The Dawson news. (Dawson, Ga.) 1889-current, 1913-06-06
A PROFIT FOR UNCLE SAM
ALL CURRENCY LOST MEANS A
GAIN FOR GOVERNMENT.

What Has Become of Millions of Dol
lars of Which There Is No Trace
Is an UnsOlved Mystery.
The misfortunes and the neglect of
some persons yield large profits to
the United States government, says
Everett Spring in the Saturday Globe
The treasury department issues p
monthly statement of the public debt.
In the latest statement issued that
item was nearly 100000. This
vast sum represents bonds which
have not been presented to the treas
ury for payment. They have been
destroyed or lost or are held by
careless or Indifferent owners. The
government, of course, is ready to
redeem these bonds any time they
are presented, but while they remain
out the treasury is saving some $5O,-
600 a year in interest. Some of these
bonds date back to before the war.
The latest matured government
bonds ceased to bear interest and be-
came payable July 7, 1907. OF these
over 100000 are still outstanding.
All currency that is lost or de-
stroyed constitutes gain for the
government, unless the owners are
able, by satisfactory evidence, to
prove the destruction of currency
and thereby obtain new issues.
A week rarely or never passes
without the treasury department re-
ceiving for redemption a number OF
packages containing money that has
been partly destroyed by fire or other
causes. Frequently only a portion
of the bill remains and in that event
if three-fifths of the note can be iden-
tilted the full face value is returned
to the owner, but if less than three
ffths can be identified only one-half
of the value is returned. These loss
es 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 prob
lem. Treasury officials speak of the
great fires that have swept Chicago,
San Francisco, Baltimore, Boston and
other cities, and they estimate many
millions must have been lost in these
great conf1agrations.
At the present time nearly $780,
100000 in national bank notes are
outstanding secured by lawful mon
ey." which means that the banks is
suing these notes have deposited
money in the treasury for their re-
demption and retirement. The gov
eminent has the free use of all this
money, Whenever any of the bank
notes 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 ceas-
ed to do business Whenever such
notes are lost or destroyed the gov
eminent gets the benefit.
Some time ago the National City
Bank of New York published some
interesting information on the disap-
pearance of government bonds and
currency.
Early in the civil war the United
States issued over $500, 100000 OF
legal tender notes which were used II
payment of all government obliga'
tions, including the pay of the armies
in the field. At the present time
there are still outstanding over 49,
100000 of these notes in the denoml'
nations of 81 and 50 alone, which are
never heard from except that now
and then a stray bill or two is pre-
scented for redemption. 1t is fail
assumption that a large percentage
of the whole $4,000, 900 has been ac-
cidentally destroyed, and this is I'M
doubtedly true of all old issues.
Soon after the war began the gov
eminent issued from time to time
an aggregate of nearly $369,OOO,OOt
in fractional paper money and some
thing over SIS, 100000 is still car
ried in the treasury accounts as out
Standing although only a few hun
dred dollars are presented each veal
for redemption. Large sums of this
issue are no doubt held by collectors
as souvenirs.
Of the civil war issue of COMPOUND
interest notes, which amounted u
nearly 1857, 100000, there still re
mains outstanding approximate!
100000, and of this issue only ST.
came to the treasury last year. o
the issue of seven-thirty notes run
ming from 1851 to 1866. which total
ed about 100000, there is still
outstanding $4,000 and only 500
in these notes were redeemed las
year.
Of the wartime demand note ISSUE
of $6O,O0O,O00 total of $4,000 il
still unaccounted for and none of thi
issue has recently been presented TO.
redemption.
During the issue of the Spanish
war Ioan in I11ne and IulY. 1898