, 1863-02-13

0CR AEOMIE.AKLE CURRENCY
SYSTEM.

The banking system is now undergoing
discussion in Congress and by the people.
One side seeks to reduce the present hctero-
gencous mess OF trash to some sort Of uni
tormity: Secretary Chase, in the Cabinet,
and Senator Sherman in the Senate, are
1aboring arduously for the passage Of
national banking bill, which they claim
Will bring order out Of confusion, and
eliminate many Of the worst evils con
nected with the present abominable sys-
TEN, some Of whose features we proceed
analyze.
The whole number Of banks of issue in
the loynl States, as nearly as can be asccr-
tained, is 1906. Of this number 511 are
located in New England; between three
and four hundred in New York, about q
hundred in PENNSYLVANIA, and most Of
hundred in New Jersey. The present
issues Of these debt factories exceed two
1.uuuIcu and tl,ilty millions af snllars,
and they arc still expanding"
Every one Of these banks has its sepa-
rately engraved and printed notes, differ
ing more or less in form or design pictori-
ally, and each bank issues the various
denominations which By usage seem to
have become a r;1lc.
Taken together, each bank issues at least
bills Of six different denominations. The
1896 banks therefore issue $3.50 varieties
Of notes, which people are expected to dis
tinglisl from counterfcits. Moreover,
tho varied Issues Of the fraudulent, bro
ken, and worthless banks' should not be
overlooked. OF this class-of "rctircd
banks" as they are styled-854 are emu
mcratcd in the published List furnished by
the " descriptive list' for January, 1868.
Such as these have heretofore contributed,
and in many instances still contribute
their quota to this promiscuous catalogue
"One phase Of our paper currency, en-
gendcred by this multiform system, calls
for special notice and consideration. We
refer to counterfeiting. It may be safely
stated that the art, as pursued in the Uni
ted States, is without parallel, and that
without vaunt or hyperbole, We can beat
the world on this our national specially
counterfciting. 4 species Of literature
even unknown to the rest Of the world
has been initiated among us; and no mer-
chant or mechanic deems himself safe un-
less be consults the Counterfeit Detcctor'
These publications have become articles
Of prime necessity to the profit Of tht
publishers, doubtless, if not to the com
nlunity; and they are spawned weekly
semi-monthly, and monthly in most of oul
cities
"The absolute facts, as detailed by thos
interested in keeping the records of coun
tcrteits, appear nlonstrous and fabulous
even beyond credcnce. Of the yariou
kinds it is estimated that there are abou
six thousand. How many Of each kin
must be conjccturcd, as We have no mean
OF catcchising the originators."
In some Of the States, nearly every banl
is counterfcitcd. Massachusetts has Is
banks. "Thompson's Reporter" Of reccn
date, describes counterteits on 100 {
these, and "Gwyune & Days specific
ia A like inference may be drawn fron
Tie same authorities in reference to tn
banks Of New York. or the whole batc
but forty-five arc not countcrfeitcd.
"Of the various species Of counterfeit
rs they. arc ca]1ed, it isasccrtained that b.
Il small part Of the whole in circulation
composed Of bona ,CIc limitations Of IL
genuine notes. Those known as 'alter
tions' number highest. One cause Of Il,
multiplicity Of altered notes is attributab
10 The similarity Of titles among Banks
different sections Of the country. As
instance, We find twentY-sevcn tUnio
Banks, Of which seven are in the State
New York 4 get further aid to alter
tons is in the frequent use Of the same d
vices on notes Of different banks, and off
Of different banks Of the same namc.''
Next in number to the Alteration
come the Spurious such as resemble in ,
aie only the notes for which they are il
tenaed to pass. These notes arc fro
rih'es ol broken and bogus banks,
nos' instances, although not unfrcqucnt1
from the debris material Of .brokcn, :
retired hank-note engraving cstab,;s]
ments." >"s4'e'
We ind the data Tor the ahove ,a,.;o
Of The banks and their parasites in +,
Washington Inteaigfnccr 4 system n,,,
be vic and rotten indeed that mee,s =
<lisf:ayor Of that venerable defender
loaIy abuse.
But we have little faith that Congr
will reform this terrible currency evil.
other civilized nation would submit to
Nor would ours, if the voice and intcrc
Of The people were needed by our lcgi:
Tors. But they are in the condition Of
Jury who tried the sl,cep-thief The pr
was positive; the guilt Of the defend
was established beyond all doubt or CT,
1:rt strange 10 say, the jury returned !
dict of "Not guilty" The reason "
1::"t len Jurors had received and eaten T
&; T.. If ;!.c rit:f!t,a The t3o:11lc II