Democratic Sentinel, Volume 9, Number 18, Rensselaer, Jasper County, 29 May 1885 — Mutilated National Bank Notes. [ARTICLE]

Mutilated National Bank Notes.

[Washington special.] Treasurer Jordan has made a slight change in the working of the national bank redemption agency, which will result in some reduction of expenses—how much remains to be seen. The Treasurer of the United States is authorized bv law to redeem mutilated national bank currency. It has been customary to construe the word “mutilated” liberally, and bills not mutilated but considerably worn have been sent to the Treasury, new bit s returned, and the old ones destroyed. Mr. Jordan construes the law more strictly. National banks have been asked to send in only really mutilated bills, and when bills that are still serviceable are sent in new bills will be issued in their placep, but the old bills are to be paid out by the Treasury. It is not expected that this .will make much difference with ths number of persons employed in the redemption agency, but it will probably reduce the amount of work required of the Bureau of Engraving and Printing; but it will be some time before this result becomes apparent. This policy is the reverse of that pursued by the Bank of England, which never pays out the same note twice, no matter how good its condition may be. Mr. Jordan’s action is based on the belief that the law does not authorize the retirement and destruction of bills that are still serviceable.