Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-12-09
PAPER MONEYPROFITS
Various Ways in Which Uncle Sam
Gets a Little the Best Of It.
STOVES A SOURCE OF REVENUE.
Railroad Wrecks Also Furnish Considerable
Loss and Gain.
SOME QUITE CURIOUS CASES NOTED

WASHINGTON, Dec. 8.-"The parlor
stove is a considerable source 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.
"Of all ways of boarding paper money
none appears to be in such universal favor
as that of hiding it away in an unused sit
ting room stove during the summer time.
When the fire is lighted in the autumn the
cash goes up in smoke and the owner makes
application to have the ashes redeemed.
The chief of the redemption division said
yesterday that not less than 500 such cases
were submitted TO him every fall Some
times the remains are not too far consumed
for Identification, but as rule this method
OF destroying money is found to be singu-
larry effective and hopeless. There was re-
ceived yesterday at the Treasury 120, in the
shape of a small quantity of ashes packed
into a thimble. from Texas. The woman
who owned the S120 had drawn the sum
from bank and deposited it in q stove for
safer keeping, with the usual result. Un-
fortunately the ashes are indistinguishable
from any other ashes, and so she will lose
the amount.
IN RAILROAD WRECKS.
SIT is an interesting fact that nearly all
the paper money destroyed by accident
meets its fate on the rail. Whenever a rail-
way disaster occurs fire usually ensues, and
the express car is burned. Now, an express
car almost invariably carries a safe with
more or less money in it, among other valu-
ables. The safe, unless it Is one for trans
porting Government money, is apt to be one
of the portable kind, and not freproof. Thus
it is an almost everyday occurrence 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 oc-
Cured in Kentucky only the other day. Two
trains met In a tunnel, one of them loaded
with passengers and the other freight,
carving coal and iron. For 80 hours the
wreck burned, and such was the heat gener-
ated that the iron was melted and flowed like
water. In the express car of the passenger
train was safe with 81 900 cash in it, be-
sides lot of jewelry. 1t was all paper
money, and was reduced to ashes. Seven
hundred dollars is all that the redemption
division has been able to get out of 1t in con-
dition for purchase with fresh United States
notes. This. the authorities say, is the
worst ordeal through which an express safe
has ever passed.
WORK OF THE EXPERTS.
"You would be astonished to see how lit
tie in the way of remains is REQUIRED. when
passed under the hands of the Treasurz ex-
perts, to procure the Identification and re.
demption of burned paper money. A few
bits, so hopelessly charred as to seem. to A..
ordinary eye but a small ~O~."ulation OF
ashes, may be redeemsble for thousands OF
IL L. u
teIler's desk. All that 50 required is suffi-
r:~--s-s,Iacnce Tnat the originals of the notes
have been really destroyed. Morsels no
bigger than your finger nail are everv day
redeemed for the face value Of the bills they
represent. As to this it is largely matter
OF chance. If the morsel were merely a cor
ner, it would not be likely 10 suffice for the
Identification of the note. Supposing that
the case is that of a bank note, it is abb
solutelY essential that the bank should be
determined, else payment cannot be made.
But let the bit presented show the name of
the bank, its number, or even a portion of
one of the officers signature, and it goes.
Until very recently portions Of notes sent in
have been redeemed on the discount princi-
ple-nine-tenths of S10-bill bringing So
and so on-but now the law is that the
smallest portion is redeemable at full face
value, if only it is accom- panied BY satisfac-
Some few attempts have been made to
swindle the Treasury in this way by false
afidavits, but the department believes that
it has always discovered them.
FRACTIONAL CURRENCY PROFITABLE.
Uncle Sam has made a good deal Of
money by his paper cash that has been ac-
cidentally 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 profitable.
These small notes-for cents, 10 cents, rs
cents and 80 cents-were easily destroyed,
especially during war times.
''The first issue was made in 1863 and Of
the 5-cent notes then put forth, nearly one
baltimore than 45 per cent accurately
speaking-has never been asked payment
for The same thing is true of 80 per cent
of the 10-cent notes, 20 per cent of the %
cent notes, and II per cent Of the 50-cent
notes. 1t is shown by the figured Treasury
total that of the 500, ,000, 900 worth of these
notes first issued more than 81, 000, 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-eent notes-aggregating about
S447, 900, 900, and of this lump sum more
than 81, 900, 900 has not been called for.
extent of ST., 600, 900, so far as his fractional
notes are concerned. In other words, he
seems to have made about that amount of
money clear on the five issues.
A DIFFERENCE OF OPINION.
"Now, what has become of all this small
change? In 1870 Treasury Commission,
not appointed by law in any proper form
made up its mind that So, 900, 900 had been
lost or destroyed, and Congress accordingly
turned that amount out of the $40, 900, 600
originally appropriated for the redemption
of the fractional notes over for the payment
of pensions. Since then three experts in the
department, making their calculations in
of them Accountant
Lentz, OF the national banking division
have arrived approximately at the same
conclusion, that not more than 81, 600, 900 of
the fractional currency has been DESTROYED
or lost and that S14, 900, 900 yet remains out
standing. According to their estimate this
great sum is at present entirely in the hands
of collectors, large and small. It requires
nearly S., 600, 900 of each fractional issue to
satisfy their appetite for curlosities. Not
merely do dealers hold considerable stocks
of these notes, but nearly every private in
dividual has one or more of them just for
fun.
'As for the gain of the Government on its
notes of larger denominations through their
loss or destruction, the Treasury is only able
to make guess, estimating it at consider
ably less than per cent. While the dis
counting of paper currency BY paying pro-
portionately fractions of bills was legal the
Treasury cleared $3.50, 900 through the in
dustry. A good deal Of money In paper is
boarded every year by persons who die with
out REVEALING its whereabouts and much of