Freeland tribune. (Freeland, Pa.) 1888-1921, 1890-12-25
PAPER MONEY.
WHAT UNCLE SAM GAINED BY
FRACTIONAL CURRENCY,


"The parlor stove is q considerable
cource of income to the United States
treasury at this time of year, though the
contributors to the fund accumulated by
its means are invariably most unwilling
ones" said treasury official to writer
for the Washington Star.
"Of all ways of boarding paper money
none appears to be in such universal favor
as that of hiding it away in an unused
sitting-room stove during the summer
time. When the fire is lighted in the
autumn the cash goes up in smoke, and
then the owner makes application to
have the ashes redeemed. The chief of
the redemption division said yesterday
that not less than 100 such cases were
submitted to him every fall. Sometimes
the remaines are not too far consumed
for Identification, but as rule this
method of destroying money is found to
be singularly effective and hopeless.
There was received yesterday at the
treasury $120 in the shape of small
quantity of ashes packed in thimble,
from Texas. The woman who owned
the 1920 had drawn the sum from bank
and deposited it in the stove for safer
keeping, with the usual result. Unfor-
tunately, the ashes were indistinguish-
able from any other ashes, and so she
will lose the amount.
''lt is most interesting fact that near
ly all the paper money destroyed by
accident meets its fate on the rail
Whenever railway disaster occurs fire
usually ensues, and tho express car is
burned. Now an express car almost
invariably carries a safe with more or
less money in it, among other valuables.
The safe, unless it is one for trans
porting government money, is apt to be
of the portable kind and not fire proof.
Thus, it is an almost very-day occur
renee for one of these safes to arrive at
the treasury here with its cash contents
in the shape OF more or less hopeless
ashes.
"For example, take the accident that
occurred in kentucky only the other day
Two trains met in tunnel, one of
them loaded with passengers and the
other freight, carrying coal and iron.
For thirty hours the wreck burned and
| such was the heat generated that the
iron was melted and flowed like water
In the express car of the passenger train
was a safe with 1000 cash in it, be-
sides a lot Of jewelry. 1t was all paper
money and was reduced to ashes. Sew
en- hundred dollars is all that the re-
demption division has been able to get
out of it in condition for purchase with
/ fresh United States notes. This, the
authorities say, is the worst ordeal
through which an express safe has ever
passed."
"You would be astonished to see how
little in the way of remains is required,
when passed under the hands of the
treasury experts, to procure the ideutiti-
! cation and redemption of burned paper
money. A few bits, SO hopelcssly
charred as to seem to the ordinary eye
but small accumulation of ashes, may
be redeemed for thousands of dollars in
bright new bills at the paying teler's
desk. All that is required is sufficient
evidence that the originals of the notes
have been really destroyed. Morsels
no bigger than your finger nail are every
day redeemed for the face value of the
bills they represent. As to this it is
largely matter of chance. If the NOR
sci were merely corner, it would not
be likely to suffice for the identification
of the note. Supposing that the case is
that of bank note, it is absolutely cs-
sential that the bank should be deter,
mined, else payment cannot be made
But let the bit presented show the name
of the bank, its number, or even p,r-
ton of one of the officers signature, AMI
it goes Until very recently portions Of
notes sent in have been redeemed on the
discount principle ,tcnths of dol
lar bill bringing SO, and so on but now
the law is the smallest portion is redeem
able at full face value, if only it is ac-
companied with satisfactory afldavits as
to the loss of the remainder. Some few
attempts have been made to swindle the
treasury in this way by false afiidavits,
but the department believes that it has
always discovered them.
| "Uncle Sam has made good deal of
money by his paper cash that has been
accidently destroyed. OF course, every
! penny of it that is not handed in at the
treasury for redemption is so much in his
pocket. In this way he has found his
issue of fractional currency most profit
able. These small notes-for cents, 10
cents, 25 cents and 80 cents--were easily
destroyed, especially during war
times.
''The first issue was made in 1868, and
of the fve-cent notes then put forth,
nearly one half-more than As per cent,
! accurately speaking = has never been
asked payment for. The same thing IS
true of 30 per cent. of the 10 cent notes,
20 per cent. of the 25-ccnt notes and l
per cent. of the 50-cent notes 1t is
shown by the figured treasury total that
of the $50, 900 worth of these little notes
first issued more than 81, 900, 900 still
remains in the clothes of the government.
| There were four more subsequent issues
of fractional currency-some of their
output in and 15-cent notes-aggrcgnt-
ing about SAT, 900, 600, and of this lump
sum more than $11, 900, 900 has not been
| called for. This leaves Uncle Sam 'on
velvet to the extent of $15, 200, 900, so
far as his fractional notes are concerned.
In other words, he seems to have made
that amount of money clear on the five
issues.
"Now, what has become of all this
small change9 In 1879 treasury COM
mission, not appointed by law in any
proper form, made up its mind that
$9,OO0,OOO had been lost or destroyed
and Congress accordingly turned that
amount out of the $40, 900, 900 originally
appropriated for the redemption of the
fractional notes over for the payment of
pensions. Since then three experts in
the department, making their calcula-
tions independently-one of them Ac-
countant .Lentz of the national banking
division-have arrived approximately at
the same conclusion that not more than