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Registered Bonds

Registered Bonds image
Parent Issue
Day
8
Month
November
Year
1878
Copyright
Public Domain
OCR Text

A list of tho stolen bomls taken i'rom ' the Manhattan Savings Institution, f Í New York, bas been reeeived by the Treasiiry Department. A caveat will bo ' eiiti'red agaiust each of thom upon the I books of the treasiiry. Mr. Scoficld, Register of the Treasury, said to-day that the bank could not lose a cent upon the stolon bonds which wero registered. They would bo subjected tö some additional trouble ; that is all. Tho interest will continue to the bank, as the presentation of bouds is not roquired to collect interest, the money boing always paid to the person whose name appears upon the treasury books. Tho only placo vhore the bonds wonld be neoilcd wonld be in case 01 maturity, or whero a cali is made. In that case, if the original liolder of a registered bond has lost it, by destruction or theft, all he has to do is to make affidavit of the same at the Treasury Department, ahd file bonds doublé in amount for the loss claimed, and tlifii a íiow bond is issurd. The Manhattan Bank, by furnishing jjroof of ifs loss and a bond to the nmount of $5,000,Q0QaOan lmve dupiicates of the stolen bonds reissued td them. As registered bonds uro not ncgotiable, and are only pnyablc to the holder, who has to 1' prope$y idontified, it vasthought strange by some that this doublé identification shonld be retjnired by the Government, when the bond was in itself a guanintee. Kogister Scoiield i éxplains the object of this. Kegistered j bonds are assignable. Where the original holdf r filiould solí t a second party and assign it to him, a case might occur where the second holder should bc sick, or die, or be in some way jirevented iVoüi uotifviii!; tlic troasury that the bond had passed to liim. so tliat a note of it could bo made upon the treasury books. In that caso the original holder might come in and avev tliat he had lost his bond, and secure tho issue to himself of a duplícate of the bond still in ekisbence. To guard ngainstauy snel] loss the guimvnty in case of reúsm is required. After these bonds are asgigned in blank, and are put in bank as collateral, they are negotiable as coupon bonds, and are subject to loss by theft. Register Scofield says that there is nol case on record whore a losshas.occuiTed through registered bonds. - Washington lelegrayi.

Article

Subjects
Old News
Michigan Argus