Pine Bluff daily graphic., 1897-10-31
SHIPMENT OF MONEY.
Reasons Why Hanks Prefer to Remit
 Funds by Express.

ern DaHks nave recently used the reg istered mail service for the transmis sion of currency to and from the bank ing centers of the country has caused considerable comment The reason is found in the inability of the banks to secure this year, through the treasury Of the United States, the benefit of gov ernment contract rates from the ex- press companies. Prior to this year he treasury gladly shipped currency to banks at government rates. in return for gold. In the last contract with the express company, however, clause was Inserted by which such privileges should be afforded to the banks only when the treasury needed gold.
 i The secretary of the treasury having decided that the treasury does not need gold now, the banks cannot participate in the advantages of the government contract and to save transmission charges country bankers have directed their city correspondents to make ship ments intended for them by registered mail.
 The cashier of a large national bank hich ships many thousands of dollars every day to it's correspondents all over the country, In speaking about this mat ter with New York Evening Post re- porter, said:
 "The conservative banker still prefers to send money by the well-llnown ex= press companies; but, to save expense, since the government refuses to remit i for the banks any longer at government contract rates, the country banks are apparently willing to take the risk of l transmission by registered mail with i the guarantee of an insurance com pany's policy for it's safe delivery. Not withstanding, however, the registration and insurance, the risks of sending large sums of money by mail are very great. package of currency which is forwarded by the registered mail de- partment of the postal service has no distinctive mark indicating it's value; pencil receipt is given for it just the same as for any ordinary letter or pack age of merchandise. The package of money is thrown in with packages of merchandise of all sorts, and no more l care is taken of it than is taken with box of shoes or a package of gloves. The registry clerks receipt is not doc ument that is as we'll known or as satis- factory as the receipt of the receiving clerk of an express company, and in case of the loss of the package, the delay in l the recovery of the money is intermin- able.
 "On the other hand, the express com nanies locate missing packages of l money or make good the loss promptly, without technicalittes or delays. They are responsible, and banks run no risk in shipping by them. Their employees are chosen solely on the ground of abll= 1 itv and trustworthiness, and they are i therefore more likely to be more ac- earate and prompt than postal em- ployes, who owe their places, more or less. to politics, notwithstanding the civil service examination. While it IS true that by insuring money sent by registered mail there is some guarantee against loss by non-deliyery, it is equal i h true that there is considerable risk of loss if the insurance company stands on technicalties. The slightest in- formality in the observance of the terms i O1 an open pO4lCy lSouCd pJ ob 4hS' 'AA eeA VI company renders the policy invalid, and would in the case of a missing package cause the loss to fall on the consignor. The technicalities to be observed by remitting bank in sending money by registered mail when the delivery of the money is insured by one of the local in- suranee companies are very great com pared with the simple but safe methods of the express companies, and unless some new regulations are made by the postal authorities for sending regis tered mail conservative New York banks will certainly prefer to ship by ex- press"
 The cost of postage and insurance, says the Post, is much less than the usual express charges at what are known as bankers rates. Few New York bankers, however, would remit money in that way, unless they were directed to do so by their correspond ents. They would rather ship it by ex- press, even though it cost more to do so, because they consider it the safer way.
 Walters First Dip.
 Walter T. was six years old. He never had seen the ocean. We were