Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-12-09

the account closed. The bonds win proba-
bly, be kept much longer than the checks,
The work of registering and filing the
checks Is not so complicated now as II used
to be, as the only active loans Of the gov
eminent on which interest is being paid
quarterly are the consols of 1907 lOlS-25.
1925 and 1880. thus entaiing work on but
four sets Of checks.
The file rooms are most interesting places
to visit. The rooms are given I'D to shelves;
shelves on every side of them. and cabi-
nets packed as closely as possible In the
center consisting of nothing but more
shelves. Each set OF checks Is wrapped In
separate bundle. each bundle bearing a
tin label that determines at once the ma
ture of the loan, the amount and the report
number by which the bundle is referred to
from the bank.
Highest Rates of Interest.
In this connection 1t is interesting to note
that the highest rate of interest paid by the
government on any loan was on the severn
thirties, as the bonds were called. of 1851.
1854 and 1866. The rate of interest on these
securities was 7.3 per cent 1t is also In
teresting to note that the best counterfeit
ever made in this country of a government
security was one of these 7-3O notes. but
the author Of the work was caught. with
all his tools and the notes in his possession.
before he had time to circulate any of
them It is probable that had thew been
put In circulation the genius who made
them would have secured millions Of dol
lars. -
The interest checks on file in the depart
ment show some enormous holdings of
United States securities by individuals The
largest check ever drawn by the govern
ment in favor of one man in payment of
interest on loan was that drawn in favor
of William H Vanderbilt as q quarterly
payment on his holdings Of the loan of 4
per cent consols of 1S77-19O7 The check
was dated April 1, 1882. but it was only one
OF series Tor IKE amount that the IA
nous financier received quarterly for sew
eral years, and was signed by James Gil
lillian, then United States Treasurer and
countersigned by w. H. Gibson Mr.. Van
derb1lt received a yearly interest of 81 .922 =
900 on his holdings, which amounted to
600, SO that the check in question
called for $48O,50O 1t is now in the pos
session of the currency bureau Of the Treas
ury Department and is exhibited to visitors
and sight-seers who daily throng the cor
r1dors OF the building. 1t is Endorsed "W.
q vanderbilt" and was turned over to the
Bank of the Metropolis in New York for de-
post. -. -
1t is rather an interesting occupation for
some. to compute the interest on this one
great loan Of Mr. Vanderbilt's. Every wear
he received 81 1922 900. which amounted to
$4aO,5o quarterly. s16O. 1866 monthly,
&265.15 weekly and $219. 40 hourly, not to
say $3.50 for every minute of his time,
night and day
OF all the loans of the government that
known as the popular war loan of 1898 en-
tailed the most clerical work on the clerks
OF the Treasury Department, since bonds
as low as $40 were sold. AS much care had
to be taken to keep track of a $40 bond as
Is exercised in the case Of one for many,
many times that amount, so that the time
and labor that had to be expended on this
loan was almost incredible.