The New York herald., 1869-04-05

t,ans hv ,,e ,'osSs -, <Ous Win Suggested plana
gwen IS herentforc inserted. IA any Inc ean oase se
Da,es eoapcA ~ noIns and Of the seven, thirty
themselves could not have been fraudn
~ ,hs Issued Ia duplicate wlLout either forgery
the clerk signing Tor hlm yad ot I'm. Treasnrer or
Inc United states or the .ierk signing for lin. ss
beyes and dearas mvrs lTJompiee, after beng NUN.
tney Were signed by me Register ana Tressursr aud
- H. .Io sr Uasg ., oos without also fraudulent use Of
wou,d N require connivance ana combnat.oi, OF of.
IN the only In tne Printing Bureau, but
ice @ am 'egater's sSs os,tce the Treasurer. y.
onlce =, ars.n av ;, lawn .s- sss see1e'a'Es
20 But the coupons 'sraa ssoas aS.asi 81
are eonna uTe from d. nSsr,ar of Inc bonas
ahd The Sealin~ .ney leave the frnlinS Bureau
non non .nere~ Department, red seai, il fynneS,
mat W tn 1t might, therefore, probably happeo
n' ale the bonds bear correct and consecutive
..nbers the coupons ATTACHED to tne same bonss
MIN Sn bear aueae numbers & TnU1 Mhon any ans
loss happening to the government. On tho
other hand, US the coupons are printed
few persons In the Printing Bureau, with a
person In The sealing division, or By ootanns pos
session OF sone one or more OF the numerous red
seals. thoy might be printed, a.ed and pu. In cir
cuation without any bond AMI without requiring
the conniyance of any OF the oGner Treasury oicas
and without any means on the part oi the puolc OF
distinguishing between the true aud the false c n
pons, as In such case they would be exactly ALIKE
On WiiOlc lc uOlne 70 l.tetiilHc
In respect 10 the duplicated coupon wnere the dnp-
cation was evidently an original oie ana not made
ey subsequent alteration. Wheher tney
are the consequence Oh lnnocent mistake or
fraud the tact cannot certainly be asccrtalnea
until The whole issue shall have been redeemed as
to te seve-thrties OF 1864 n0-niAy WAS required 20
make the notes themselves perfect Tor iss alter
they left the Printing Bureau and the Sealing Depart
ment attached thereto, waele the red seal WAS n
printed upon them, they dIl not bcar tAe seal of
the Treasury proper and tae 81 natures OF te Regis
ter and the treasurer were engraved and printed
from the same plate Us the noes themselves. The
committee find that considerable number and
amount OF those appear TO have been duplicated
orlsiiaIy aIa IL ls hhposstuie, US - saIu, IA
respect to The coupons, 10 know Certainly
at this time whether these Implications
are mere innocent mistakes or are fraudulent. II
Is TACT. however, wOrfhy OF some consideration
applied 10 ali these securities TINS point that there
have been over redemptols OF any OF The classes
OF seven-thirhes, and that the same annual pay
mens OF interest have fallen considerably below tae
amounts shown by tAe issue looks 10 be actually
due on che regular Outstanding eeDt. or course
considerable proportion oil the difference between
the sum due for interest and that PAID is 10
be accounted for by the accidental destruction
ana loss oil coupons. STILL II would seem prooabe
that were there any very considerable amount OF
fraudulent coupons 10 existence the pay oi In
terest would have come much nearer to the fun
sum, II they did not exceed 1t, than they do. But
these are merely speculative considerations, which
the comnttee sl,nply suggest. The seven-thiriles
of 1861 have duplicates THAT the cOmmittee have
been able to ascertain, excepting tho instance al.
ready referred to as having ilnOcenty occurred In
the Treasury from Duplicating notes In the stock
the Treasury officials can make 1t out, the number
and amount Of the duplicate seven-thirties OF
been altered after issue from those which appear
on their faces to have been original Implications.
