The Washington herald., 1912-08-11

The misfortunes and the neglect Of
some persons yield large profits TO the
United States government. In the last
monthly statement OF the pubhc deb:
is an item, Debt on which interest has
ceased since maturity, N.76o. .+5o. %" This
sum represents bonds which have he
come due, but have not been presented
to the Treasury for payment They have
been destroyed or lost, or ara held by
careless or Indifferent owners. The gov
ernment. of course. Is ready to reiSen
these bonds any time they are presented.
but while they remain out the Treasury
is saving about S35. 900 a year In interest
Some Of these bonds dat, back before
the war. The latest o. matured govern
ment bonds ceased TO bear interest and
became payable July 2 1907. OF these
over $4,000 are still outstanding.
AL currency that is lost or destroyed
constitutes a gain for the government
unless the owners are able. by satisfac-
tory evidence. to prove the destruction
Of currency, and thereby obtain new is
sues.
Fires Save Millions.
A week rarely or never passes without
the Treasury Department receiving Tor
redemption q number, OF packages con-
tanning money that has been partly de-
stroyed by fire or other causes. and In
all cases where the bills can be satisfac-
torily identified new money is issued
therefor: but frequently only a portion
Of the bill remains, and In that event.
IL three-fifths OF the note can be iden-
tilted the full face value is returned TO
the owner but IL less than tnree-fifths
can be identified. only one-half OF the
value is returned. These losses by fire
aggregate each year, very large sum;
but what has become Of the millions OF
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. San Francisco.
Baltimore, and other cities. and estimate
many millions must have been lost In
these great conhagrations-
On July 1 more than so, 10000 in ma
tional bank notes were outstanding
secured by lawful money" which
raeans that the banks issuing these
notes have deposited money In the
Treasury for their redemption and retire
ment The government has the free use
of all this money. Whenever any of the
bank notes thus secured come into the
Treasury they are Cancelled and the
lawful money Is put in circulation in
place Of them Many OF these bank notes
remain In circulation for years after
the bank which issued them has ceased
to do business. Whenever such notes
are lost or destroyed, the government
sets the beneft.
Held By Collectors.
Recently the National City Of Bank Of
New York published some interesting in
formation on the disappearance of gov
ernment bonds and currency.
Early in the civil war the United
States issued over s400. 10000 of legal
tender notes which were used in pay
nent Of all government obligations. in
cluding the pay of the armies in the
field. At this time there are still out
standing over 5000. 900 of these notes in
in the denominations of 81 and s. alone.
which are never heard from except now
and then q stray bill or two is presented
for redemption. 1t is a fair assumption
that q large percentage of the whole
q, 900 0c0 has been accidentally destroyed,
end this is undoubtedly true of all the
cid issues.
Soon after the war began the gov
ernment issued from time to time an
aggregate of nearly 1856. 100000 in frac-
tional paper money and something over
n, 900. 600 is still carried In the Treasury
accounts as outstanding. although only
6 few hundred dollars are presented each
year for redemption. Large sums os
this issue are no doubt held by collec-
tors a. souvenirs.
OF the civil war issue OF compound
notes. which amounted to nearly
1851, ooo. 900, there still remains OUTSTANDING
$4,000. and Of this issue
only $40 came to the Treasury last year. |
OF the Issue of seven thirty notes run
ming from 1861 to 1865. which totaled |
about $S70. 900. there IL still outstand- |
Ing $13o.ooo. and only 800 in these notes |
were redeemed last year.
OF the wartime demand note issue of |
b6o.0oo.0o0. total Of $4,000 is still un-
accounted for. and none of this issue |
has recently been presented for redemp-
bon.
During the issue Of the Spanish war
loan Ia June and July. lses. about *. 1000