The Memphis union appeal. [volume] (Memphis, Tenn.) 1862-1862, 1862-08-09
The Defects OF Our Paper Currency
Summed Up.

Pc
Briefly, then, the defects of our paper cur
rency are these:
/ Our system Of engraving admits of Him.
liable alterations both from low to high de-
nominations, and from fraudulent banks to the
semblance of good ones.
:. The use # the same devices on different
notes, while it is source of profit to the en-
graveT, 1t is great aid to the counterfeiter,
because counterfeit Of one note is counter
felt Of parts Of many others. 49,
3. The extensive application of machine
work in engraving adds u number Of meehan-
les to the list of counterfeiters.
4, The present style of note engraving ena.
bles the counterfeiter TO obtain without sus-
picIon the aid Of a number of skilled confed-
crates.
.. The constant reissue of notes after mu-
tll"tion and defacement, by Gefying close
scrutiny, aids the circulation of bungling
frauds.
G. The multiplicity of banks of the same
name renders counterfeit plate available for
number of spurious issues.
I. The prevalent system of engraving has
scattered number of cold plates having on
them the work of our best artists which is
thus made available for frauds.
D. Inc various patent plans for the proven
ton OF counterfeiLing have been but partially
adopted, and tend only to confuse the public.
8. Our loose system of banking enables dis
honest men to issue bills from OBSCURE local.
| ties bearing II resemblance to sound banks in
name, aud IN artistic execution, (often engrav-
ed hy the same firms rs the genuine, so that
when the bogus institution coliapses the worth
less issue is bought up by counterfeiters and
altered to resemble the good, '........
10. 1t is not unusual for publishers of So
called "Detectors" to be instrumental in aid
| ing these fraudulent banks to obtain circula-
lion, and expose them only when it is too late
for the public to protect itself against loss.
IL. We have no official list of good banks.
II. Couuterfeiters easily escape punishment
in mary cases.
What Is the Remedys
The remedy is with the people. State
action Is insufficient TO meet such Ma.
tionai evil The subject is well worthy
| .he attention of the National Legislature
| Let every man, either directly or indi.
rectly, urge upon the General Government
/ the necessity of taking some immediate
and effective steps to check evil, which in
view of the enormous issues of our Treasury
/ Notes, Is destined to be greater than ever
| Surely the Government is bound to provide q,
many safeguards for its paper currency as fol
| It's coin. Here are few general principles
which should, apparently, guide the paper cur.
rency reform.
Let the denomination and name of a note
/ be so interviewer that it cannot be altered
| without destroying the whole.
! Make it criminal offense for one bank to
| initiate the notes of another in artistic design
! Throw open to competition among the
artists of the country the business of banl
note engraving, which is now monoplized by
few capitalists, who employ mechanics in.
stead Of artists.
Stringently enforce the laws against coun-
terfeitlng.
Stop the reissue Of worn out, defaced ant
nutilated notes.
Stop the establishment of banks Of the sam,
name.
Enforce all over the United States the dead
letter law of the State of New York, com
posing the surrender to the Bank Depart
ment of all dies, plates and materials" use(
IN the process of engraving a bank note.
Reform our system of engraving by nations
enactment.
Establish uniform system of laws throus h
out the States SO as to stop the issus of wild
cat money. >
Severely punish any publisher of Banl
Note Director who youches for the soundnes
of bank he knows to be worthless.
Publish an official list of the good banks.
In short, make bad money SO scarce that
Will be curiosity. Make 1t contraband o
war, to be confscated at sight by the police
not offered for sale as now.
These are several suggestions, but Their
should be thorough investigation of th
whole subject by competent men, an invest
eating committee, with power to send for pei
sons and papers. And when the call come
for the victims of these paper currency fraud
to congregate and testify, there win appear
cloud of witnesses, such as darkened ii
heavens at the call of Junius in the Vision {
t Judgment.-N 7. Times July 3oth.