The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1891-01-17
PROFIT IN PAPER MONEY.

to the fund accumulated by
it's 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 I'M
used sitting room stove during the sum
mer 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.
1.-THE chief of the redemption division
said yesterday that not less than 100 such
cases were submitted to him every fall.
Sometin es the remains are not too far
consumed for Identification, but, as a
rule, this method of destroying money is
found to be s;nguarly Elective and hope
less. There was received yesterday at
the Treasury $3.50, IN the shape OF a
small quantity of ashes packed into
thimble, from Texas.
"The woman who owned the S120 had
drawn the sum from bank and deposi Q !
it in a stove for SAT, keeping, with the
usual result. Unfortunately. the ashes
are undistinguishable from any other
ashes, and so she will lose the amount.
1T is most interesting fact that
nearly all the paper money destroyed by
accident meets its fate on the rail. When
ever railway disaster occurs fire usu
ally ensues, and the express car almost
invariably carries a safe with more or
less money in it, among other valuables.
The safe, unless it is one for transport
ing Government money, is apt to be OF
the portable kind and not fire-proof.
Thus it is an almost every day 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
occurred in Kentucky only the other day
Two trains met in tunnel, ono Of them
loaded with passengers and the other a
freight carrying coal and iron. For 80
hours the wreck burned and such was
the heat generated that the iron was
melted and flowed like water. In the ex
press car of the passenger train was a
safe with $1,000 in cash in it besides lot
of jewelry. 1t was all paper money and
was reduced to ashes. Seven hundred
dollars is all that the redemption divi
sion has been able to get out of it in con-
dition for purchase with fresh United
States notes. This, the authorities say
is the worst ordeal through which an ex
press 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 expects, to procure the identifi
| cation and redemption of burned paper
| money. A few bits, so hopelessly char
red as to seem to the ordinary eye but ;
| small accumulation OF ashes, may be re
| deemabe for thousands Of dollars il
bright new bills at the paying telleri
desk. All that is required is sufficient
| evidence that the originals Of the notel
| lave been really destroyed. Morsels NJ
| bigger than your finger nail are every
| day redeemed for the face value of the
bills they represent. AS to this it IL
| largely a matter of chance. If the NOR
sci were merely corner, it would not be
| likely to suffice for the identification O
the note.
"Supposlng that the case is that of {
bank note, it is absolutely essential thai
| the bank should be determined, else pay
| ment cannot be made. But let the BIZ
presented show the name OF the baLk, it!
number or even portion of one Of the
officers signatures, and it goes. Uuti
very recently portions OF notes sent il
have been redeemed on the discount
principIe-nine tenths of 10dollar bill
bringing 50, and SO on-but now the law
| is that the smallest portion is redeemable
at full face value il only it is accompanied
by satisfactory atidavits as to the loss Of
| the remainder. Some few attempts have
been made to swindle the Treasury il
this way by false affidavlts, but the De-
partment believes that iG has always dis
covered them.
Uncle Sam has made good deal O.
money by his paper cash that has beer
accidentally destroyed. OF course, every
penny of it that is not handed in at the
Treasury for redemption is SO much II
his pocket. In this way ne hal
found his issue Of fractional cur
currency most profitable. These small
notes-for cents. 10 cents, % cents, ant
so cents-were easily destroyed, especi
ally during war times.
THE first issue was made in 1868, anG
of the 5 cent notes then put forth, nearly
one baltimore than 40 per cent, accur
ately speaking-has never been asked
payment for The same thing is true Of
80 per cent. of the 10 cent notes, 90 pei
cent. of the % cent notes aud II pei
cent, of the 80 cent notes. 1t is shown
by the figured Treasury total that of the
$40, OOO 900 worth of these notes first
issued more than 81, 600, 900 still remains
in the clothes of the Government.
"There were four more subsequent
issues of fractional currency some of
their output in three and fifteen cent
notes-aggregating about SAT-. 600, 900
and of this lump sum $l1 900, 900 has not
been called for. This leaves U ncle Sam
'on velvet to the extent of $15, 900, 900
so far as his fractional notes are concer.
ned. In other words, he seems to have
made about that amount of money clear
on the I've issues.
Now, what has become of all this
small change? In 1870 a treasury com
mission, not appointed by law in any
proper form, made up its mind that S.,
100000 had been lost or destroyed, and
Congress accordingly turned that amount
out of the $:0,000,000 originally approp
rated for the redemption of the fraction
al notes over for the payment of PEN
sions.
Since then three experts in the depart
ment, making their calculations indepen
dently-one of them Accountant Lentz,
of the National Banking Division-have
arrived approximately at the same con-
clusion, that not more than $1,000, 900 of
the fractional currency has been destroy
ed or lost, and that Sl4, 100000 yet re-
mains outstanding. According to their
estimate, this great sum is at present ell
tirelY IN the hands of collectors, large
and small. 1t requires nearly So 000, 900
of each fractional issue to satisfy their
appetite for curiositIes. Not merely do