The times., 1899-11-05

honesty Rare-Detaus of system.
The average life OF a one two Eve ten.
and tweuty-dollar bill is about four years.
and then they find their way into the re-
demption division OF the Treasury Dspart-
ment' where they are destroyed and new
notes issued TO the owners. Bills aggre-
eating about sI.000ooO in value are re-
deemed every day Of the year. Sundays ex-
cepted.
The money sent IN for redemption comes
principally from the banks although every
now and then large sums are sen TO by
private parties. There are nine subtreas-
uries in the country. located as follows.
New York. Boston, Philadelphia. Balti-
more. New Orleans. Denver. san Francis
CO. Cincinnati, and st. Louis. Tae banks
in these and surrounding States send Their
money 20 the su5treasury, and it IS then
shipped to the redemption division. where
it is replaced with fresh notes val h IN
turn. are sent to the subtreasury for The
banks The banks pay express char ses
both ways, but many banks send their old
notes direct to the redemption division.
The United States Government has spe-
cial contract with the United States Ex-
press Company for hauling this money sent
/ in for redemption. The charges. which are
said to be very reasonable, are psid b. the
Government and the amount deducted from
the money due the banks. The Washing
ton banks and private individuals have an
advantage. for they can obtain fresh mo ey
at any and all times in exchange for that
worn or mutiIated. and there are no ex-
press charges Hence il is that the ciJi-
| zens Of Washington rarely see paper money
that has had much wear and tear
Old Notes for Redemption
Albert Relyea, chief OF the redemption
division, told a Times reporter that oc-
casionally notes issued by the Government
during the early days Of the civil war
come in for redemption. Many OF these
notes would not be recognized as money
by the people Of this generation Not
long ago he said. a bank sent in for re-
demption $1,000 compound interest note
which ceased to draw interest over twenty
years ago. The bank received in return,
although il did not mention anything
about the interest, little over $500.
Sometimes the old issues sent in for re-
NACAiA PtAulAs 4Ac cuAAs dA a. t4EdG anu LlEcA
looking as new notes. They had prob
ably been locked up in a safe or trunk.
and had been overlooked by the owner.
At one time the Government burned al
the redeemed money, but now il is macer-
ated and sold TO a paper company for $40
per ton. Speaking Of the manner in which
redeemed money is handled. Chief Reiyea
said, The bulk OF the money is sent in
by banks. II comes in packages, which
in
company. delivers a package said to contain
S10,0G0. We give a receipt TO the effect
that a package said TO contain that
amount has been received 1t is opened
and turned over 10 an emplOye, who counts
the money. II sometimes happens that
the package is short, and the bank is noti-
fed Of the error. The bank viii cften
protest, but the protest avails nothing
When an error is discovered BY the first
counter il is turned over TO an expert to
see if the first count was correct, but mis-
takes on the part of counters are very rare
Now. il sometimes happens that, instead
Of $4,000, the package contains several
hundred dollars in excess We notify the
bank Of the fact and the bank officials are
very grateful.
How the Notes Are Treated
after the money has been counted. it is
put up in packages and four holes punched
through it. one in each corner OF the note
The package is then cut in half Ons-half
( goes 10 The office Of the Secretary Of ths
+ Treasury and the other half to the Office
Of the Register Each half is counted and
must tally with our count That acts as a
/ check on our division. Rarely indeed does
4 an error occur, and. should one be found,
we can tell in an instant who made it.
! The system Of checking is so perfect that
/ it is almost impossible for anyone 70 ab-
/ stract any of the money sent in for redemp-
| ton without being detected And vet,
! Chief RHyea said, there have been Instances
I where money was taken, bur the offenders
/ were caught Some years ago he said.
/ package Of money sent by a Western bank
/ for redemption and marked $500 when
/ Opened was found 70 contain only $500 and
/ a lot of paper OF the same size as the notes.
/ The express company had to make good
/ the loss. The express messenger Who had
| charge of the package was arrested, but
| nothing could be proven against him. For
/ many years. il was the custom Of the Treas
/ ury when bills were sent in for redemption,
accompanied by a letter saying that the
sender had found the money, to condzcate
IL. but since the recent decision of the
| C0mUtroIIer of the Treasury thar the Gov
/ ernTuerl has no authority TO cOudSCats bills
sent il for redemption by the finder OF tns
same the custom has been abandoned. The
/ Comutroller's decision is retroactive and
much Of he money Of this character which
had been confscated has been returned to
the persons who had sent it ia for redemp-
I +inU