Eureka Daily Sentinel

The Money Order System.

Few persons are aware of the extent to which the money order business has grown since its inauguration, and is still growing in the United States. Notwithstanding the cheap rates established, the system is proving a source of revenue to the Postoffice Department, and were the maximum of single orders (now $50) to be increased to $500, Postoffice orders would take the place of bank drafts all over the country. In 1872, 2,573,349 domestic money orders were issued, for an aggregate amount of $48,515,532, the fees upon which were $385,285. The total fees received, as reported by the Auditor, were $350,499; the total expenditures, $244,529; leaving the Department a surplus of $105,970--over 40 per cent. The cost of remittances is, for orders not exceeding $5, 10 cents; not exceeding $10, 15 cents; not exceeding $20, 20 cents; not exceeding $50, 25 cents. On October 1, 1871, the system for exchange of money orders between the United States and Great Britain was put in operation; and from that date to the close of the fiscal year, the amount of orders issued in this country for payment in Britain was $747,426.68, and the amount of orders from that kingdom paid here was $134,510.83. The fees received amounted to $23,166.85, and the expenses were $9,824.85. The exchange of money orders between the United States and the German Empire was commenced October 1, 1872.