Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-07-26

Currency Division, where they were entered
Tor extension and the Treasurer OF the
United States was notified to forward inter.
est checks to the owners. A number. OF
ponds have been received for redemption
with the expectation that the interest on
them would be anticipated, but they have
been returned, with the information that the
prepayment of interest was only on bonds
entered for extension.
Security for Bank Notes.
A little more than S22, ,O00, 900 of these ~
per cent bonds are held by the Treasurer OF
the United States as security for the circu.
latlon of National banks. 1t is the bellef
OF the Secretary of the Treasury that great
many of these new bonds will be used by
National banks as the basis for circulation
and that almost all of them now on deposit
Will be extended for this purpose.
The form for the extension of these bonds
Is amusingly complicated and ranks high as
an illustration of the ''red tape" used often
In transacting the business of the depart
ments. The Treasury has prepared set OF
blank forms to be used for making
requests for the continuance of these
bonds. That which is issued to Ma
tlonal banks contains resolu-
tlon to be adopted by the Board
OF Directors authorizing the Treasurer OF
the United States to assign to the Secre-
tary of the Treasury, for continuance, the
bonds now standing in the name OF the
treasurer of the United States in trust for
the bank This resolution is forwarded to
the Comptroller of the Currency, who sends
it on to the Treasurer of the United States.
The Treasurer makes an assignment of the
bonds which are in the Treasury vaults to
the Secretary of the Treasury, who refers
them to the Comptroller, who passes them
on to the Loans and Currency Division
Here they are entered for continuance and
forwarded to the Register of the Treasury,
who makes out the new bonds and returns
them to the Loans and Currency Division
for examination and acceptance. When
they have been examined, accepted and
entered on the books of the Treasury they
are returned to the Register, who sends
them to the Comptroller, who forwards them
to the Treasurer, who deposits them in the
vaults of the Treasury and forwards re-
ceipt for them to the bank to which they
belong.
Extension for Individual Owners.
This takes some little time. Fortunately
the process of continuing bonds owned by
individuals or corporations is not so compli-
Gated. Registered bonds are regularly as
slSHeu 10 tHe oecTetdrN Ol IHe Treasury az
cording to the form printed on the back of
each, Just as they would be assigned to an
individual to whom they had been sold.
With them is sent request for their con-
tinuance. They pass through the hands of
the Comptroller to the Loans and Currency
Division, and thence to the Register of the
Treasury, who issues the new bonds.
The issuance of these new bonds involves
a great deal of individual labor by the Reg
lister and his deputy, for each bond must be
signed at the time of its issue. On coupon
bonds the signatures are engraved on the
coupons as the signatures on bank notes,
and the signature in the body of the coupon
bond is filled in by one of the clerks in the
Registers office, who signs 'for'' the Regis
ter. 1t would have been utterly impossible
at the time of the issue of the coupon bonds
for the Register or his deputy to have
signed all these securities. But all of the
registered bonds are signed by them and in
addition to this signature there is placed in
the corner of each bond the initials of the
clerk who entered it and the initials of the
clerk who recorded it, so that any mistake
can be traced very quickly.
" safety of Bonds in Transit.
The applications which have been re-
ceived by the Secretary of the Treasury,
thus far, have been very large, and promise
success for the scheme for the continuance
of this loan. Most of the bonds come in by
registered letter, though some few come in
by express.
every few of the bonds have come by
messengers" said Mr.. Huntington, of the
loans and currency division, who has been
in the service of the Treasury Department
for 10 years. "There are times when large
quantities of bonds are sent on in charge of
special messengers, but that is usually
not so much for safety as to ex-
pedite the transfer of bonds. None
have been received in this way
for continuance, except those which are
owned in the city of Washington. There is
no danger in sending registered bonds by
mail and very little in sending coupon
bonds by registered letter If registered
bond were lost in transit there would be no
in having it replaced with an
other"
Mr.. Huntington says with the necessary
securities on hand it will not take more
than two or three days to make out bonds
for continuance as they are applied for.
The work is moving rapidly now.