The Columbus journal., 1900-02-28
IN THE CELLAR.
Our Correspondent sees the Ghost and
Tells About it.

Our Correspondent sees the Ghost and
Tells About it.
WASHINGTON. ID. c., Feb. "a, 1900.
In years past the reader has often
heard finauciers of the Hbbles-Po
sort tell OF the fiendish work of the gov
ernment in its destruction OF the green
backs. They told how the plutocrats
congregated down in the dark vaults OF
the treasury building and destroyed "the
peoples money" The story always had
ghoulish sound which made young
blood run cold. In fact many older
heads were fooled by this same story.
Yesterday your correspondent went
down through all the vaults OF the treas
ury basement, and took good look at
the machine which is used to destroy
the peoples money" 1t was there, sure
enough, and the guide explained that the
amount destroyed averaged one million
dollars per day, or about $10,OOO.OO per
year. The greenbacks are counted ont
into packages, then run into machine
where they are split in two and punched
full of holes. Then a committee Of three
puts them in a big machine and the
money is ground to a pulp. A treatment
Of acid and water follows, and the pulp
is sold for $40 per ton.
They were actually counting out and
destroying the money while the writer
was there, and this is why. The con-
slant use OF money causes it to wear out
or get ragged. These old bills are turn
ed into the treasury by the banks and
other institutions, in exchange for new
ones. The old bills are counted and
destroyed. But every day enough new
money is printed to take the place of the
old, and down in that basement four
presses are turning out the new bills,
million dollars day.
It was simple enough, and the old
ghost story was explained. A wise gov
ernment was destroying the old, ragged
and germ infested bills of 1.-The peoples
money" and was giving back new bills
in exchange. A good deal like Nebraska
pop finance preachers, whose theories
become ragged and worn, and have to be
replaced.
Down in the vaults your correspond
ent also saw the great stores of gold, sill
YER, paper and bonds, total of $780,
327,947.9O. OF this, $l53, ,933, 600 was sill
ver coin. The dimensions of the silver
vault are 81 by 50 feet. The gold, bonds
and paper money are kept in smaller
vaults. The writer was allowed to go in
and "heft" the packages, although an
imperialistic employe of the government
stood by and kept his eyes wide open.
Most OF the men employed in handling
the money are women. 1t is found that
women have the finer touch and are the |
most expert in handling paper. The
packages are each counted and checked |
by several persona, and any error detect
ed means the loss OF just that much |
salary from the person responsible.
A year or 20 ago when the deposits OF |
"the peoples money" in Nebraska banks |
was found to amount to forty million |
dollars, q pop economic writer" franti-
cally declared "the conditions which |
cause psnics are right ut hand" He was
right. A condition Of plenty always |
causes . panic among the calamityites
A visit to the U S. treasury vaults, the
sight Of the stores Of money, and the
whirline OF the presses on the new issue
to replace the old bills, would make any
populist financier have panic. II.