New-York tribune., 1875-01-28
GENUINENESS OF PAPER ISSUES.

PROPOSAL or TIE CHIEF OF THE PRINTING BUREAU
To HAVE ALL THE WORK on THH CURRENCY
DONE AT THE TREASURY - DANGEROUS TEND
TNCIEs OF TIE INNOVATION
To me Edifor or The Tribune.
SIR: In the discussions of currency and
anauce-of iun ition contraction and the resumption OF
specie payments-which now so largely occupy the
attention Of the American people, one element s7snS "
bay been almost entirely overlooked. and tha II tue
degree OF confidence which may ba placed III tne Echu
neness Of the paper issues OF the Government WHAT
recautons have been taken in the past ana What are
proposod TO he taken In tho guard the paper
obligations Of the Government, intended to pass among
this people and throughout tue world against tne
dangers OF fraudulent limitations. forgeries. mistakes,
and overissucs and 10 from them the slightest
suspicion OF want OF Gcnunenessi Ia Driei whal e'i
dence have we these bonds, notes. fractional cur
rency and other securities genuine presentations
of denominated values These thoughts are suggested
by the question under consideration by the Com
nittee on Banking and Currency OF the House OF
Reprcsentliiy-s rs to tho proDcE methods 10 D.
observed in the preparation aud manufacture
Of the papa. obligations OF the United states
Some years ago the experiment. was uIe"
Of printing all these notes and securities In Bureau OF
the Treasury in Washington This experiment was un-
satisfactory aud even disastrous az was shown ny
sworn testimony before Co'EIcItce OF Congress
appointed 10 investigate the subject Toe report OF
this Committee showed such state Of affairs that the
faith OF the people In the genuncness or The Govern
ment securities prepared might hayo been seriously
shaken # not utterly destroyed, had the fIcts ocen
fully understood or made known at that critical ume'
Discrepancies and a confusion OF denominations b1n
issues a. well Implications AMI oyerissues from gen
nine mates were discovered by this Committee The
IONS entries, aud accounts were SHOWN IN many
instances to have 1en OF loose and irregular chIr
aeter Tue Committee reported that tho Printing
Bureau occupied space in tho Treasury Building that
was greatly ueelei for other purposes ana that ho
machinery. shops. steam power *, pr0luceI sncd
noise and dstJrDaace, comJin5I with nOXJu5 ell iyI.
as to render Bureau nuisance Ia conclusion tlo
Committee cmphaticaliy recommended. az "a neccs-
sary precautiUn against error AMI franI, that
the three or more prntiag3 necessary In
the production OF each note, boai, or other
security, 10 done IA as many separate and distinct
places that one, or even t"J departments or es
tabishments shoud have 1t IA tIrr power to haSh any
note bond coupon. aud that the hlal process o' seal
Ing aud signing should be done IN the Treasury By this
means alone, the Committee report. can tho highest
safety be secured.
These recommendations were not made mandatory by
Congress but tho then Secretary of the Treasury tMr
Boutwell, adopted the and in his annual report pro-
nounceu the results To be satisfactory AMI OF tho high
est security. Contracts were made with bank-nCta
companies OF most respectable standing to print TIC
SEPARATE portions, aud the system OK checks worked 50
well that moi collar has since been lost by tue Glycrn-
mcnt while hundreds OF thousands OF dollars have been
saved in the cost OF manufacture Ivy tue competition for
the work among well oreaui2ad private companies.
R.cently, however, the chief OF the Printing Bureau
has ayowed his determination to have all this work
done inside the Treasury building and this despite the
recommendations of tbe C0Dgc ,>!onal Committee and
of exSscrptary Boutwell,. tie disastrous result of te
experiment In former years. and ue testimony OF all cH
perts that such d method df'eut in security, tne
only object apparently being 10 Increase his own power
and patronage. Alarmed at this proposal memorial
.gred by the most Influential capitalists bankers, and
beads OF financial IL .t+!!:as e t9e prqGFo cities
has beea sent to both Houses ol CoaEfess urging tha
the method which PRONOUNCED necessary ior security
bya Committee o. Congress and by former Secretary o.
the Treasury aud wLic has worked 20 Wen In pracce
be continued by law and not be d.Splrcid bya pan
which has already proved 10 be disastrous ahd dQ
safe II remains to be seen whether tlIe strongly e1
pressed wishes and preference OF the holders Of vast
mao!ity Of Government securities SHALL DO regarded u
Their preparation ana anuiGC UTc, or whether The am
bitious schemeH for the aggr2ndz ment of Bureau IN
the Treasury shall prevail SHErrARD NoMANs.
Nc.Q YORK. Jan. %, 1915.