This division into classes cannot be certainly relied
upon entirely correct Tor some OF those that ap-
pear to have been altered may have bsen original
Implications and some OF those that appear
been altered afterwards SO skiliully as to DEFY
detection by inspection. All these circumstances
have satisfied the committee that methods OF print.
nnlhn uSa inn Af ftn
securities OF the United States ought to be
adopted which will approach the nearest to being
such methods should be much more expensive than
others havt1g less guarantees and protection. And
1t OBVIOUS to tee committee that the highest safety
IS 70 be attained by conducting the work that no
even two departments should have 1t IN their
power TO finish any note bond or coupon, but chat
one part OF the engraving on the securities should be
printed by one establishment ana succeeding part
BY another department entirely distinct aud sep
process e s .esur s ana ssnaa a a9 hra
done by still another distinct and separate
and noHr In the Treasury by such
tro. the nearest approach possible TO security will
be reached; and as all these securities require two
may nave distinct process Of sealing and signing
there Is practical difficulty Whatever IN adopting
currency, called postal currency which was pesiect
for issue when printed, similar method was pur-
sued company printing one sid; OF the sheet
with one deslgn and another the oher with another
design. thus acting as checks upon other. 1hls
security, think, cannot be attained where all the
plates are kept together under one control, where
all tue various processes are done In one buNling
and substantially In the same room. where tile EN-.
p,oyes are In frequent intercourse with each other
has bcen the case IN the Printing Duteau of the
Treasury Department. Anotaer subject for serious
consideration In this connection Ia the comparative
safety to the government as well as to individual
holders of REGISTERED and coupon securtie3 In the
Of the -isered securities Us they are issued
name On Inc booss oi the Treasury. uitii irans' rs.
ferred to the name OF another person, whe
then takes hi' place upon the books, it s next 10
l 20 ,sble that any fraud should occur and NJ AZ
should it would be certain to be detected any in
vestgation on any cnange OF the personnel Of the
deDartment Or bureau. and 1t could be traced Its
origin; but In the case Of coupon securities, which
may be and generally are issued IN blank
ana SnS pas Of actS uese aaj as s no
exists for years, impossible OF detection until the
final Withdrawing OF the loan, and even then couli
not generally be traced TO any particular person.
These securities therefore. ana the uietu0l OF their
issue and rransler hold out strong temp ations to
policy OF the government to carry ias debt as
lar and as fast as possible into registered form,
and that there are now No considerations OF coa
venence arising from thus species OF security that
should outweigh the absolute duty of making the
government debt absolutely safe, as well for tha
government as for the community.
The operations Of the Printing Bureau In the Trea
sury Department have grown 80 Immense .s 10 oc-
cupy very large quantity or the space OF the Ouild
ing which Is needed for other purposes In connection
with the operations OF tle Treasury proper and the
bureau has become practically, In Its eject upol the
uI tue iSauce. IG
paper mill In the basement OF the building cxten-
sve steam power, engiueerP shops and clrpc atcr
snoo: anu it has, Of course, very extensive engrav-
ing and printing roolis llI, besides, Il great
number OF nydrostatic presses. fos dry pr1t-
ing. All these operations combined produce n |
nose and disturbance in the tUildinx tog ihc with
al degrees and Kinds Of noxIous eihuvia, to the |
very great annoyance and detrment OF persons CON
nected with that wing of the building where these
operations going on. Tic nu.nber OF per |
sons employed about these various opera |
tons runs sometimes as high as 6oj or |
200. Tic books and accounts between |
ment have been until recently, TO say nothing of the
defects still eXs inl, 80 irreguarly Kept, aud CON
tain, many oil them, on exam nation, 50 many /
crasures and alterations as considerably TO dmlis
IN the accuracy VI the results de-
riyed from such sources. Tnis perhans no, ALTO
Tether the fault or the head OF the bureau. |
for long as persons were employed there upon
the recommendation OK senators, members Of Con-
yrcss and other persons having political influence
without very strict regard 10 the qualities essential
10 ia.thiulness and accuracy, 1t was not