The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-17
EXCHANGING NEW FOR OLD MONEY
Subtreasury Clerks Busy Counting
and Sorting MutiIated Currency.
New York Evening Sun

Now that the busy season of holiday
trade Is over, the clerks in the United
States subtreasury in Wall street are at
work from early morning until late at
night sorting and counting the many hun
dreds of thousands of dollars in or
mutilated bills and coins of all denomina-
tons which are received daily from the
banks and large stores in this city and
vicinity to be exchanged for clean money.
New York." said Mr.. Marion, one of the
treasurers assistants, cleans up its cur
rency better than any other city in tht
United States. Fully three-hfths of tn,
worn money returned to Washington is sent
through this office. During the month of
January there is less demand for ready
money than at any other season of the
year. The banks take advantage of the let
up in circulation. to revise their cash. The
consequence is that on some days in thi.
month the daily exchanges run up to the
81 100000 and ovEr. Some of the bills are lit
tie more than Shreds, while others are only
slightly soled. They are all destroyed,
however, as the treasury never reissues
any bill which is not clean.
THE coin is, of course, not so easily worn
out as the paper currency, but the rules
governing the issue of the metal pieces are
far stricter in this country than I'm Europe.
The difference is particularly marked be-
tween the custom prevailing in the English
banks and in those of this country. over
there the bills are never reissued, no mat
ter how perfect their condition, while the
silver and copper currency is allowed to
become worn SO smooth that 1t is often
difficult to decipher the inscriptions. Here
the 1-cent pieces, nickelS and dimes are re-
turned to the mint for reconing as soon
as they show signs of wear. This is done
not only for the sake of appearance, but to
reduce the chances of counterfeiting.
THE men employed 10 do the sorting are
obliged to possess great experience If
when the packages are opened in Washing
ton. they are found to contain any counter
feits or If the count of the package is short
the treasurer in this city is notified and
he amount is deducted from the salary of
the clerk who made the mistake. AS one
of the clerks remarked, Uncle Sam has no
profit and loss account
mo notes are exchanged in the sub
treasury which have mad more than two
ffths of their surface destroyed In the
main office of the Treasury Department in
Washington. however, any fraction of a
note presented may be redeemed il the per-
son presenting the note can give salts
factory proof of the destruction of the
other portion. In cases where. the notes
are torn and the owner is unable to prove
that the missing portion was destroyed, the
Treasury Department will pay a sum to
the owner equal in proportion to the size
of the section presented.
The rules in regard to the redemption of
coins are very stringent. No coins will be
received by the department which are in
the least mutilated. A small initial
scratched with a pin point on the surface
of the coin is enough 10 render ii value
less in the eyes of the inspectors Pieces
which are merely worn smooth by use will
be exchanged however, if they retain
marks enough on their surfaces to identify
them United States coins"