Daily national Republican., 1863-03-18

Every one Of these banks has its separately
engraved and printed notes, differing In form
or design plctorially, and each bank issues the
various denominations which by usage seem 10
have become a rule. .l..T'
Our paper currency may, therefore, be desig-
mated as ofthe denomination ofone, two, three,
Ave, ton, twenty, any, one hundred, ave hun
dred, and one thousand dollars. This shows
ten different denominations as the usual quota
from the prominent old banks in the Eastern
and Middle States. Il may be stated, however,
that Of tho banks Of the West, &C., the larger
denominations above named are rarely used
they seldom Issue notes Of denominations above
fifty or one hundred dollars. 1'
In view Of these facts, ard TO the end that we
may present a fair average exhibit, let us allow
slx different forms Of notes to each OF these
!, SOS banks. The result ofthis simple multi
plication viii give the formidable number OF
$50 Varistiss Of notes in circulation and use
from these accredited banks.
Moreover, the varied issues of the fraudu-
lent, broken, and worthless bank" should not
be overlooked. OF this class--of "retired
banks, )" as they are styled-S54 are enumerated
in the published list furnished by the "De-
scriptlye List" for January, 1888. Such as
these have heretofore contributed, and In many
instances still contribute their quota to this
promiscuous catalogue.
One phase Of our paper currency, engendered
by this multiform system, calls for special
notice and consideration. We refer To coun-
terfeiting. It may be safely stated that the art,
as pursued in the United States, is without
parallel, and that, without vaunt or hypsrbole,
we can "beat the world" on this our national
speciality-counterfeitin species Of lltera-
ture, even unknown to tho rest Of the world,
has been initiated among us; and no merchant
or mechanic deems himself safe unless he con-
suits tho "Counterfsit Detector." The publi-
cations have become articles of "prime neces-
slty," to the profit Of the publishers, doubtless,
If not to the community; and they are spawned
weekly, semi-monthly, and monthly In most Of
our cities. We need not enlarge upon this
topic, amazing as It always appears TO foreign
observers and writers on these subjects.
The absolute facts, as detailed bythose in
terested in keeping the records Of counterfeitS,
|
credence. OF the various kinds It is estimated
that there are about six thousand. How many
Of each kind must be conJectured, as we have
no means Of catechising the originators. II
would seem, however, as the rule, that the bet.
ter the Banks the more numerous the counter.
feits. We cite, in illustration, that Massachu.
Setts has one hundred and eIghty-hve Banks.
] Thnunpann1a ~ IL.
scribes counterfelts on one hundred and sixty
nine of these, and "Gwynne 4 Days" speci-
fes one hundred and sevcnty-four. A like in
ference may be drawn from the same authori.
ties in reference to the Banks of New York
OF three hundred and three Banks enumerated
in that State 1t is stated that the issues Of only
forty-ave are not counterfeited.
Of the various species Of cOunterfeiis as they
are called, 1t is asc0rtained that but a smal
part Of the whole in circulation is composed o
bona tide Limitations" of the genuine notes
Those known as alterations" number highest
One cause Of this multiplicity of altered notel
Is attributable to the similarity OF titles among
banks in different sections of the country. As
for instance, we find twenty-seven "Union ,
| banks, OF which seven are In the state OF New
York. A yet further aid to " alterations is In
the frequent use of the same devices on notel
of different banks, and often of different banks
Of the same name.
Next in number TO the alterations" com,
the spurious" such as resemble in title only
the notes for which they are intended to pass
These notes are from plates of broken auc
"bogus'' banks in most Instances, althougl
not unfrequently from the debris material o
"broken " or "retired" " bank k-note engraving
establishments.
In view ofsuch a promiScuous, multiform
and dubious circulation, we think 1t will b.
generally admitted by the public and by con
servative bankers that a plan which, like tha
of Mr.. Secretary Chase, proposes to put an en-,
to these evils, deserves favorable considera
tion.