The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1912-08-20
LOST MONEY PROFITS.


sinking of the Titanic that immense
sums Of money went down with the
ship. AS these sums were estimated
Mt $2,500,000, there was serious talk of
engaging In treasure hunt, either by
way of raising the ship, or employing
divers to go down and bring up the
money; but uncertainty as to the pre-
else spot where the Titanic sank, and
the probable great depth of the water
discouraged all effort Of that kind, and
the plan was abandoned.
1t is said that the Government of
the United States will benefit to a con-
siderable extent by the loss Of money
in that disaster. since, so far as it was
paper money, greenbacks or bonds, these
can never be preeDted for redemption,
and the government will be that much
the gamer So far as the loss was In
national bank notes, or in any bank
notes, the bank will be the gamer, as
the notes can never be presented for
payment So far as it was in gold or
silver, the loss is complete.
The Treasury Department of the
United States is constantly in receipt
of packages containing money that has
been partly destroyed BY fire. or other
wise mutilated and in all eases where
the bills can be satisfactorily lden-
tilted, new money is issued therefor,
but frequently only q part of the bill
remains, and all portions of it which
would lead 10 its identification are
lost The treasury rule is that If only
a small part of a bill is presented it
is not redeemed. but If three hftLs OF
the note can be identified, the full face
value is returned to the owrer; if less
half is returned, this probably on the
theory that the other portion of the
bill may turn up at some time, and be
presented for redemption.
The loss of currency. bonds, and 9th
or obligations by fire is very great
year by year. The L. S. Government
profits to large extent by such loss,
and Of course the banks profit where
their bills arc destroyed. The gains TO
the treasury and to the banks on these
accounts are by no means lnconsldcr-
able. For Il great many years there
were some $1j,000,000 carried on the
treasury reports, month by month, OF
fractional currency issued during the
war, that had not been presented for
redemption, then by act Of Congress
some $7,000,0O0 Of this was wiped of
the books as practically certain never
TO be presented for redemption. Fol
good many years the remainder, up
wards of $7000,000, was also carried
in the treasury reports, but finally the
whole sum was ordered stricken off
with the proviso. however, that when
ever any Of that currency was present
ed for redemption, it could be re
deemed out Of the general fund. Not
all of that fractional currency, how
ever, was lost. Considerable sums were
retained by collectors as curiositles
and those who make business of col
Letting samples Of currency, as other:
do OF collecting postage stamps, found
DrOUI III IUdL COllecLlOus anu DS TCuSoL
of the demand for souvenirs Of this
kind complete collections Of the issues
of fractional currency by the Govern
meut during the war arc vastly moro
valuable as collections, than for the
face value Of the notes.
On all these accounts, therefore, thu
Government is large gamer year by
year, and banks also gain in degree
corresponding to the amount Of thcil
! issues: but the Government is the
great gamer Of all.
| II is of course impossible for any
one TO claim any division OF profits
with the Government by reason of sucl
losses. but ii is possible for a State t,
claim an interest iu lost bank bills
and in accounts that are never called
for. In Massachusetts and in othe
States banks are required to pay owe
10 the State unidentified and un
claimed deposits. IT, would be a goot