The Providence news. (Providence [R.I.]) 1891-1906, 1895-11-27
BULLION VALUE.
Allowed on Abraded Coin Redeemed
by the Treasury.
THE CHANCE OF A LIFETIME
For Those Having Oncurrent
Money on Hand.

WASHINGTON, Nov. Y.--So general a
public misapprehension seems to exist as
20 the significance of the letter sent on
Saturday afternoon to the assistant treas
urers from the department, that treasury
officials have been kept more or less busy
explaining and answering questions from
outside.
There has been no radical change in the
rules about shipments of coin-merely
broadening the privilege heretofore exer-
cised by the assistant treasurer at wash
ington, and It's extension to all the assist
ant trcasurers in the United States.
Heretofore, gold coin which has been
abraded past the proportion of one-half OF
per cent OF It's face value for every 20
years OF circulation has been not only re-
fused when presented for redemption at
the sub-treasury, but stamped as incur
rent and returned to the person presenting
II, the expenses for transportation both
ways being charged to him.
An exception TO this rule was made In
the case OF the assistant treasurer in this
city, who was permitted TO receive and
turn In such coins at their bullion valuo
II presented by officers of the government
who had no fine scales, and in payment OF
their balances due the treasury. This was
frequent occurrence with postmasters In
small places. who had received abraded
coin in their official business and were
without means Of discovering how light IL
was.
Moreover, the law gives fnll legal ten
der quality at their bullion Value &c
abraded coins below the statutory weight.
SO that 1t would have been n hardship on
these men. representing the government
as they do to throw back upon them tho
uncurrent coin they had taken in either
unwittingly or under legal tender com.
pulsion.
Everybody Gets q Show.
Saturdays order simply gives the public
Mt large the same right that the officers OF
the government had exclusively enjoyed
up to that time, OF turning in at its bul.
lion value any gold coin, however abraded,
at any sub-treasury in the United States,
and receiving therefor it's full bullion
value in current money, without expense
Of transportation either way.
The value OF gold Of coinage fineness Is
about 35s cents "a grain; but the deduction
60 be made in the case Of abraded coin is
set at cents grain on account Of the
necessity for having a figure into which
our currency is divisible.
The further provision is made that all
shipments to receive the benefits of the OK.
tended privilege must amount TO $500 or
some multiple thereof; this rule was
made for the purpose of saving the sub.
treasury people everywhere an immense
amount Of needless booking and a waste
Of time in handling coin sent in in driblets.
For anyone having uncurrent money on
hand this opens chance for getting rid
OF IL at better terms than heretofore. and
better than will be made again. probably,
for some time, after the present gold
stringency passes over. The order Is ex.
pected to cause general ransacking OF
country shop-tills and tin boxes, to say
nothing of the traditional stocking-toe
and bureau-drawer storage places OF the
''plain people"
The treasury yesterday lost 81, ,l3o, 900 in
gold bullion for export, which leaves the
true amount of the reserve $50, ,92i $50.