The Washington herald., 1909-08-22

THE redemption OF worn out paper
money IS now averaging 100000 a day.
During the last fiscal year the govern
uaent redeemed and destroyed the enor-
nous total Of S64O,Ooo.Oo0. which is easily
the largest amount redeemed in any sin
/ gle year These figures show that there
Z Is great activity in business circles
throughout the country"
The foregoing statement was made re-
Gently by United States Treasurer Charles
il. Treat He says that one OF the best
harometers Of the state OF national pros
/ perity Is TO be found in the daily report
, - F;;e redemption division Of the Treas
ury Department. When trade is brisk
Through the country and people are buy
ing and merchants are selling. the me
dunn OF circulation passes rapidly from
hand 10 hand. When paper money. worn
cut and ragged by rough usage. finds its
way to the Treasury for redemption II Is
an unfaning sign that times are good.
All past records have been broken in
the redemption division during the last
few months. The value Of bills turned in
TO be exchanged for new ones has been
! running over 100000 a day for long
period. About six years ago the daily re-
demptions were less than a million dol
lars The great volume OF worn out bills
are In denominations OF 81 and S. The
activity Of business is further shown by
the frequent requests for redemption Of
s. and SO notes with ones During the
last six years there has been an increase
OF 80 per cent In the total number OF 81
hills In circulation.
People FaStidIOus as 20 Money.
The people Of the United States" said
a Treasury official, ARE growing moro
fastidious every year in the matter OF
handling money They have gradually be-
come accustomed TO fresh, crisp bank
notes or Treasury certificates and do not
care to handle soiled and dirty looking
money, suggestive OF microbes. The gov
eminent has encouraged this tendency 20
demand clean notes
a big money factory Is maintained
here for the purpose OF renewing the SUP
ply. and Il costs very little for banks 20
get It. The only charge for the exchange
/ is 40 cents per $1,000 for transportation.
/ The banks have learned that their Gus
( toners like clean money and they do not
hesitate 10 return crumpled and worn
notes and demand new ones. II Is rare
thing for the department to send back
] these notes with a statement that they
are still fit for circulation. The average
wear OF a 81 Treasury certificate Is four
teen months Formerly a note would stay
out for three or four years. Roughly
speaking, the body Of the circulation is
I ~ hufN
years"
has grown to such proportions that the
government recently found II necessary
TO improve It's machinery for destroying
notes. For more than half century pa
per money for redemption was destroyed
by being cut in two by a giant steel blade
operated by a strong-arm emplOye- Now
the notes are muuated. first. by an cleo
trical punch which puts four holes IN
/ each bundle OF stacked Up bills. Then
( they are further pushed under a knife.
/ also operated by electricity, which deity
cuts them longitudinally through the mid
1 die. Between $4,000 and 10000 individu-
( al notes are thus destroyed every day.
What Is Legal TenderR
I venture TO say that not one banker
| in hundred and not single member OF
/ the Senate or House can tell you accu-
rately what parts OF the United States
currency are legal tender and what are
not legal tender" was the surprising
statement Of a Treasury official Learn
Ell Senator's who are devIsing a new cur
rency system would have to resort to the
laws IN order 10 find out just exactly
what is meant by this term.
Gold certificates are not a legal tender.
but are receivable for customs. taxes, and
all public debts. Silver certificates are
not a legal tender. Neither are national
bank notes They are receivable, how
ever. in payment Of taxes. excuses, public
lands, and all other dues TO the United
States. except duties on imports. Trade
dollars and fractional currency are not
legal tender. Fractional currency is re-
ceIvable for postage and revenue stamps.
and also in payment OF any dues TO the
United States less than s.. except duties
on imports Foreign gold and silver coins
are not legal tender.
The following are legal tender IL all
that the term means: Gold coins OF the
United States. standard silver dollars,
subsidiary silver coins. minor coin OF
copper. bronze, or cOpper-nickel up to .
cents; United States notes or greenbacks,
demand Treasury notes, Treasury notes
of 1880. Columbian half dollar and COlum-
blan quarters. Subsidiary silver coin, in
Guiding Columbian half dollars and quar-
tiers, are legal tender up 10 80"
Hiding Money in stoves.
1T is about time that the newspapers
were printing the usual warning against
hiding money in stoves and ranges" said
2
vision Of the Treasury. Summer is the
time OF year when women like TO tuck
away a roll of bills in the back part OF a
stove that has been put out of commits
sion for the summer. II cold day comes
along, a servant OF the absent-minded
owner % tise money is apt to start fire
in the stove ana the money goes up in
! smoke
I've have more case OF burned money
sent in for redemption than any other
c.ass when destruction is alleged. The
total number Of cases OF this character
reaches a surprising number. and I am
now keeping track Of them just 10 see
I how many persons are foolish enough 10
resort to this insecure method OF hiding
! money.
THE trick OF deposIting money in stoves
/ is confined largely TO the North and
/ West. The people Of the South prefer to
/ bury their money. This probably IS a
/ habit that was acquired during the days
/ OF the civil war. We get many bundles
Of moldy. rotted paper money sent IN
from the South, where II had been buried
/ and forgotten"
Conscience Stricken MaryInnders.
Something happened to the conscience
Of man living at Annapolis, Nd. about
six months ago. Nobody seems TO know
exactly what struck the man. but every