Chicago eagle. [volume] (Chicago, Ill.) 1889-19??, 1897-11-06

II. Rice. Secretary.
ciied that the treasury does not want
gold now. Consequently the banks
cannot have the benefit Of the govern.
ment.contrnct rates for expressage, al.
though bankers generally seem to
think II would be better for the treas.
ury always to take gold when 1t can
without loss. The treasury ruling,
however, has not helped the express
company very much. because nearly nll
the country banks to whom money Is
remitted, and who have to pay the cost
Of transmission, direct their New York
correspondents to ship the money by
registered mail, and insure Its safe de.
livery In one or other Of the companies
which make a speciality Of that bust.
ness.
The cost Of postage and insurance is
much less than the usual express
charges mt what are known as bank.
ers' rates. Few New York bankers,
however. would remit money In that
way. unless they were directed to do
80 by correspondents. They would
rather ship II by express, even though
1t cost more to do SO. because they
consider It the safer way.
II money IL lost by an express com
pany during transmission, the loss II
promptly made good, whereas, bankers
say, It takes long time, and is a
troublesome task, to recover the
amount when the money Is lost in the
mails. The government is not resp0n-
sible; II only promises to take greater
care Of n registered package, for which
the registration fee of eight cents IL
charged; It cannot or does not guaran.
tee Its delivery or reimbursement In
case Of loss. The cashier Of a large No.
tional bank which ships many thou.
sands Of dollars every day to its CORE.
spondents all over the United States,
In speaking Of this matter, said:
'The conservative banker still pre-.
fers to send money by the wcll.known
express companies; but, to save ex.
pense. the country banks are apparent.
~ willing to take the risk Of transmits.
sion by registered mail, with the guar.
antee Of an insurance company's policy
for Its safe delivery. Notwithstanding,
however, the registration and insur.
ance, the risks Of sending large sums
Of money by mail are very great. A
package Of currency which is forward.
ed by the registered mail department
Of the postal service has no distinctive
mark indicating Its value; a pencil re.
ceipt il given for It Just the same 40 for
an ordinary letter or package Of mer.
chandise. The package Of money is
thrown In with packages Of merchan.
disc Of all sorts, and no more care In
taken Of 1t than IL taken with box Of
shoes or package Of gloves. The
registry clerks receipt is not a dOcu.
ment that IL as well known or as salts.
factory as the receipt Of the receiving
clerk Of an express company, and In
case Of the loss of the package. the de.
lay In the recovery Of the money Is In.
determinable.
ION the other hand, the express com.
panies locate missing packages of
money or make good the loss promptly.
without technicalitles or delays. They
| uTe TebuOubiulcp uuu uuuNb Tuu uO Tibhh
In shipping by them. Their employees
are chosen solely on the ground OF
ability and trustwOrthiness, and they
are therefore more likely to be accurate
and prompt than postal employees, who
owe their places more or less to politics.
Notwithstanding the civil service exam
inatiOn. While 1t IL true that by In.
suring money sent by registered mail
there Is some guarantee against loss by
non.delivery, It is equally true that
there IL considerable risk Of loss II the
insurance company stands on techni.
calities. The technicallties to be OBJ
served by a remitting bank In sending
money by registered mail when the de-
livery Of the money Is insured by one
Of the local insurance companies are
very great compared with the simple
but safe methods Of the express com
panies, and unless some new regula
tiOns are made by the postal authOri
ties for sending money by registered
mail conservative New York banks will
certainly prefer to ship by express
New York Post.