The Bennington banner. [volume] (Bennington, Vt.) 1858-1894, 1891-04-09
nnsron1Ne nunNr MoNtY.

= at this time of year. though the col
tributOrs to the fund accumulated by il
i, means are invariably most unwillin
one. or the ways Of boarding papC
money, none appears to be in such un
: versal favor as that of hiding it away i
an unused sitting-room stove during th
summer time. When the fire in lightc
IN the autumn, the cash goes up in smoke
and then the owner makes application I
have the ashes redeemed. The chief O
the redemption division said that no
less than one hundred cases were sub
mitted to him every fall Sometimes tn
remains are 200 far consumed for identi
iication, but as a rule this method o
destroying mOneySis found to be singu
larly effective and hopeless. There wa
received at the treasury S120. in the shap,
OF small quantity of ashes placed in
thimblc, from Texas. The woman who
owned the Sl20 had drawn the sum from
a bank and deposited it in a stove fol
safer keeping, with the usual result.
Unfortunately the ashes were indistin
guishable from any other ashes, and SO
she will lose the amount
1t is most interesting fact that nearly
all the paper money destroyed by acci.
dent meets its fate on the rail. w ell
ever railway disaster occurs, fire usually
ensues, and the express car is burned.
Now an express car almost invariably
carries safe with more or less money in
1t, among other valuables. The safe,
unless it is one for transporting govern
mcnt money, is apt to be of the portable
kind and not fire-proof Thus it is an
almost everyday occurrence for one of
these safes to arrive at the treasury 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 the tunnel-One
loaded with passengers, and the other n
freight carrying coal and iror. For 80
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 $1,000 cash in it, bcsines a lot
of jewelry. 1t was all paper money and
was reduced to ashes; 500 is all that the
redemption 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 train 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 Identified
tiOn and redemption of burned paper
money. A few bits, so hopelessly
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 teller's
desk. All that is required is sufficient
evidence that the originals of the notes
have been really destroyed. Morsels no
bigger than your tinger-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 mOrscls
were but cOrner,it would not be likelyto
suffice for the Identification of the note.
SuppOsing the case is that of bank note,
IL is absolutely essential that the bank
should be determined else payment can
not be made. But let the bit presented
show the name of the bank, its number,
or even a portion of one Of the officer S
signatures, and it goes. Until very re-
Gently portions of old notes sent in have
been redeemed on the discount princi-
pie, 9-lO of a $40 bill bringing 50, and so
on; but now the law insists that the
| ouldilCSb lOlNlOH 10 ItuCtIlllDlb dJ lull
face value, if only it is accompanied by
satisfactory aiiidavits as to the loss OF
the remainder. Some few attempts have
been made to swindle the treasurs in tnis
way by false afiidavits, but the depart
ment believes that it has always discov-
cred them.
Uncle Sam has made good deal of
money by his paper cash that has been
i H. Nsa1a i
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 issues of fractional currency most
profitable. These small notcs-for five
cents, 10 cents, % cents and 30 cents
were eIsily lost and destroyed, especially
during war times. Tho first issue was
made in 1868, and of the llVc-ccnt notes
then put forth nearly baltimore
| than 45 per cent, accurately speaking
have never beer asked payment for.
The same is true of 30 per cent. of the
| 10 cent notes, 20 per cent. of the % cent
notes. 1t is shown by the figured treas
ury total that of the 10000, 900 worth of
these little notes first issued, more than
81, 100000 still remains in the clothes of
the government. There were four more
Vi ilaNtAlulldl
some of their output in three and Is
cent notes-aggregating about S447, ,000,-
900, and of this lump sum more than
Sl1 900, 900 has not been called for. This
leaves Uncle Sam ION vOlvcC' to the
extent of SIS, ,OO0,OOO so far as his frac-
tiOnal notes are concerned. In other
words he seems to have made about
that amount of money clear ON the five
issues.
And now what has become Of all this
small change? In 1870 treasury com
mission, not appointed by law in any
proper form, made up its mind that
IS, 90. 600, had been lost or DESTROYED.
and Congress accordingly turns that
amount, out of the $40, ,OOO. 900 originally
appropriated for the redemption of the
fractional notes, over for the payment
of pensions. Since then three eIparss
in the department, making their calcula-
tions independently-one of chem Ac-
countant LEM of the national bank
division-have arrived approximately at
the same conclusions, that not more
than 5 900, 900 of the fractional currency
has been destroyed or lost, and that
$4,000 yet remains outstanding. Ac-
cOrding to their estimate this great sum
is at present entirely in the hands OF col
lectOTs, large and small. 1t requires
neorly $4,000, 900 of each fractional issue
to satisfy their appetite for curiosities.
Not merely do dealers hold considerable
stocks of these notes, but nearly every
private individual has one or more of
them just for fun.
As for the gain on the government on
its notes of large denominations through
their loss or destruction, the treasury is
only able to make guess, estimating it
at considerably less than l per cent.
While the discounting of paper currency
by paying proportiouately for fractions
of bills was legal, the treasury cleared
S350,000 through the industry. A good
deal Of money in paper is boarded by
persons who die without revealing its
whereabouts, and much Of it is never
found. Sums in this shape are often dug
up on the persons Of cOrpses exhumed
for other purposes. Only the other day
the body Of a murdered man was dis
covered IN the woods ncaran Ohio town,
badly decUmpOsed. and with n pocket
filled with greenbacks. The latter were
sent to the treasury here FOR redemption,
which d not prove in this instance
pleasant task.-C0rreSpOnience Boston
Transcript.
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A Fuf 4