Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1908-09-24

dcmption Is from 100000 TO $500 900
The experience OF this year has been
| unusual. Tho shrinkage in general bust
ness has resulted In flooding the treasury
with bills for redemption. Even with
nearly doubled force OF counters and
corters It was for n time impossible to
keep MP with tho food. At one time
tho amount held for redemption wns In
excess Of S67.cooo 900. An increased force
and improved business conditions will
In n few weeks restore me normal
The circuit has now oe-n completed.
The notes have been Issued to the banks
by the treasury. have been put into cir
culntion by the banks, and have come
back. az they do In longer or shorter
time, TO the treasury for redemption.
Their return Is a strictly routine process.
A note may he out for years, or II may
come back to the treasury IN a few wccks
II 1t Is In good condition It will be paid
out again. n In bad condition IT will
! he destroyed and another issued in its
| place, IF so desired by the issuing bank.
More than onc-third Of the amount In
circulation was destroyed and rrpla cod
| last year We have therefore seen how
the DIS got out have seen that they get
PACK TO tho treasury and have sem one
| or the various routes by which they get
| there. and have seen what becomes OF
| them after their return. Tho treasurer
/ mas In effect bought them, has paid for
| them, has reimbursed his account from
! the per cont redemption fund, and has
required the issuing bank 10 III the hol.
made in the fund
| Tho process up 10 this point may be
shown in figures thus: bank has Is
,,ro, ~e ~, ,.,. 49, ,'e .leaS-
.r l,. ,n MINUS '',"
>, .,, ,,,. | 10 "'''''N'"t
tho no,os uill ho ,,at, tta a,
Nor con, r., ,ho,r ,.a,,,a ,,,.oo,
| redo,n,tt,,, r,,,1 ., ., .
! no,ns M ,ho,. aor,o ,o, =. IT, -,
| r. no roo.t,o, ., ooo ,,.-.,, -. A.,
~ THAT r,r+,o,,ar ,,,, 49,
eu,, b,. ,r,,.t,,,r ~ 81 .o 20 49,,
nos,tod with b,r, h,. ,bo, ,n,,, 49,,
unon tho borl, 70 so,,d hi.,, ,ra. T.,
ed IN MI tho rodouo.tor ,,,., ,,
deficit &c M. mai. ~ ,o .,.
eouivalont OF ,ho .bor.,,o .o-, ,, -,
900 worth ~ socur,,ios o,,, r,,,,,,,.,.a 49,.
accounts nv fro s,1o rha ro,..,
nrocoss is ccr,,nror. or,
| porl<s ho,irc ,or,o ,,r,,,io.,o. .,
feet ia frcouent caus 70 ,,.to ,., ,,.,.
r.der,u,io, fund
TIL, coet 81 nr,r,i,, ,bo ,,o.o,
part of tha exnonea NJ dis,ri,,,,o,
| reden,nt,or a-a coverod ~. a., a.,.,.,..,,
ON flo hon,,e Il, rro,:,r,to =, .,1,.
sues Notes =, c,rc,,,a.,o,, ,.o .,,,,-.
u fax which &c aved h, ,,u. r,o ,,,a,,
enactment uno, ,hi. ,,otr, a,,,,.. t., 49,
| Aldrjch Nreo,ond hul ,,,ora,r, ..t-..
5ol4 of tho rov,sed .t,.rtos 7, ao,,ar,a
! that bonds on 1cnoe,t with tho ,ro,sr.
az security >or circulation, .b.t, 80.
ser1i-annuo1l,. a inv ne oro-fo,r,h e ,
per cont If tho sacurt,ies arc co,.or,,,o,.
. per cents or Panama canal . MOI, oo,,.s
| bear u higher interes, rate Tho ,ax e,
not paid on the sum renrosented h,. ,b,
bonds but on tina overaya n, Tho o,,,
| standing circulation 1,b,s ,,.a-,oo l.,
| committed on n basis ~ ,pop+h,, r,,,,-,,
sworn to by the president or tho c,sb,.-
of the bank. Under the provisions ~, ~.
| Aldrlch- hill hank no.ea 70 q
total not exceeding SOD 0Oo oO NAV hs
issued on the basis OF securities o,hor
| than bonds Of the United States Suh,act
to specified restriction and repulot,o, tho
treasurer may accent as secur,,v Stat,
bonds, county bonds. mun,cinal honds
and other apDroved issues. The exnres
sion Is ANY securities, including COM
nercal paper" The SCOPE OF this meas
ure has been criticised but when tia
measure Is considered as n whole m tina
Iiubt u-,t,o.t.