The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-10-21


AS they pass from hand to hand they are
transferred on the books of the treasury
department, and when the treasurer calls
them in his notice of the call goes direct,
IN most cases, to the holder of the bonds.
Laws have been made by congress for the
issue OF duplicate bonds to replace those
which have been destroyed, but the condi-
tons surrounding the issue of these du-
pIlcateS make them difficult to obtain.
The law provides that whenever it
appears to the Secretary of the Treasury
by clear and unequivOcal proof that any
Understanding bond of the United States
has, without bad faith on the part of the
owner, been destroyed in whole or in
part, or so defaced as to impair its value
TO the owner and such bond is identified
by number and description, the Secretary
OF the Treasury shall, under such re-
qulrements and with such restrictions as
to time and retention for security or
otherwise as he may prescribe, issue
a duplicate thereof, having the same
time to run, bearing like interest as
the bond so proved to have been de-
stroyed or defaced y etc. The owner of
the destroyed or defaced bond is to sur
render the remains of the bond and file
penal bond with the treasurer in double
the amount of the destroyed or defaced
bond and the interest on it with two good
securities For registered bond to be is
sued in duplicate, the owner Of the origi-
nal has only to file bond in the amount
of the original and interest. These penal
bondS are perpetual, as are all bonds made
to the United States. Every officer of the
treasury who is under bond to-day can be
held under that bond fifty years hence if
any shortage can be traced to his admin
istration. His securities are never
released. 1t is not easy to get together
bondsmen for $500 ,000 and it has hap
pened not infrequently that the owners
of bonds that have been destroyed have
gone to congress for relief. When a du-
plicate bond is issued it is always regis
tered
The largest amount ever issued by the
government in duplicate bonds was
$l,600.000. These were issued under spe-
cial act of congress of Dec. 10, 1878, to the
Manhattan Savings Institution of New
York. They were registered bonds which
were stolen from the bank in the robbery
made famous by Inspector Byrnes' book,
"The Great Bank Robbery The rob-
bers of the Manhattan got eight bonds of
$4,000 each, and 100 bonds of 1000 each.
All of these bonds were on the books of
the register of the treasury as the prop
erty of the Manhattan Savings lnstitu-
ton. That institution went into the
hands of a receiver as a result of 1.-The
great bank robbery" and as it was next
to impossible to give bond for 81 100000,
and absolutely impossible to prove that
the missing bonds had been destroyed,
the bank had to come to congress. Con
greSs directed the Secretary of the Treas
ury to issue duplicates of the bonds upon
evidence clear and satisfactory to him be-
ing furnished that they have not been
assigned, but are still the property of said
institution" and on the further condition
"a n y711Tr1 her Of +bnro no hold in tY1St nv
the Secretary of the Treasury until such
time as would secure the United States
from loss.
ISSUING NEW GOVERNMENT BONDS.
The business of issuing a new set of
bonds is a matter of some moment to the
officials of the treasury department, be-
cause it involves a great deal of labor in
the bureau of engraving and printing, in
the registers Office and in the treaSUrer's
Office. 1t takes some time for the bureau
Of engraving and printing to get out an
issue of bonds. The engraving is slow
process. Then the paper must be pre-
pared. The issue of the renewal bonds of
1891 was printed on paper ten years old
which was lying in the vaults of the bu-
reau. 1t had to be taken out and wet
down, and it was not ready for use for ten
days. Bonds go through the presses three
times. First the tint is printed on the
face of them. Then the form on the front
is printed in black, and then the form on
the back is printed also in black.
These bonds were printed from plates
which were made in 1875. The bond
issue of 1891 was a reissue Of the
bonds of 1873; 50 the bonds were printed
alike. 1t is astonishing how little wear
there is on the tempered steel plates from
which bonds are printed. But this is not
more remarkable than the process of
freshening the plate which has been worn
O little IF bond plate looks at all dull I'M
der the microscope, it is put into the trans
fer press and the cylinders with which
the design Yves cutlinto it are rolled over it
again. Any one who has seen the fine hair
lines in the engraving on a bank note or
greenback will appreciate the marvellous
accuracy of a machine which can be ad
iusted so that the original cylinder,
passing over the engraved plate seven or
eight years after the original engraving
will cut again into the same lines and
simply deepen the impression. The vari-
alton of the thOusandth part of an inch
in the adjustment of the cylinder would
blur the plate and ruin it. The cost
of transferring from the cylinders alone
is about $50 a plate, and that feature
OF the preparation of bond issue
would cost the government fully $500.
The cost of engraving and printing would
bring the expense OF issuing new series
of bonds up to about $4,000. The regis
tered bond is about fourteen inches long
by six inches wide. The old coupon bond
was eighteen by twenty-four inches.
This was the size of the per cent. bond
which was to run thirty years with inter
est payable every three months and
which bore 100 coupons. In the issue Of
coupon bonds the signature of the regis
ter of the treasury is engraved on the
coupons. 1t would be impossible for the
register to sign 100 coupons on each bond.
In some of the heavy issues of bonds the
signature in the body of the bond has
been engraved. But all of the registered
bonds are signed by the register or his
deputy. When these bonds are issued
the initials of the clerk who entered, and
the initials of the clerk who recorded
each bond are written in the corner of IL
so that if there is any mistake it can be
traced very quickly.