The Colorado statesman., 1912-10-19
DEBTSO Of UNCLE SAM
People Neglect to Collect Sums
He owes Them.
Notes and Fractional Paper Money
of the Civil War Period Are SIN
outstandlng-Many Govern
rent Checks Still Out.


80 tho Titanic calls attention
10 the fact that the government. Vi
The United States frequently Deneh.s
nv the misfortunes of the people |.
never can be known what amount OF
TIr,ted states money went down with
}be Titanic. but whatever the sum, the
,reasury department has just so much
additional to its credit, as 1t can never
he presented for redemption.
week rarely or never passes that
tho treasury department does not re-
seiye for redemption a NUMBER Oh
packages containing money that mas
been partly destroyed by fire, ana IN
all cases where the bills can be sat
isfactorily identified new money ls
issued therefore; but frequently only
a portion of the bill remains, and In
that event. II three-ffths OF the note
can be identified the full face value
Ia returned to the owner, but II less
than three-f1fths can be identined
only one-half of the value Is returned
These losses by fire aggregate each
year a very large sum; but what mas
become of the millions of dollars OF
which there is no trace is an unsolveo
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 con-
nagrations.
EARLY in the Civil war the United
States issued over $40O,00O,oo0 OF
legal tender notes, which were used
In payment of all government ooiiga-
tions, including the pay Of the armies
in the field. At this time there are
still outstanding over s3.o0O,ooo OF
these notes In the denominations OF
one and two dollars alone, which are
never heard from except now and
then a stray bill or two is presented
for redemption. 1t is fair assump-
ton that large percentage OF the
whole $3,000.000 has been accidental
ly 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 $369,OOO,OO0 In
fractional paper money. and some
thing over SIS 100000 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
fund of something over $S.000.0oo
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 $267, 100000 there still re-
mains outstanding approximately
$160,000, 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 $970.O00000, there is still out
standing s130.000. and only s100 Of
these notes were redeemed last year.
OF the war time demand note issue
of 100000 total of $4,000 is still
unaccounted for and none of this is
sue has recently been presented for
redemption.
During the issue of the Spanish war
loan In June and July 1898. about
235, 900 government checks were sent
to subscribers for small amounts of
these bonds, which represented the
interest due from the date Of its re-
ceipt until August 1, the date of the
bonds, and over 10000 of these checks
have never been presented for pay
ment It is assumed that as nearly
all of the checks were for small
amounts, some of them for only few
cents, they also have been kept as
souvenirs.
Many people who received govern
ment checks in payment of interest
on live bonds seem to be very care
less or not in need Of funds, as a
large number of these checks never
have been presented for payment.
One party alone is known to have in
his possession an aggregate Of many
thousands of dollars represented by
these checks, and although frequently
importuned to present them for pay
ment. he has so far neglected to do 80.
An investigation recently made by
the secretary of the treasury dis
closes the fact that many national
banks are holders Of these checks,
and the treasury now has the names
of over 100 national banks which
have thus far neglected to present
them for payment.