The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1888-05-16
CONDEMNED MONEY.
HANDLING TORN CURRENCY IN
A sUB-TREASURY.
Destroying Spoiled Bills with Can.
collation. Punch-The Summary
Fate of Detected Counterfelts
-Skilful Money Counters.

Fate of Detected Counterfeits
-Skilful Money Counters.
The United States is not only very
rich, but it is exceedingly particular
about the condition and appearance Of
its paper money, and whenever one of its
bills comes back into the hands of its
agents in a mutilated condition it is
seized upon at once, and a brand new
bill is substituted in its place. This
method on the Governments part is the
cause of an interesting state of affairs at
the Sub-Treasury in Wall street, New
York, where more cash is stored, and
and where the daily receipts and dis
bursements are larger than in any other
one building in the world.
a glance at the desks in the receiving
department will find them piled with
bills, done up in tidy packages. Some
of them are new, crisp bills; Others show
signs of circulation, while others still
are in every possible state of dilapida-
ton, the effect of wear and tear of mer-
camille life. Mutilated bills are those
that have been worn and torn aud have
become dirty and greasy in passing
through many hands, where the edges
are as ragged and frayed as a wind
whipped flag; or torn and patched till
they look like a crazy quilt. Mutilated
Gu: rency reaches the Sub-treasury in the
form of deposits, mixed with new notes,
and occasionally even with couuterfeits.
As the deposits are counted the clerk
assorts the bills. Those that are good
and fit, for circulation are placed by
themselves and the mutilated pieces are
culled out and condemned. The great
majority of the mutilated money con-
sists of the smaller denominations of
bills, though many tens and twen-
ties find themselves numbered among
the disreputable mass. The hun
dred, five hundred, and even the
thousand-dollar notes are not infrequent-
ly found among their less aristocratic
associates, though they seldom present
the ragged and filthy appearance OF some
of the lesser denominations. 1t is esti-
mated that nearly 50, 600, 900 per month,
or $50, 600, 900 per year, of mutilated
Currency passes through the sub treasury
and is sent on to Washington for final
destruction. New bills are substituted
for the old ones so withdrawn from
SO there is no loss to any
person. ~.
The most of this unsavory money
comes directly, or through the banks,
from the retail sections of the city, par
from the neighborhood of Full
ton and Washington markets. All this
spoiled currency. passes through the
hands of expert money clerks, who count
and assort the bills at the rate of hun
dred per minute. The good clean bills
are sent over to the paying teller for dis
the condemned bills are put
in packages of 100 bills, tied stoutly
and then subjected to punching pro-
cess for cancellation. A machine similar
to boiler-plate punch, only much
smaller and worked by hand, instead of
by steam, stands in the rear of the re-
cciving department. The package of
billsis placed under this punch which
cuts out hole quarter Of an inch in
diameter at one stroke through the 100
bills as smooth and clean as butter tes-
ter penetrates firkin of butter. The
punching, or cancellation, is through
the several signatures on the bills.
The rule at the Sub Treasury is that
any United States or National Bank bill
will be redeemed on presentation, no
matter how badly mutilated, provided
not more than one-tenth Of the bill is
missing. Beyond that proportion the
bill can be sent to the Treasury Depart
ment at Washington, where it is re.
deemed in proportion to the amount re-
down to fifty per cent. of the
face of the note. If the loss is over half
of the note it will not be redeemed, un-
less the owner can prove that the missing
part has been totally destroyed, in which
case the full value of the original bill
nsay be recovered.
The clerks in the receiving depart
ment, beside culling out the mutilated
bills that come into the Treasury, are on
the constant look out for counterfeits.
Moreover, if the clerk by any possibility
allows counterfeit to pass him and be
received, he is held personally response,
BILE and is obliged to make good the con-
sequent loss out of his own pocket, for
the G Government has no profit and loss ac-
count. It's cash must balance every
night in good and lawful money. But
50 quick are the several clerks in de-
tecting spurious paper, that, though they
are counting bills at the rate of 100 9
minute, the momentary glance at the
bill as it passes under their eye is sufi-
ciont for them to select the good from
the bad On an average, between 200
and 200 counterfeit bills a month are
brought into the Sub.Treasury. Most
they come as part of deposits,
and from the banks, while very often
men come along and make inquiry about
doubtful bills. The invar:able rule, on
bill to be counterfeit, is to
stamp it with a steel die that cuts the
word "counterfeit" in large capital let
ters out of the bill The word is stamped
two or three times across the face, which
30 thoroughly multilates it that it Is USE
less for ever after. No matter who pre-
sents the bill or to whom it belongs, the
insignia of its fraudulent character is
cut into it and its character so thorough
ly exposed that it can never again be
circulated. After the bill has been
it is returned to its owner, and
there ensues an exhibition of
anger and rage that is comical as well as
pitiful, as the owner discovers for fact
that his bill is worthless. But what
generally hurts him most is, that it has
been so cut and destroyed that he is un-
able to pass it on any one else. Conn.,
,nercial Adrertiser.