The evening times., 1899-05-02
A BOON IN MONEY ORDERS.
A Great Gain for the Postomce De-
nARfnaHnf-

-paftment.
The action Of the New York banks re-
Gently in announcing their determination
to charge a least 10 cents exchange on all
small checfs Except in certain cases. has
resulted toAhA benefit of the money order
branch Of the 'Postofice Department and
the business is rapidly increasing. 1t has
long been the custom Of depositors. when
paying pas,a small bills or remitting for goods,
check for the amount. which check passed
through the, banks without charge. The
banks. however, found SO much OF this
business on their hands as to render the
collection OF the checks a matter Of con-
siderable annoyance and cost to them and
now charge collection fees in many cases
where none was charged before. This
has tended to discourage the sending of
small checks as for 81 to s., through the
mails. and 1t is believed money orders
Will be more generally used for the re-
mltting OF small sums OF money. The
money order business is increasing so rap
IDLY 1t Is almost beyond comprehension.
Last year 1t amounted to $205. 900. COO.
rms was an increase of SIG, ,00O, 900 over
the preceding fiscal year. For the year
ending June 80. 1899. 1t Is expected the
increase will be more than $25, 900. .UVU,
and the total volume of business will be
over $3.50. .000, ,O00 The business for the
last six months of 1898 was so, 1000. 900
more than for the corresponding period
OF 1897. 30 the increase anticipated for the
present fiscal year was $4,000, 900. To
this the department adds S., ,OO0, 600 for the
additional business thrown to the Money
order Bureau by the action of the banks
regarding small checks. making the total
increase of $25. 100000.
To meet the demands Of the tremen-
dous business Of the money order branch
OF the postal service. a new form of money
oiuer fas been designed. and will be in
trcduced some time next September. Great
fauit has been found with the form now
in use and many efforts have been made to
change 1t but without success The pres
ent form was adopted by the Dockery
Commission when it Investigated the
workings OF the postoffice, the sixth audi
tors office. and the money order depart
ment. Owing to difficulties in cutting the
edges Of the money orders and in the
auditing the department has long sought
a substitute. The two qualities most de-
sirabie were simplicity and the prevention
of fraud.
Mr. Metcalf. the CHIEF of the money
order division. has produced one which
he thinks will overcome all the objections
to those now in use and quantity of
sample books have been sent to ihe larger
postoffices for examination. The verdict
Of all so far has been one of approval and
the form will likely be adopted by the
department. Instead Of the cumbersome
sheet row in use. which Is divided into
three parts. and which does not at all
correspond in size or shape to the ordin-
ary bank check. Mr.. Metcalf proposes TO
have a money order the same size as the
bank draft. They will be bound IN books
and under each order will be letter CT
advice. In filling out the money order a
-. 10, sod and ~h.va h..
name OF the payee and the amount Is writ
ten in the order it will be written IN the
advice also. There has been much trouble
with the present form because clerks.
when in a hurry. would neglect to fill out
the advice at the same time as the money
order and the advice would later be NIL
ed out and sent to some other office. In
the new order this could not happen. At
tached to the advice is receipt, which Is
also filed in when the money order is
drawn and stamped at the same time
BY this means the remitter always has
his receipts properly dated and showing
the office where the order was purchased
II he asks for a duplicate il is no trouble
at all to take his receipt and find TO whom
the order was issued and for what amount
No receipt is given at present. The order
advice, and receipt are all numbered alike. |
The object sought was, according to Mr. |
Metcalf, to do away with mechanical de- |
vices The operation of the cutter by |
which the amount o! a money order is in |
dicated on the margin was found TO be be- |
yond many persons, especially careless |
clerks. and the perfcrating machines used |
in banks and business houses were out OF |
the question. Consequently it was desired |
ito replace the device with the advice"
as Mr. Metcalf put it. and this he believes |
he has done satisfactorily.
One good result expected from the in
crease in the business of the money order |
department and change Of the form of
order is reduction in the price of the or
ders. particularly in the orders Of large
The more business done
the cheaper the orders can be furnished.
and the cheaper they are the mora business
is done. II is believed that at the next
session Congress can reduce the price OF
the orders again, making the orders for
s1G0 sell for 25 cents additional
instead Of 30 cents as at present.
As the printing OF the new orders
will cost but half OF the present ones,
saving will be effected there
there is no desire to operate the
money order business for a profit. one is
obtained by the Government. After pay
ng all expenses OF the bureau. something
ike 81. .250.0o0 was turned into the Treas
Ter division. 1t is estimated that the time
,f the clerks employed in the postofiice in
handling this business costs the Govern
nent $500, 900. so deducting this, the sum
of $3.50. 900 Is left as net profit.