US159833A - Improvement in bank-checks - Google Patents

Description

C.- V. MEA D Bank fiheck.

Patented Feb. 16,1975.

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CHARLES V. MEAD, OF OHILLlOOTHE, MISSOURI.

IMPROVEMENT lN BANK-CHECKS.

Specification forming part of Letters Patent No. 159,833, dated February 16, 1875; application filed July 23, 1874.

To all whom it may concern:

Be it known that 1, CHARLES V. MEAD, of Ohillicothe, in the county of Livingston and State of Missouri, have invented a new and valuable Improvement in Bank-Check Stubs; and I do hereby declare that the following is a full, clear, and exact description of the construction and operation of the same, reference being bad to the annexed drawings, making a part of this specification, and to the letters and figures of reference marked thereon.

Figure 1 of the drawing is a representation of my device, showing a bank-check or draft with its detachable duplicate stubs.

My invention relates to that class of commercial paper entitled checks, drafts, bills of exchange, &c., and is an improvement of the same, consisting of a set of detachable duplicate stubs, for the purpose of making a complete, economical, and time-saving record,

- both in the bank from which, and the one to which, said check, draft, or bill of exchange is sent.

The peculiar and novel features of my device and their purposes are hereinafter more fully described, and illustrated by the accompanying drawing, in which letters designate the parts described.

Attached to the usual form of blank draft, A, check, or bill of exchange, as aforesaid, and printed or engraved upon the same page of paper, are two or more duplicate stubs, B B, substantially similar to those shown by the accompanying drawing. The word duplicate in connection herewith 'must be understood to mean any desired number of stubs, each the exact copy of the other, in the same set, and not limited to the number of two. The printed or engraved form of wording upon said stubs in blank must conform substantially to the sense and spirit of the Wording upon the aforesaid draft, &c., and to the circumstances and forms of commercial custom observed by banks and bankers. Again, that the subject-matter of the written portion of said stubs may also conform to said circumstances and forms, said stubs are also printed or engraved in blank, as shown herewith.

But in order to fully exhibit the mode of using my device, it is necessary to describe substantially the present general custom of banks and bankers, either in remitting representatives of value or in collecting the same by draft or check. Say it is a collection-draft. The payee deposits his draft in bank No. l for collection. Said bank makes a record of all the circumstances in connection with said draft by detail of number, date, names, and addresses of payer and payee, amount of value to be collected, exchange or commission, 850., in a recordbook. Then a letter of advice has to be written, in which is copied substantially the aforesaid details, and of which a letterpress copy has to be taken for further record before said letter is mailed to a bank No. 2, at or near the residence of the payer. The bank No. 2, which receives said draft for collection, first copies the substance of the letter and the draft into a register, then again into what is called the tickler, which is a bank diary prepared for the purpose, before the notice is sent to the payer of the draft. Again, when said draft is paid said bank No. 2 has substantially to go through the same process of recording and copying which the bank No. 1 did in the first instance, in order to remit the draft representing the sum paid.

Now, it will be readily seen the great economy of time and labor by the use of my device. Bank No. 1, as aforesaid, fills up the draft A, substantially in the form shown herewith, copies the subject-matter of said draft upon the duplicate stubs B B, which may be two or more, as aforesaid, detaches the draft and the stub B together at the partition-space a, and mails them thus to bank No. 2. The stub B remains in the usually-bound draftbook for a record in bank No. 1, while the stub B is sent away attached to the draft A, both as a letter of advice to, and for a duplicate record in, bank No. 2. Said bank No. 2 may then, for convenience, detach said stub B from the draft at the partition-space a, and place said detached stub for security and record in a diary prepared for such purpose; and when said draft is paid into bank No. 2, said bank records and remits its draft in the same way that bank No. 1 did, which sent the draft A for collection. Thus both banks have detachable duplicate stubs for letters of advice and for purposes of record, as described, all in one, and with a great saving of labor and time in the process of collections or remittance.

It must be also understood that the blank forms of my device, as shown by the accompanying illustrations, are not to be confined or limited to the same, but that said forms may be so varied or modified as to suit the needs of any bank, banker, commercial agent, or public carrier who may desire to thus col- Iect, send away, or remit any representative of value, and preserve a record of the transaction; therefore What I claim as my invention, and desire to secure by Letters Patent, is

CHARLES VAILE MEAD.

Witnesses:

W. 'l. BIRD, F. BIRD.

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