Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1875-01-06

The Comptroller of the Currency. in
his annual report, takes ground against
the engraving and printing of new
series of National bank notes. and gives
the reasons why he considers change
unnecessary. His views and those en-
tertained In the Bureau of Printing and
Engraving on this subject, it is need
less to say, are widely different. The
engrayers of the Bureau think it highly
important for the protection of the
bank notes against counterfeiting that
they be re-engraved. The replies made
by the Printing Bureau to some of the
statements of the Comptroller are ex-
ceedlngly interesting, containing much
information on subject concerning
which but little is generally known.
and which, partly, no doubt, because
Of its mystery, has great attraction for
most readers. Speaking OF the bank
note plates, the Comptroller says:
GA small number of impressions only
have been printed from the plates of
the denomination of Is and IS, and of
2Os, SOS, zoos, zoos and 1,000s. The
average number of impressions printed
from the S. plates does not exceed
1000; while the number printed from
$40 plates is considerably less. The
Comptroller is informed by engravers
that the plates from which the national
bank notes are printed are capable of
printing 80, 900 impressions before they
will be rendered unfit for use. The
plates of all denominations are, there
fore, with few exceptions, in good con-
dition, and with care large number of
impressions may be printed from them
before evidence of wear will become ap-
parent.
This statement the Bureau people say
is true, but they claim that the question
is not raised as in the wear of the plates.
If that were the question it would be
easy for the Comptroller to have the
plates hardened, and then, instead of
printing 10000 impressions from each
he could print 100000 ''The fact is,
says the statement of the Printing Blu
reau, s'the whole issue of national cur
rency has suffered more or less by the
counterfeiters art. Seven out of nine
denominations have been counterfeited.
On the other hand, the legal-tenders-
present issue, series of 1S69-have not
been counterfeited, except in two de-
uOIuIudblOuS ~OuU Ol nluG. Lie SbylS
and character of the engraving on the
bank-notes are calculated to invite and
facilitate the attempt of the counter
feiter, while the paper is a commercial
article, and can be bought at any sta
toners.
The Comptroller refers to the coun-
terfeit of the S. note of the Traders
National Bank of Chicago, which has
recently appeared, and says that the
genuine notes of this issue are being
retired IN pursuance of law, as fast as
they are redeemed, and that at the
present time but little more than $780,
900 of them are in circulation. The
Bureau officers speak of this as one of
the most skillful and dangerous of the
counterfeit notes. In many respects
the engraving is superior In execution
TO the original work, and is liable to
deceive the most sklllful experts This
excellent counterfeit has already been
altered to suit the Bank of Chicago.
Even with the exercise of the greatest
skill and labor on the part of the coun-
sSerfeiters, it would require at least from
containing the vignettes, lettering, and
being done by hand. In the first
plate he omits the title of the
bank, and consequently has the fac
simlle for the counterpart of the issue
of all fves of the National Bank notes.
representing the moneyed value of $780,
3O7,65 the amount outstanding at the
date of the Comptroller's report The
counterfeiter having completed his
plate, it is only the work of few hours
to make copies by the Since battery, or
by the transferring press. He then at
his leisure engraves the name or names
Of the banks whose notes he wishes to
counterfeit, and can go through the
whole list of National Banks at his con-
venience. So it is with the $10O-note,
which is one of the most dangerous
counterfeits ever issued. The counter
feltef, after completing the plates, leav-
ing blank on the face for the name of
the bank. engraves the title on differ
ent pieces of steel by second opera
\ tion similar to that followed by the old
State Bank of Ohio, and thus issues
counterfeits on the Central National
Bank of the city of New York, the Ohio
National Bank of Cincinnati, and the
notes having a wide circulation.
The notes of the National Banks
comprise nine distinct designs. The
number of plates duplicated signifies
nothing, and the nine forms constitute
the whole issue of the 2,027 banks.
The duplication for set of bank-plates
Is a mere mechanical operation; the
dies once engraved, whole set can be
thrown off By the transfer-press in
day, after which the title of the bank
is inserted Counterfeiting national
currency noes is a profitable business
to the counterfeiter, for as soon as a
denomination is successfully counter
feited and the attention of the public
called to the bogus issue, he has simply
to change the name and location for any
OF the remaining National Banks. One
not an expert is almost sure to receive
some OF the counterfeit national cur
rency notes In the ordinary course of
business fact that MANY OF our peo-
pie can testify to. Of the 500 notes, a
large amount of excellent counterfeits
are IN circulation, as follows:
The Oneida National po,1- - TrL: