The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-07-06
REDEMPTION OF STAMPS
LOCAL BANKERS THINK THE GOvs
EMINENT SHOULD DO 1T.
The Loss in Stationery 10 Each Bank
Will Amount 10 Several
Hundred Dollars. 3

1T seems 10 me-" said a local banker yes.
terdsy. that this great government Of
ours ought TO be able to devise a plan by
which IL can redeem the war revenue
stamps that are imprinted on bank checks,
drafts and deposit certificates without conn
polling banker to lose their valuable sta
tionery. We did not bring on the war. and
We do not think that we ought TO be made
70 suffer this additional loss on account Of
it. We have paid the war tax cheerfully,
or at least without complaining. and surely
that is enough without depriving us OF sta
tionery that cost US a great deal Of money
and that can be OF no possible value 10 the
government"
A visit to the various banks of the city
disclosed that the banker thus quoted was
not indulging in idle talk. The Merchants
National Bank has about $1,000 checks.
drafts and deposit certificates bearing the
imprint OF the war revenue stamp. and all
these will be sent to Washington for re-
demption. The loss on stationery will
amount to between 1915 and s40O.
The Indiana National Bank has on hand
about 100, 600 of these pieces Of stamped pa
per for redemption, and the loss win
amount TO something like $500. At the
II ttSLcE MUTUAL Ddl-A lis Itpoiltl Ndc
informed that the officials have not yet fig
ured up their probable loss on this ac-
count.
w. f. Churchman. cashier OF the Capital
National Bank. said that the directors OF
that institution have decided not 10 for
ward their drafts for redemption OF the
stamps printed on them. W have our
drafts engraved from a specially-made
they cost US about l cent apiece. Now, you
see that If We were TO destroy what drafts
we nave on hand and buy new ones they
would cost . cents apiece. That is all we
would get from the government on account
Of the stamp engraved or the drafts. So
we have decided TO keep our fine stationery
do not cost nearly SO much, and We will
forward them for redemption"
Mr.. Churchman'S remark about the steel
plate used In printing Capital National
Bank drafts caused inquiries TO be put to
other bankers. with the result that it was
found that all local banks have their drafts
made In this way. The plate from which
our drafts are printed. said Mr.. Malott. or
the Indiana National Bank. lis the same
that was designed by me in 1851. when I
was teller in the bank 1 expect you had
better not publish that date. though. for
my friends will think / am as old as
Methuselah. when ] feel like a boy. AS q
matter OF fact, l was a mere boy in 1851.
Mr.. Malott recalled In this connection
that he was one OF "A number OF men that
worked hard TO secure the repeal of the
civil war tax on bank checks and drafts.
THAT tax was repealed IN leSl. he said.
but the government ala not make tho
bankers lose their stationery. Instead or
that they returned our checks and drafts
with the word Redeemed printed across
their face and We were permitted TO use
them. OF course. IL required an immense
amount of clerical labor TO handle the
checks and drafts in that manner, and II 10
barely possible that the government off,
Gals made their recent order OF redemption
without return of stationery because they
recalled the vast amount OF labor entailed
by their method of procedure when the
civil war tax was repealed"