Iowa state bystander. [volume] (Des Moines, Iowa) 1894-1916, 1912-10-18
DEBISG UNCltsAM
peopIe Neglect to Collect Sums
He Owes Them.

,..., and Fractional Paper Money
a, the Civil War +'sr'od Are Still
outstandlns-Many Govern
ment cheoI<s still Out.
u,.sb,ngton.-Uhe reported loss OF
nv thousands of dollars by the
.n;,g Of the Titanic calls attention
The fact that the government OF
~. United States frequently benefits
=. tbe misfortunes of the people. 1t
80 ran be known what amount OF
Tn,ted states money went down with
.na Titanic, but whatever the sum. the
.-sasury department has just so much
.ddit,opal to it's credit, as 1t can never
40 presented for redemption.
week rarely or never passes that
,.,n treasury department does not re-
seive for redemption a number OF
Ssctaees containing money that has
,heen partly destroyed by fire, and IN
~ cases where the bills can be sat-
,,factorily identified new money Is
issued therefore; but frequently only
!. norton of the bill remains. and IN
49, event If three.ifths Of the note
s.n no identified the full face value
4. returned to the owner. but II less
.h.n three-flfths can be Identified
nnlv one-half Of the value rs returned
These losses by IRE aggregate each
.s.r a very large sum; but what has
hscome of the millions OF dollars OF
-h,ch there Is no trace 10 an unsolVed
rroblem Treasury ofncials speak OF
the great fires that In years past
A.ve swept Chicago, Boston, San
francisco, Baltimore, and other cities,
and estimate that many millions must
rave been lost in these great con-
1agrations.
Tarlv IN the Civil war the United
st,tes issued over $400,000,000 Of
1eeal tender notes, which were used
IN payment OF all government obliga-
tons, including the pay Of the armies
N the field. At this time there are
stll outstanding over 100000 Of
these notes in the denominations OF
one and two dollars alone, which are
never heard from except now ana
then q stray bill or two is presented
for redemption. 1t Is a fair assump-
tion that a large percentage OF the
whole 5000, 900 has been accidental
" destroyed, and this Is undoubtedly
proportionately true of all Of the old
issues
Soon after the war began the gov
ernment issued from time to time an
aggregate Of nearly $36s,000,000 IN
fractional paper money, and some
thing over 5000, 900 is still carried
IN the treasury accounts as outstand-
Ing
As fast as these old wartime "shin-
plasters" come in the treasury de-
stroys all of them that are much
mutilated and worn, but they are
never paid out again other than In
small amounts and in exceptional
cases. The treasury now has on
hand only about $246 Of these small
notes. In 1879 the department, rep
recognizing the fact that compare
lively few Of these old fractional
notes would ever be presented to the
treasury, directed the segregation OF
Z fund Of something over 100000
held in the treasury for the redemp-
ton Of these notes, the amount to
be applied to the payment Of war
: pensions Large sums Of this issue
are no doubt held by collectors as
souvenirs.
/ OF the Civil war issue Of compound
interest notes which amounted to
nearly s267,0O0,000 there still re-
mains outstanding approximately
100000, and Of this Issue only $40
came to the treasury last year. OF
! The issue Of seven.thlrty notes run
hing from 1861 to 1865, which totaled
ebout $970,000,000, there Is still out
Standing $4,000, and only 500 Of
these notes were redeemed last year.
OF the war time demand note issue
Of $50 900 900, 4 total Of $4,000 is still
unaccounted for and none of this is
tue has recently been presented for
redemption.
During the issue of the Spanish war
loan In June and July, 1898, about
$4,000 government checks were sent
% subscribers for small amounts Of
these bonds. which represented the
mtAFeNf IN Aot4 - 70
eelpt until August 1, the date of the
bonds, and over 10000 Of these checks
nave never been presented for pay.
nent. 1t is assumed that as nearly
I'll Of the checks were for small
amounts, some Of them for only a few
cents, they also have been kept as
Souvenirs.
Many people who received govern
nent checks in payment OF interest
IN live bonds seem to be very care.
ess or not in need Of funds. as a
alge number Of these checks never
nave been presented for payment.
vne party alone is known to have In
as possession an aggregate Of many
Aousanos or dollars represented by
aese checks, and although frequently
Mportuned to present them for pay
nsnt, ne has so far neglected to do so.
An Investigation recently made by
- secretary Of the treasury dis
sUses the fact that many national
Aaks are holders of these checks,
.ao the treasury now has the names
Z over 100 national banks which
se mus far neglected to present
nem for payment.
This failure on the part Of anv
W. .sca check holder to present
s.e% has caused the secretary
issue IN order to the effect that
~, susa such interest checks remain
slpald Tor more than three full fiscal