The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-10-07
MONEY BY REGISTERED MAIL,


,n,n,.nce Companies
,'aa, yorI, Post; a novel feature In
,so shipments of currency 70 An'eF'aF
lint. and particularly 10 the south
- ,,.sf bv local banks this fall Is
. "" great extent to which the register
~ "a mail service is being used for that
snrnos,. instead of the money being
ahmed by express as was formerly the
General custom. The reason for this is
,be inability OF the banks TO secure this
,sor through the sub-treasury'tae ben
"a, NJ the government contract rates
sor the expressase. AS result of
,bat the banks have had to pay what
ave known as bankers rates TO the ex-
rress companies, which are two or
.bree times as great as the go~rn-
mem. contract rates, or ship their mo-
neg by registered mail
The course OF the treasury In respect
>, This matter has been explained from
,,me to time In the Evening Post, so
ar as any explanation could be OBJ
,,,ned. Heretofore the treasury gladly
ave 10 the banks the privilege OF ship
s,rg currency at the government con-
,r,ct rates, or rather, shipped the cur
roncy for the banks at the government
rotes in return for gold deposits. a
.Iousa however, was Inserted In the
contract with the express company
when It was last made by Nhieh suetl
privileges should only be auorded 10
the banks when the treasury Needed
gold. The discretion In the matter
apparently rests with the secretary or
ihe treasury, and he has seemingly de-
clded that the treasury does not want
cold now. Consequently the banks
cannot have the benefit OF the govern
ment contract rates for expresSage,al-
though bankers generally seem TO
think II would be better for the treas
ury always to take gold when II can
without loss, The treasury ruling
however, has not helped the express
COMPANY very much, because nearly all
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
nv registered mail, and insure It's safe
delivery In one or other of the compan-
les which make specially OF that
business.
The cost OF postage and insurance Is
much less than the usual express
charges at what are known as bankers
rates. For New York bankers, howev~
or. would remit money In that way, un-
less they we're directed to do so by
their correspondents They would
rather ship Il by express, even though
II cost more 10 do SO, because they
consider It the safer way.
II money is lost by on express com"
pany during transmission. the loss Is
promptly made good, whereas bankers
say, ii takes q long time, and Is
troublesome task, TO recover the
amount when the money Is lost In the
malls. The government is not respon-
sihc. Il only promises to take greater
Gaze Of a registered package for which
the registration fee OF eight cents Is
charged; II cannot or does not guaran-
tee It's delivery OF reimbursement. In
case Of loss. The cashier Of large
national bank which ships many thou
sands of dollars every day ia It's cor
RESPONDENTS all over the United states,
In speaking Of this matter to-day, said:
The conservative banker still pre-
fers 10 send money hy the well known
express companies: but, TO save ex-
ppnsr, since the government refuses 20
remit for the banks ans longer at gov
eminent contract rates, the country
hanks are apparently willing to take
the risk Of transmission b. registered
al n tngnE-
ance company's policy for it's safe de-
livery. Notwithstanding, however, the
registration and insurance. the risks Of
sending large sums of money by mail
are very great. A package of currency
which Is forwarded by the registered
mail department OF the postal service
has no distinctive mark indicating its
value; a pencil receipt Is given for II
Just the same as for an ordinary letter
or package OF merchandise. The pack
age OF money Is thrown In With pack
ages OF merchandise OF all sorts, and
no more care Is taken OF II than IS ia
ken with box OF shoes or package
OF gloves. The registry clerks receipt
is not document that is as well
known or as satisfactory as the receipt
Of the receiving clerk Of an express
company, and in case o! the loss Of the
package, the DELAY in the recovery OF
the money Is interminable.
For instance. a few years ago,
southern bank ordered from ITS New
York correspondent. 10000 IN currency,
the moneg to be sent by registered
mail. The package was put, or sup
posed to have been put, Ia a certain
through pouch. but when the pouch was
opened IN the southern postatlice IN the
presence OF the president OF the bank.
who was anxious about the arrival Of
the money, the package was not there.
Investigation by the postoiilce author
tiles failed to discover It's whereabouts
and the Insurance. company which had
issued a policy guaranteeing It's safe
delivery was no more successful and
it wns a long time before the bank was
reimbursed for the loss. The lnconve-
nience caused 10 banks bv the non-re
Cnipt of money on time could not he es-
tlmated. In some cases, as In times OF
panic for instance the delay might be
fraught with very serious C0nsc-
quenCeB. A year or 20 after the loss Of
the money referred to, other missing
articles were traced 10 n certain dis
honest postal employe, and the secret
Of the missing money package was
then solved by his confession.
"On the other hand, the express
companies locate missing packages OF
money or make good the loss promptly,
without technicalltIcs or delays They
mr.. responsible, and banks run no risk
IA shipping by them. Their employees
are chosen solely on the ground OF abil-
itF and trustworthlnesg, ana they are
therefore more likely to be accurate
and prompt than postal employees, who
owe their places more or less to poll
tics. notwithstanding the civil service
examination. while It is true that by
insurlug money sent by registered mail