redemption. Many millions
ofSaess vssrants arc rscsivod at tho de-
partment each year. They have to pass in
review through the national bank redemp-
tion agency, where those that are utterly
depraved and good for nothing are sentenced
to be chewed up and those that have got In
through the free Of association, but are
still not so far gone that some good may not
be got out Of them, are sent back into the
service. In the place Of those that are con-
demned, nice, new notes, crisp and clean,
are sent out The experience of these notes
Is varied, and in some cases very novel
and interesting, but their tale is told only by
their ragged and dirty appearance when
they get back to the department.
The average length OF time that new
note can keep up a respectable appearance
Is about three years. Some have boon found
at the end Of twenty years to be as crisp as
on the day Of their issue, but these are ex-
ceptional cases. where they have fallen into
the han1s Of people who made pets Of them
and carefully guarded them from rough
Usage. The wandering note soon becomes .
tramp. 1t rapidly goes to pieces IL it starts
out for the west, stopping along at the cross
road inns. or if it frequents drinking saloons
and falls in with low company. Bad habits
tell on a bank note very quickly.
One lady i'm the comptroller's Office In this
case has charge Of them, and they are sent
to her for Identification before they can be
redeemed Her name is Fitzgerald. and she
is said to be very expert, seldom failing to
identify a note, giving its proper name. date
AMI classification, no matter how badly
burnt {. l.. Sometimes packages Of several
hundred, done up to be expressed, are sent
In all stuck together AMI burnt clear through
TO a black crispy mas. She then separates
them one by ons with a vary thin bladed
knife, and places tie charred remains Of
each one separately upon a glass slab and
examines 1t very carefully with q magnify
ing glass. She is familiar with all peculi-
arities Of the issues Of the various banks, and
note must be reduced almost to ashes to be
beyond her recognition, though to an mex
perienced eye 1t might not b, distinguished
from piece Of grocer's paper which had
gone through the fire.
All those notes otherwise mutilatsd go di-
rectly to the redemption agency. The de-
gree Of expert efficiency displayed there Is
something remarkable. Thi; branch Of the
service was organized about eleven years
ago by Gen. Spinner. Prior to that there
was no systematic redemption OF the paper
currency as it became too worn for circula-
ton. and a good many ragamuffin notes
were wandering about the country. The
service began with about 152 people en-
ployed in counting and asserting the notes
that cams in for redemption. Very nearly
the same amount Of work Is now done by
ffty-seven. The counting i'm and asserting
Of the notes require great care, and it y
only after long experience that it can be
done rapidly.
There Is an average Of about 150, ,000, 900
notes per year handled, and they have to be
counted about five times IL there Is no hitch
in the count, and oftener II any mistakes
are made. But the amount Is variable from
year to year, and even from month to
month. The lowest number was in 1sS0-Sl,
when SO, 600 900 were redeemed. and from
that IL has run up as high as 24O. .000, 700 in
single year. Some months 1t runs as low as
1000. 900 or 5,000,000 then again it runs up
in other months to $4,000, 900 or 20. .0OO, oO0
The months Of january and June always
take the lead, those being the periods Just
after the fall and spring trade, respectively,
when the currency worn out by the rough
usage In traffic Is collected and sent In to be
seven, all except two or three of whom are
ladies, can handle just half a million notes
each day. This Is very expert counting.
The notes when they come to be judged
have first to be counted in" This REQUIRES
the counter In" to 60 over them twice and
she must make no mistake and pass no
counterfeit, or the loss thus caused will be
deducted from her salary. She Is given
from 200 to 10, QUO notes. for which she
gives a receipt; then she counts them ain;n
then she counts them back, and IL the two
counts agree she Is given credit Tor them
when she settles up In the evening, turn
ing In the money bound and labeled
with her name and amount on each pack
age II the packages. or any Of them, are
found short, she has to make good the de-
fciency. Next, the notes have to be as
sorted, those In good condition from those
in bad condition; then they have to be
grouped as to denomination; then distributed
into banks Of issue, and then into denomina-
ton. under the heads Of banks.
Then they are Counted out" The acoun.
ter in" has to handle them twice and the
"countsr out" thrice. but tie former has the
most responsibility, and must be the most
expert The counter in" handles from
1000 to IL, 600 notes twice, or counts 10 900
to 20 900 per day. while the counter out"
handles from 1000 to 1000 three times. or
counts from 10. 600 to VI, 900 per day. This
is provided they make no mistake, which
makes recount necessary and doubles the
work. To do this requires constant atten.
ton and Is great strain on the nerves, es
each note has to be scrutinizsd very closely
to see that 1t 10 not counterfeit and the
counter In" must know the name Of every
bank that has counterfeit upon it, and
have In his mind full description Of the
false note, 30 as to be able to detect 1t at
sight ....-.... ....
The superintendent says counterfeit notes
are thrown out BY these experts without
hesitation evory time they come to them.
They have . line Of notes passing before
their eyes all the time, and any flaw or de-
feet they notice on the instant Two hum
dred and forty appointments have been
made during the eleven years Of the agency's
existence, and forty Of the fifty seven EN-.
ployes now there have seyvsd from the first.
A now hand Is doing remarkably well II be
or she learns in six months to count 500 per
day on the assortment. which Is the easiest,
whila these old hands will count 10 600 aday
II the notes are fairly goqd. ssE ~. !
Women are employed for this business
because OF the delicacy Of their touch and
on account OF the fact that they are n ot so |
apt to have bad habits They must BE- |
young. quick and healthy and well educated, |
and their salaries, which are paid in through |
the treasury by the banks. for the three |
grades Of work arc rated at $500, d, ,00o and |
sL2oo. The cashiers and two or three Of the |
counters are men. seasr