The Progressive West Virginian. [volume] (Williamson, W. Va.) 1911-1913, 1912-07-11
BURNED MONEY IS
GOVERNMENT GAIN
Millions in Bills Destroyed in
Flames Are Never Redeemed.
ShinpIasters Held as Souvenirs Also
Mean Saving to Treasury.

How the gOVGTuui6ul pFOHlS Wucu
calamities occur is told by the Ma
tional City bank in Its monthly story
OF financial conditions as follows.
The reported loss of many thou
sands of dollars by the sinking Of
the Titanic calls attention to the
fact that the government of the
United States frequently benefits by
the misfortunes of the people. 1t
never can be known what amount OF
United States money went down with
the Titanic, but whatever the sum,
the treasury department has just so
much additional to its credit, as 1t
can never be presented for redemp-
tion.
A week rarely or never passes
that the treasury department does
mot receive for redemption number
of packages containing money that
has been partly destroyed by fire,
and in all cases where the bills can
be satisfactorily identified, new mon
ley is issued therefor; but frequently
only a portion of the bill remains
and in that event IL three-fifths of
the note can be identified the full
face value is returned to the owner,
but II less than three-ffths can be
identified, only one-half of the value
lis returned. These losses by fire ag-
gregate each year very large sum !;
itbut what has become of the millions
Iof dollars of which there is no trace,
is an unsolved problem. Treasury
officials speak of the great fires that
in years past have swept. Chicago,
Boston, San Francisco, Baltimore and
other cities, and estimate that many
millions must have been lost in these
great CONGREGATIONS.
Early in the civil war the United
Estates issued over $500 600 900 OF
legal tender notes which were used
in payment of an government obli-
cations, including the pay of the ar
mics in the field. At this time there
are still outstanding over $4,000, 000
Iof these notes in the denominations
| of 81 and 50 alone, which are never
heard from except now and then .
stray Dill or two Is presented for re-
demption. IT Is a fair ASSUMPTION
that large percentage Of the whole
SO, 900 900 has been accidentally de-
Istroyed and this is undoubtedly pro
lportionately true of all of the ole
tissues.
Soon after the war began the
i - f<
time an aggregate of nearly 1859,
600. 600 in fractional paper money
and something over $4,000 900 /.
still carried in the treasury as out
standing, although only few hun
dred dollars are presented each yeal
for redemption.
As fast as these old war time
shin plasters" come in the treasur,
department destroys all of them tina
are much mutilated and worn, bu'
they are never paid out again othel
than in small amounts and in ex
lceptional cases The treasury nov
has on hand only about $246 O.
these small notes In 1879 the de
partment recognizing the fact tina
comparatively few Of these old fash
toned notes would ever be presented
to the. treasury, directed the segrega
ton of fund OF something oyel
$4,000, 900 held in the treasury FOL
the redemption of those notes, thu
amount to be applied to the pay
ment of war pensions. Large sums
of this issue are no doubt held b!
collectors as souvenirs.
OF the civil war issue of COMPOUND
interest notes, which amounted Il
nearly 1857, 100000, there still re
mains outstanding approximate.
100000 and of this issue only 81
came to the treasury last year.
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