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Worn Out Cash

Worn Out Cash image
Parent Issue
Public Domain
OCR Text

Of the U. S. currency redccmed, oncloliar notes form a very large proporción. They are woru out fuslor Uian otlier bilis, in spite of the fact that the silver-dollar is eoustantly thrust forward In the vuin atrempt to inake il take the place of paper. In the redenip. tions last year, there were 8,368,000 one-dollar bilis, 4,010,00o two-doliar bilis, 3,5-14,000 five-dollur bilis and 1,380,000 ten-dollar bilis. The life of the dollar greenbaek is veiy brief. Of the 2(3,000,000, issued belween 1875 and L879, known as the "i.-.-ueof 1878," 25;-100,000 have como back torn and dirty, and been redeemed with Othera briffht and new. Vet of ihe 230,000 ten-dollar bilis of the same lot, nöt lialf had come back at last accounts. Of the "issue of 1878,'.' which stil! continúes, 10,000,000 of the 13,000,000 onc-dollar bilis have come back, some of them scarcely a year old. The total amount of greeabaeks, etc., (silver certifícalos and frac,ional currency), redeemed and dostroyedsince the beginning, g about 2,600,J00.000, eight times the amount 'now out! and four times as much as was atloat in 1865, when the circulation was arrest. A great deal of this money iaiTnever come back, and nerer will. The frovernment gainod millions in this wat. It 'S cstimatcd that 81,000,000 was burned up in the Chicago (re. Othcr millions were lost and destroyed taring the war, others are lost or sunon and blown up in steamboats, olhers burned in burnhig buildings. iJobody sees any paper fractional-currcucy in eirculatiou now, yet there is nearly !?ló,)00 000 of it that" has never been presenled for reAwnpÜoa. Experts estímate that at least one per cent of the money issued by the government ncyor comes back for redemption, and that the rovernmont has been gainer of nearly $40,000,000 by thisprocessin tlic past twenty years.


Ann Arbor Courier
Old News