New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1860-03-21
BANK-NOTE ENGRAVING.


To the Editor Of The ~ " Tribune.
Sir: ] notice by the frequent references 70 u IN
letters from Albany, and the announcement Of Duer-
petitions in It's favor in the Legislature that very
lively interest is felt in regard 10 the bill introduced
into the Senate relative 10 the engraving Of bank notes.
copy of which was published in your Issue Of the
9Th instant. We have been aware for some little time
that the several companies formerly engaged In the
business Of engraving in this city consolidated
into association, and that the Superintendent Of
the Banking Department had favored this consoIida-
ton; but we were not until lately by o5servng
the agitation Of the subject in the pubc oSrnals Of
the wide spread dissatisfaction with the arrangement
which prevails among the banks themselves, whose
hitherto uDqutsoned privilege OF employing the Gu
orayers they preferred has been recently denied TO
them by the superintendent
do not wonder al tbs classification, Tor u Is an
innovation upon private rights quite and startling.
Under this ruling, every banking institution IN this
State is forced to employ but thsone company, not
withstsDdirg there are others formed unaer me
business requisites equally competent TO DO the wors,
and perhaps more so. Whatever may be urged IN
behalf Of this concentration Of patronage, on the
ground Of the superior stability Of company sus-
famed by compulsory patronage, the damage TO the
community col segment upon IL manifest. Tae great
source OF protection against counterfots y TO be found
in the superior workmanship and eLcted by
it study and who have an interest IN producing all
the improvements possible in this direction OF course
it ia plain that if one company has the monopoly 81 the
business and IL safe against the competition OF rVas
there IL an end to all incentive TO advancement in this
particular and premium is thus offered 10 Incidence
and extoItion.
Under the impulse Of competition our bank note en-
gravsrs have reached high order Of excellence IN
this branch of the arts and European banks prefer the
workmanship of artistic, and send their ORDERS lot
bank notes to this country in preference to employing
French English engrayers, notwithstanding the al
ntted superiority of latter in other dep nente OK
the art II seems by the compilation OF tables relating
TO banking that The circulation Of nctes IN the United
States is over $3.50 900, OOO and it Is matter OF no
small moment that this immense cum OF representative
value should be as well guarded as possible against
the threads of eounterfeiteIs. IT VIII probably be
long time before can fluid substitute for our bank
note circulation and II becomes our bounden duty 20
make il as safe and effective for the purpoee Of its
creation as possible Gold coin, if indeed II can DO
kept in the country TO any extent Is little used Tor cir
cuation and il is found TO possessno greater Immunity
against the couDterfeiter Than bank notes; spurious
coins being quite as common az counterfeit pank notes
and more difficult of detection
Whatever msy be tie objection Of the Superintsn-
dent Of the Banking Department TO the admission OF
other Companies TO compete with the present nc nopo-
living association and We informed tnat he makes
the dspeer Of over issues Of notes by irresponsible
Companies q chief objection-but what assurance Of
avoiding such an improbable fraud as this s furnished
by one ComI any more than another does no.aopear-
Ire virtually becomes the advocate and supporter of
monopoly, and monopoly too well calculated 20 create
infinite mischief, by gradually, if not speedily tempt
ing those who enjoy tito produce poor work. and exact.
ing higher prices for it. The depressing effect upon
those engaged in the avocaol OF engravers and thosa
dependent upon this branch of that at for their sup
port must be apparent ana the inauguration, at his
hehtened period of the world Of a, monopoly In CALI
ing extensively followed the we are treating
Of is unnatural almost the revival Of the slave
trade. Monopolies are generally supposed TO be mon
srosities of the past, and denominations unknown to
this age of reedo and intelligence; but here Of
the most bideous form confronting us today. N
Another objection OF the Superintendent s said to be
apprehension that the materials used in engraving
banknoes may, IN the event OF the failure OF Com
psny possessing them get into UNSAFE hands, and be
used in counerfetjng other notes. but this is really
stretch Of official fore cast quite uncaed for and it
would seem that the Withholding from Company al
ready established the power to its materials for
work ordered from it, would be more likely TO precipi
tate such Of its nts, than the granting it
the power to employ them in executing the orders for
which those materials and implements prepared.
1t appears that the Banks of the State have with one
voice condemned the cou SO Of the Superintendent in
this matter, and more than twothirds of them have
already petitioDed the Legislature 10 pass the bill,
which simply requires that the Superintendent shall
give permission to engrsve bar knotes to such Comps
MES Corporations wi hin this State shall urnieh
the Enforcement of fifty more Banks in the State a.
to toeir fitness and capacity to do the work. bill 60
manitesty just and reasonable ought not 70 meet with
opposition, and We wonder that ssgacous and as
prjng man as the Superintendent should be willing
to throw his influence against it, which it appears he
is doing.
The Banking Law could never have contemplated
such rendering as is given 10 it-that the Superin-
endeDt should alone direct and control the engraving
and printing of bank notes 1t says merely that tie
Superintendent is to to be engraved and printed
in the best manner to guard against coun,erfetere.
Does this make it prerogative of his department to
confer the whole of this important work. against the
expressed wishes Of those directly interested in it, to
one Company If such is the law, it was manifestly
oversight of the Legislature at the time In allowing
il to be made So and the fact that those who first car
ried out its provisions and those who have subse-
quenty done so until quite recent PERIOD did not
gravers, is cvsusve against such Interpretation.
The present ruling of the Superintendent In regard to
this matter is anomaly in legislation which calls for
both Houses of the Legislature will decide soon
as the bill comes before them.
EXECUTION OF STELENS IND HdZ.