The Forrest City times. [volume] (Forrest City, Ark.) 1871-1919, 1893-02-10
OLD BILLS MADE NEW.
Uncle Sam Is a Very Honest Old
Gentleman.
He Will Give Crisp New Notes for Old and
Mutiiated Currency-Even Money To-
tally Destroyed Is Sometimes
Made Good by Him.

The amount of money in the shape
of bank notes and bills that are lost or
destroyed every year is enormous.
Nearly all of this is clear gain to the
government. If a man throws TWEEN
! lty-dollar- bill into the FIRE with a lot of
paper, aud realizes too late that flames
are no respecters of persons or papers.
he may tell of it as rather rough joke
on himself, but he gives it up as lost
nine times out of ten, and pays no more
attention to it. If he saves small
part of the bill he may perhaps think
it worth something and goes to inquire
about it. If he does he stands good
chance of recovering his entire loss.
The law upon the subject is quite
plain. and one that people ought to be
informed upon. The paper issued by
the government and called money is of
course merely malseshift. A gold
certificate for ten dollars is merely a
promise on the part of the government
at Washington to pay the bearer ten
dollars in gold when he presents that
certificate at the treasury Office. IL
that certificate is never presented and
no demand is made FOR the gold it rep
rcsents the gold remains in the vaults,
and the government is ultimately that
much ahead. When bills become worn
or in any way unfit for circulation the
treasury or any of the sub-treasuries in
the country are not only willing but
glad of the chance to make an ex-
change. and thereby put good bills in
circulation. United States notes, frac-
tional currency notes, gold certificates,
silver certificates and treasury notes of
1890 are all redcemable by the United
States treasurer. The assistant treas
urers at the different sub treasury
offices are also authorized to dee m
these bills, provided the bill retains
threetifths of its original proper
tions. If, however, more than two
fifths of the bill is gone the assistant
treasurers have no authority to act,
and the matter must go before the
treasurer. If tw6-fifths of the original
proportions of the bill remain and a
possibility exists that the remainder is
still in existence, then the United
States treasurer will redeem the mutt
lated currency at one-half the face
value.
There are circumstances, however,
under which the entire sum lost will
be made good by the government if
the treasurer is thoroughly satisfied
that the bills have been entirely de-
stroyed This fact has to be made
clear by the party asking for the re-
demption of the destroyed money; a
detailed description of the circum-
h,l niyan. ~ oil ha
sworn to, and the good character of
the person making the application
must be satisfactorily shown by some
! officer with seal. Even after all this
| is done, the matter is still left discre-
tionary with the treasurer as to
whether he will make the loss good or
not The wording of the law closes
with the provision that The treasurer
will exercise such discretion under
this regulation as may seem to him to
protect the United States from fraud. :"
These provisions do not refer to the
national bank notes. which. when less
I than three-tifths of a bill remains,
mvst be presented to the bank of issue.
The main reason for this law allow
! ing the redemption of mutilated cur
rency is that the government. loses
nothing by it. AS already stated, the
piece of paper is simply a promise to
pay, and if this evidence of nations
indebtedness is entirely destroyed the
government, as matter of honesty,
will give the owner new evidence of
the same indie btedness. The former be-
ing destroyed, there would be no pos
sibiiity of the government having to
pay the same debt twice. The same
reason applies TO the redemption of \
bill with part torn off. 1t can be re-
deemed at its face value only when
clearly three-ffths remain, and il any
one should present the other part
| (which is less than three-fifths) he
could get nothing at all for il unless
J showing clearly and satisfactorily that