PURPOSE: To make a pile of bank notes deliverable ever so smooth through delivery force in a pick-up roller and a feed roller, by eliminating the force of both delivery and counterdelivery directions due to contact and rotation in a ring belt in time of delivering these bank notes.

CONSTITUTION: In time of delivering bank notes 10 in a pile, if each of these bank notes 10 is lifted upward to the extent that a pick roller R4 and a feed roller R5 contact each note and their pressing force is added, the left end of an upper plate 12 goes up whereby the rear end of a lever 27 is pushed upward against the resilience of a spring 27a in consequence, then the lever 27 rotates clockwise, touching a ring belt 16 whose tip end is rotating and pushing this belt 16, so that the lever 27 causes the ring belt 16 to retreat from its touch on these bank notes 10. At this time, each of these bank notes 10 in a pile is delivered one by one owing to delivery force of both the pick roller R4 and the feed roller R5.