Shepherdstown register. [volume] (Shepherdstown, Va. [W. Va.]) 1849-1955, 1895-02-28
Queer Revenue.


it has business to transact Uncle Sam
can figure out pretty well before the
beginning of fiscal year that so many
thousand dollars will be put to his
credit on '.pro6t and loss" account be-
fore the year is over This profit will
come from bond and bank notes de-
stroyed and never presented for re-
demption, from money orders which
are lost and never duplicated, and from
stamps which are not put to the use
for which they were intended. These
profits are never cast up, because debts
of the Government are seldom outlaw
ed. But they are as real as though
they were credited to Uncle Sam on
the books of the Treasury.
OF course it is no fault of the Gov
ernment that this profit accumulates
Every effort is made TO find the mau
to whom the Government is indebted,
and every reasonable opportunity is
given to him to claim the amount of
the indebtedness. In the case of a
lost or stolen bond he has simply to
prove ownership and give an indemnity
bond to protect the Government against
loss. In the case of Treasury note
injured by fire, he has to send in the
charred remains, and the Treasury ex-
perts will decipher, as far as possible,
the value of it Dts original value)
and the money will be restored to him.
In the case of a money order, both the
remitter and the remittee are advised
again and again that the money re-
mains unpaid. Still, claims against
the Government aggregating many
thousands are left unpaid every year
and the total of even the last thirty
years will run up far into the millions.
Even in the matter Of unpaid money
orders the Government has just made
an accounting Of 81 100000 earned in
the last thirty years and now turned
into the postoffice department fund,
probably never to be repaid to its
owners.
The greatest source of unearned IN
come, of course, is the destruction of
the Treasury notes. Nearly Sl5,O ,OOO,-
600 have been made by the Govern
ment up to The present day, as nearly
as can be estimated, by the DESTRUCTION
of Treasury notes. Here is the state
ment in detail of the notes and certif-
Gates issued by the Government esti-
mated to have been destroyed beyond
all possibility of redemption up to
January l, 1891 United States notes,
$5,4l0,54l; silver certificates, S447,-
OO4 gold certificates, 100000; Ma
tional bank notes, S6,394,555. Total,
$l2,452l00.
Mr.. Huntington, the chief Of the
loans and currency division Of the Gov
ernmeut, estimates that not more than
one or two millions have been destroyed
since January !, 1891. The careless
ness which prevailed during the war
period, he says was responsible for a
large amonnt of the missing money,
and the destruction now. while it in
creascs in proportion to the increase
- he amount Of money issued, is not
Hcroportionately as it was at
! thatS - amounts probably to
less than In lion dollars every
year. ~
AS to the amount represented by
unredeemed coin and abrasions o.
gold and silver coin, that would be
hard to estimate accurately. 1t Is es-
timated that 100000 worth Of silver
coin is used every year in the arts;
and as the coin value Of this IS only
about $50 900, the Government makes
! $4,000 by the transaction. There is
about $50, 900 worth Of abraded silver
coin purchased during year at its
bullion value and recoined, and on
this the Government makes the differ
ence between It's face value and the
bullion value, less the cost Of coming.
The amount of silver and gold coin
which has disappeared from circula-
ton and which will never be present
ed for redemption cannot be estimated.
In the case of the gold coin there is no
| profit to the Government. In the case
Of the silver. the profit Is twenty to
forty cents on each dollar. according
TO the value Of the silver when the
dollar was coined.
OF the issGe of the fifty million dol
lars worth Of bonds which has just
been made certain proportion will
never be presented for redemption.
The Treasury Department could figure
in advance, If the Secretary wished to
do so, Just about what the profit on