Evening star. [volume] (Washington, D.C.) 1854-1972, 1878-04-06
WHY the Government Should Make
Its Own Currency.

In the concluding argument of Mr.. McPher.
son before the Committee of Banking and
Currency, he very effectually disposed of the
plea of the bank note companies why they
should be permitted to take the work of print
ing the currency from the Bureau of Engra-
wing and Printing. 1t is clearly shown that
The former reason for dividing the work be-
tween the outside companies and the Treasury
department, which caused a Congressional
committee in 1869 to recommend such di-
vision, no longer exist. The business, as done
by the bureau. was then newly organized and
effectively managed. But nine years of effort
have increased the skill, perfected the Organi-
ZatiOn, and enlarged the resources of the
bureau, and have developed it into irst-class
business establishment, closely organized in
all its parts, provided with abundant checks
against error, and unequalled in its capacities
for superior bank-nOte printing At that time
also the paper used in printing the govern
ment securities was commercial paper ONLY
with no protective feature, and could be OBJ
tanned from any dealer. Under such cir
cumstanceS, it is not surprising that
the suggestion occurred to the committee of
1859 to require that no one establishment
should be able to place upon a given sheet all
the impressions necessary to prepare it for
issue. But the case is now entirely changed.
blue fibre line is run, All article which no one
other than the government can possess. inter-
poses an obstacle to cOunterfeitng and is a
perfect check held by the secretary upon the
bureau itself. No Impression can be placed
upon sheet of this exclusive paper except
with the knowledge of the Treasury depart
ment- The bureau can take no step in print
ing except in full view of the Secretary and
upon orders officially issued to it, and it is
only, as armed with an order to print upon it,
mat the bureau becomes possessed of a
single sheet of this special paper. An
additional security is furnished BY the
TACT that the engraved plates of notes
and securities from which all the gen
uine impressions must be made are under
the immt diate control of the Secretary of the
Treasury, and cannot be obtained by the
bureau from the custOdians of the vaults in
which they are contained except by the pre-
sentatiOn of orders for the printing from the
proper officers. These checks in the essential
points of the official paper and the official
plates constitute guaranty of safety which
no system of divided work by outside parties
can possibly effect If the argument that for
government TO do its own work i'm this matter
Is an injustice to private industries should
De carried to its legitimate results, ii would
rank the building of ships, the gathering and
denVery OF mails the manufacture of guns and
OF ammunition in arSenalS, and the stamping of
god and silver currency as unjust actions when
performed by the government; since private
enterprise IS competent for all these operations.
An intelligent and ScrupulOus caring for its Sc
eurities is one of the first duties of a govern
ment Their preparation and issue should be
one OF the regular functions of government ad-
mlnistratiOn, and be placed in the hands of a
special department, with the end i'm view of i'm
proving and perfecting these operations, so
lar as human skill can be carried. And this
should be done, not as matter of hOstil-
lty TO any one or from caprice, but as an un-
ayOidable incident of the governments rela-
tiOns to the currency of the people 1t is es-
tabllShed, by experience, that the work can be
performed by government bureau econOm-
leally and well. and with an assurance of
safety that no other organization can render
In the single item of internal revenue stamps
a saving of $4,000 upon the rates paid to the
New York companies last year for the same
work has been effected. The workmanship
upon the recent four and a half per cent.
bonds was conceded to be superior to that on
any other bond which ever appeared in the
London market The system has all the vigor
which comes from unity and the care which
comes from direct responsibility. To d.
vision OF the work with outside parties there
Is, In addition TO minor objections, the vital
one OF involving a greater variety Of riSkS