Catoctin clarion. [volume] (Mechanicstown, Md.) 1871-1940, 1908-01-09
GnERE ARE The BONDS?
Millions Of Dollars In the United
States Treasury Awaiting Claim
ants.

In spite of the supposed tightness
Of money and lack of cash through
put the country, there are millions OF
dollars waiting in the Treasury vaults
tor claimants. writes the Washington
correspondent of the New York
Tribune. These claimants have mere
ly to appear in person or send the
proper documents to receive the
money.
According to the last monthly re-
port of the Division of Loans of the
Treasury there was no less than $5,-
S22,950 awaiting the pleasure OF
holders of bonds which matured on
the first of last July. These bonds
ceased to bear interest at that time,
and there is nothing to be gained by
the holders clinging to them. The
total issue called in by the Secretary
Of the Treasury under circular,
dated April Q, was $36,121,450. The
bonds are known in the department
as the "1907 4s," and are held by
owners all over the world. 1t is sup
posed that the great majority of them
will come in for redemption some
time, but it may be generations be-
fore the big pile of $5,O00,000 is re-
Iuced below tho 100000 mark.
Some of the bonds will never come in,
for they will be lost or destroyed,
and the rightful owners, either
through ignorance or other causes,
will not set on foot the proper meas
ures TO recover their money. Half a
hundred years from now there may
be $150,000 or 100000 still unac-
counted for, and the venerable clerks
in the department will stroke their
snowy mustaches as they speculate
over the mystery of the lost bonds.
OF the funded loan of 1891, due for
redemption in 1900, there is S32, 900
still unpaid and unaccounted for, and
of the five per cent. bonds called N
by the Treasury in February, 1904,
$96,S00 has not yet appeared.
1T is safe to say that the greater
proportion of the bonds will show up
in time. but you and / will be gone
before the account is settled said
c. N. McGroarty, chief of the loan di-
vision. mot nearly as many OF these
bonds will be lost as you might sup
pose. AS rule the owners are per-
sons of means who purchase Them for
investment, and even after the inter-
est on them ceases continue to hold
them for various reasons. Perhaps
they are not in need OF money at
present and will wait until they run
across a good investment before they
convert the bonds into cash. Per-
haps, again, they have been in the
habit Of collecting the interest on the
bonds at long intervals, once in six
months or year, and have not yet
gone over the papers in their safety
deposit boxes, and do not really know
that the bonds have ceased to draw
interest. When they finally wake up
20 the fact that these bonds have quit
bringing in steady income, they will
write to the Treasury asking why the
interest has stopped. The Secretary
will inform them of the facts in the
case, will quote the April circular,
and in due time will receive the bonds
for redemption. Another very fire.
luent cause of the temporary disap-
pearance of bonds is brought about
by the death OF the owners and their
estates going into the hands OF eX-
ecutors. Until the courts order the
executors TO wind UP the affairs of
the decedents the bonds they are
holding must remain in their custody.
Of course, at rare intervals, we hear
Of the loss of bonds by accident. A
mail train may be smashed up and
the envelopes carrying them from
person to person may be lost in the
debris. A steamer bearing the owner
may go down and the bonds be lost
with his belongings or his person.
Thieves may steal them, with other
valuables, and throw them away
when they find they cannot convert
them into ready cash without run
ming the risk OF detection. In slsch
Instances as these the original owners
or their legal heirs may always re-
cover the face value OF the lost bonds
and whatever interest is due them
by making proper application and
oath to Jhe Treasury Department, ac-
companied by an indemnity bond of
twice the amount involved
"Once in while we run across
some grewsome relics in the bonds
; sent in for redemption. A few months
, ago we received u package of bonds
from the West that had been fished
from river With the remains of
their dead owner. The owners body
had been in the water for months and
was scarcely recognizable and the
bonds were scarcely more than q
mass of horrible smelling pulp. They
had to be examined, however, and
! passed upon, but before they could be
handled they were sent to one of the
f, chemists in the department, who
fumigated and disinfected them thor
oughly. Even after the heirs of the
dead man had received their money
the bonds had to be kept in the vaults
of the divisions all bonds called II
are carefully preserved for future
reference--so this particular package
was sealed in an alright jacket and
! put away with the rest. Once in a
while we get number of bonds that
| have been taken from the clothing oil
| a yellow fever or typhus patient, and
/; we have to do more fumigating and
disinfecting before the clerks are al
| lowed to handle them.
"All bonds sent in for collection are
! recorded very carefully, and fifty
! years hence you might come here and
find out through whose hands the,
! passed from the time they were is