New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-02-07

Government Colonel ElllOtt L. SnepaIu, VI A''"
York. made an argument in behalf of the COM
panes.
WHICH IS THE BETTER PLANT
RISK EXPENSE. AND DELAY SAVED IN VARIOUS
w.ys IN THE NEUTRALITY-SUSPICIOUS. OF OUTSIDE
PRINTING.
JBY TELEGRAPH TO THE TRIBUNE.l
WASHINGTON, Feb. 6.-The annual contest for
the engraving and printing of United States notes.
bonds stamps ETC., between the Bureau OF EngraV-
ing and Printing the one hand, and the New
York bank note companies on the other, Is now at
its height in the House Committee Banking and
Currency bill prepared in the interests OF
the bank note companies has been introduced
and has been discussed to extent by that COM
nittee Ex-Secretary Boutwell, made an argument
in favor of the bill few days ago. and this morn
ing the consideration Of the subject continued
when the Hon. Edward Mcpherson, Chief of the Bu-
reau of Engraving and Printing, made speech,
which was replied to by Colonel Elliott Z. Shepard,
of New-York one of the counsel for the bank note
companies.
Mr.. MPHERsoNs STATEMENT.
Il Think said Mr.. Mcpherson. " there can
DO no difficulty in establishing the claim that the
bureau is now doing all this work more perfectly
than it has ever been done outside. BY that mean
not only all those plates which the bureau is au-
thorized to make engraved in higher style OF art,
so as largely to decrease the possibility OF counter
feitihg and indeed to these almost to destroy
the danger of counterfeting but the printing
itself is done with greater degree OF
care. with higher finish, and generally
with greater artistic skill than ever be-
fore in it's history, and with greater artistic
skill than has been placed upon like issues by
any private contractor or than has ever been placed
upon the issues of any other Government in the
world. The proposition of this bill IS to destroy
this organizations to sell its material, to strip the
Government Of all the advantages, projections
and safeguards which this organization has
created, and to expose the Government
to all the dangers, inconvenience. annoy
ances and costlincss incident TO the execution
of this vastly important work by combination
of private corporations, and besides, to take for
granted that no harm will ever come TO either the
country or the people from anything which they
nav combine hereafter to do The proposition, by
its bollness, proves its paternity. and must. feel
rcpcl every prudent man who takes time 10 consider
how near to the people is the safety of the currency
aud how dangerous it is to tanper with safe
guards carefully created for its protection
Mr. Mcpherson then proceeded to answer the
specific points suggested by ex-Seerctary Boutwell,,
who represents the Oldest of the bank note cOmpan-
was that the division of labor which world result
from the passage Of the bill would make spurious
issues of paper more difficult. This he considered
plausible but said il would not bear the test Of
animation the paper is manufactured Immediately
under the most thorough Government supervision.
The sheets are counted and sent TO the Treasury Tor
verifcatlOn. after which they are ready for is
sue TO be- printed. lie showed that If the notes
and securities of the Government were printed
in New-York there would be incurred four
separate risks which do not now exist first. the
shipping of the blank paper TO New-York; second,
its delivery to the printing company third, ITS
transfer from the first engraving company to the
second and fourth, the transportation of the
printed sheets back from Newfork 70 the Treasury.
Besides these risks the printed sheets returned from
New-York would have upon them two OF the three
impressions required. and in case any portion Of
them should be captured in iranstu the difficulties
of counterfeiting woud be diminished, by the fact
that two genuine impressions would already have
been made 50 that all the skill of the counterfeiter
and all his resources and money could be devoted
to the perfection of the plate necessary to its
completion.
Mr.. Mcpherson then explained. in detail, the sys-
TEN practced in the Bureau of Engraving and
Printing, by means of which minute and perfect
series Of checks is kept at every point from the
receipt of the paper 10 its completion currency,
and which places surreptitious issue beyond the
range of possible occurrence Allusion had been
made to the fact that the Government
This. Mr. Mcpherson .aid. is true; il
costs something to reach absolute safety.
but absolute safety Is worth US cost oh me otner
hand. as the bureau ncHrs no bad debts. and has no
legislative or business expenses To meet, II can bear
the cost of increased vigilance and better workman
ship and the 100000 saved from this years appro-
priation together with the los. 900 saved on stamp
aud note work. may fairly be considered as the
yearly profit on Its work.
Mr.. Mcpherson thinks the workers in gold and
silver have "a much right to complain that the
Government makes its own coin rs the printers of
bank notes have to complain that the United States
insists upon printing upon its paper the various i'm
pressions which are necessary to give it authenti-
cation as a safe representative of value; every one
OF tho impressions upon note Is necessary to
protect the people against the art oil the counter
frter aud to Intrust the manipulation OF this paper
to any hands outside of the Government is de-
parture from the true theory.
Referring to the fact that on previous occasions
committees of Congress in 1869 and 1874 reported
in favor of divison'of the work, Mr.. Mcpherson
said that it should be remembered that on both
these occasions the bureau was not IN position TO
demonstrate its superiority for the work; now the
issue is entirely clear: the advocates of the bill in
on,stion admit that the administration of the bu-
reau now is acceptable to all, and is not open to
criticism on the part OF any; the present
question is. Which plan will best proTote
economy, safety AID promptness, and thoroughness
of work and the question must he answered in ia
vor of the bureau. Beside being the cheapest
method of doing the work, MIR. MCPHERSON said the
Government has at present the incidental advantage
of being ahla to execute il with Rreater prorptness
than would be possible, if in order to produce these
securities, it should be necessary to communicate
wi h several different points and companies. Mr:
Mcpherson was in favor of the final settlement of
this controversy. If this Congress, he said, as
n result of investigation should pronounce as DIS
tncty rs the last Congress did IN favor of the exc
cution If this work in the Treasury Department,