, 1862-08-05

STATISTICS Of FRAUDS In OUR PA
PER CURRENCY.
DETAILS OF COUa-
TERFEET1NG. I
A sugEest1on-Defects and Remedies.
The New York 11nses Of the 18th, gives an
interesting aud extenaiYe sketch of the evils |
to which the paper currency is exposed, and |
the Inherent abuses that belong II. We
compile few facts:
While only about two. thirds Of our bank
note issueB were counterEeited in 1856, about |
tou1-hltns are counter;ti.ed now. There is a
decrease OF limitations" or real counterfeits,
because the facilities for alterations hare in. |
creased to euch an extent that instead of ,119
in 1856, we have {, 3,039 different kinds in 1882,
The "spuliousn notes have also increased from
"A to t,655 Tal1e1iss. and The ell4neous
frauds from 142 to III varieties. Tue total in
erease ln the number Of banks was only about
72, while the increase In counterf. Ting Of all
ENDS WAS nearly a7*e ksouaan<. varieties.
Hog many OF each TR11ety Was issued, a. al
ready remarked, is known only to the coun-
te1teiter: Making the moderate estimate OF
81 GOO Of each variety In circulation, we have
total amount Of nearly six millions Of dollars
(and possibly sixty millions are afoat) Of bad
money constantly passiug from haud 20 hand.
destroying the confidence In the circulating
medium, embarrassing trade, and presenting
an appalling evidence of moral turpitude,
One CAUSE Of the multiplicity Of a1tered
notes is the remarkable similarity Of names
occurring among the banks In this country.
we find twenty four Union Banks, of which
eight are in New York State; twenty.three
City Banks, Of whlch four are In NeH York
State; tWentJ-three Farmers' Banks, Of which
seven are In New York State.
There are eight Peoples Banks, six Traders
Banks, fourteen Farmers and Mechanics
Mechanics and Aanniaeturers', Mechanics,
and Traders, Mechanics and Farmers', Me
chsnics' and Merchants, Aechanics' and
Plantera' Banks I'd Hbituna, and all those titles
rraneposed. Likewise, farmers and Citi-
zens Farmers and Mannfactuzers'. Farmers
and Merchants, Fa1mers' and Mechanics,
confuse By the similarity Of title, especially
since the name Of the State is often placed il
an obscure corner Of the note, SO as not to
attract attention, and give a poor bans the
benefit Of the eizenlaton Of good bank Of
the ea1ne name. Thus, when q New Yorker
sees the Orange County Bank, his mind viii
naturally revert to our land Of milk and but
ter, and he may take the note, not thinking
that there fs an Orange Bank in Nex Jersey,
and an Orange Bank in Vermont, or perchance
an Orange Bank, Washington, D. G.
TIE DEFECTS OF OUR PAPER CURRENCY
SUMMED UP.
Briefly, then, the defects Of our paper cur
rency are these:
l. Our system Of engraving admits Of illimi-
nominations, and from fraudulent ba1ks to
the semb]ance Of good ones.
2. The use of the same devices On different
notes, while it is source OF profit to the en-
gtaSer, it is great MD to the counterfeiter,
because counterfeit Of one note Is 8 counter-
felt Of parts Of many others.
8. The extensive application Of machine
work In engraving adds humber OF mechanics
to the List Of counterfeiters.
4 The present sty1a of note engraving
| enables the connterftiter to obtain without
| suspicion the aid OF number Of skilled COZ.
| federates.
S. The constant reissue Of notes after mu,
| E1ation and DETACHMENT, By dcfSi1g close
| scrutiny, aids the circulation Of hunstina
| frauds.
name renders 3 counterfeit pate av.l1able to1
lumber Of spurious issues.
:. The prevalent system Of engraving ha;
| scattered q number Of t'old plates" hayips
On them the work Of our best artists, whici
| is thus made available for frauds.
8. The various paten. plans for the preven
| G0n OF counttrfelting, have been but par
italy adopted, and tend only to confuse TIL
public.
9. Our loose system Of banking enables dis
honest men to issue bills from obscure local.
ties bearing resemblance to sound banks il
name, and in artistic execution, (often en-
graved by the eame firms as the genuinely s,
that when the bogus institution col1spses tn
worthless issue is bought up by counterfeit
ers, and altered to resemble the good.
10. It IS not unu6ual for publishers of sc
called "Deteeto1s' to be instrumental i
aiding these fraudulent banks to OBJ hin eli
culatlon, and expose them only when it
too late for the public to protect itself again:
| loss.
Ii. We have no official list of good banks.
IL. Counterfeiter6 easily escape punishm=I
In many cases.
| WHAT IS THE REMEDT?
The remedy is with the people. State actio
is Insufficient to meet such 3 national eyi
The subject is well worthy the attention.
either directly or Indirectly, urge upon tt
general government the Necessity OF takiu
some immediate and effective steps to cae1
an evil, which, In view Of the enor nous fssr
} Of our treasury notes, is destined to be greart
than ever. Surely the government is boun
to provide as many safeguards for its PIP
7 currency G6 tor its coin. Here are q few ge
! er1 principles which should, apparently, guit
the paper currency reform.
: L=t tie denomination and name Of q no
| be SO 1nteFWOVen INST 1t cannDt be aItert
, without destroying the whole.
l Make it 0 criminal offence for one bank
E Initiate the notes Of another in artistic
, sign.
/ Throw open to competition among the q
! fists Of the country the business Of bauk no
engraving, which is now monopo;lzed bya #
, capitalists, who employ mechanics instead
: artists.
5 s1ringently enforce the laws against cou
t terieiting. ...
q Stop the reissue Of wora-ont, defaced al
| mutilated notes.
Stop the establishment Of banks Of the sar
t name.
$ Enforce all over the United States the de
t letter law OF the State Of New York, comp
= ling the surrender to the bank department
5 'talI dies, plates and materials used in t
/; process Of engraving bank note.
d Reform our system Of engraving by nation
t enactment
: Establish a uniform system Of laws throus
4 out tie States 60 as to stop the issue OF vi
s cat money.
:. Severely punish any publisher Of b.
d | Note Deteclor who vouchts for the soundn.
e | Of bank he knows 10 be worthless.
If Publish an official list Of the good banks
!. In short, make bad MONEY SO scarce that
will be curiosity. Make it contrabRud
d ~ar, to be confisea1ed ut sight By the polio
Is | not offered for sale as now.