Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1902-02-20
UNCLAIMED FUNDS.
Money Orders That are Not
Called For.
Few are Found in the Postoffice il
This City.
In Country Some are Lost, but Mum
Der is Small.

1t is remarkable fact that the
money order and registered letter sys-
tenn of the postofilce service of the
United States is the most perfect of
any similar system in the world. Very
little money is lost because of being
unclaimed. -,
In the Augusta postoffice a very
large business is annually done in
money orders and Registered letters.
and yet Clerks Dodge and Williams
say that very few unclaimed letters or
advices are known Last year the
Augusta pOstOffice handled nearly So
200 registered letters and the number
sent to the Dead Letter Office was very
,smah. Mr.. hodge says that out of the
many thousands of money orders re-
ceived here only one is now awaiting a
claimant.
Unclaimed funds is always an al
Turing title to the public, and perhaps
there IS no, more popular error, which
has gained Credence by going the
rounds OF the press. than that there lies
on deposit in the vaults of the treasury
of the United States in Washington the
sum of about $2,50O,OOO accumulated
of the amounts of thousands of unpaid
and unclaimed money orders, awaiting
claimants, like funds held by the Eng
lish courts of chancery, to which thou
sands of Americans believe themselves
to be entitled.
No doubt this belief has caused
many persons to rummage through
their effects stored in dusty garrets in
| 4 hn Of inn \
money order. or two with which to as
sault this fund" to the extent of the
Figures thereon.
| Should their search be rewarded by
the finding of an old money order, in
vestisation as to its prior payment will
be promptly made by the postOffice de-
partment upon its receipt in Washing
ton. and if it be found to be unpaid the
government willspay the amount to the
rightful claimant as the government is
always ready to meet its money order
obligations upon. demand and proper
identification of the parties.
! The government of the United States
in it's money order transactions does
not avail itself of technicalities nor
lapse of time. as is the case with some
of the foreign postal administrations
For instance. in Great Britain money
orders lapse as payable vouchers after
a certain number of years. and the
funds thus obtained revert to the royal
treasury. amounting. 1t is understood,
to as high as $4,000 in a year.
In discussing this matter. recently.
Superintendent ]. T. Metcalf of the
money order system said:
1T is a mistaken impression on the
part Of the public to suppose that there
Is segregated fund of the kind. I'm
der the acts of Congress of 1882 and
1894 the department deposited at va
,,rioqs times $2,25O,OO0 of funds corre-
spending with tho amount Of unclaim-i
ed money orders and no doubt the
impression thus got abroad as to the
Segregated fund. This money was
covered into the treasury in the usual
manner, applied to the expenditures on
the account of postal affairs, and not
kept tied up to meet any demands
which might be made of the nature
under discussion, Unclaimed money
orders are paid out of the ordinary and
usual postal funds on hand by regular
Isystem.
"A large portion of the above named
fund, which was covered into the treas
ury, accrued from the amounts of un-
paid money orders existing prior to
1882. At about that time there was a
radical departure from the then exist
ing policy of the department as to the
payment Of money orders. Then in
formation concerning the payment of
a money order was withheld from the
lpayer and the remitter. and neither
was informed as to it's non payment.
This was found to be mistake. and
1.-The amounts of these unclaimed money
orders necessarily accumulated, as 1
have stated. J..
| of late years every practicable eff
fort has been made to effect the pay
ment of orders within the shortest pos
,sible period after the date of issue.
The department at present transacts a
money order business of nearly $1,000
1000 day. 1t is estimated that the
leverage money order is paid within
five days after issue. the average mons
ley order amounting to ST. There Ia In
transit, therefore, of unpaid money or.
,ders about $a,O09000 constantly, Post
masters are required to notify all
payees of unpaid money orders at their
offices within 80 days after the receipt
of the advice. and some days after the
receipt of the advice. and some go to
/, even more energetic measures to have
the people call and get their money.
The result is gratifying alike to the
public and the department, and the
number of unpaid orders has been
enormously decreased.
But the department does not step
here in it's effort to PLACE the money
ieither in the hands of the payee or the
J, remitter. At the end of q year from
Its date, pestmasters send in all at
the unpaid adyices on hand technically
known as invalid advices. The de-
partment then undertakes the taak of
trying to get the money into the
bands of the remitter. no stones being
. left unturned to accomplish the purpose.
a This repayment. when the remitter
:. is located, Is accomplished by what is
known as a warrant These invalid
advices average about $1,000 month.
demonstrating that out Of the $685.
600. 900 Of money orders annually is
sued and paid at present. payment is
effected at postoffices Of all but about
$4,000. and this sum is greatly scaled
down by payments effected by the
| means Of warrants issued in Waah-
ingtOR.