Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-05-31
WHY THE SPURIOUS !?
This Question as to Paper Currency
Answered by a Banker.
He HEsAYsIFsLACKo OF UNIFORMITY.
An Interesting Chat on the Means Of Pre-
venting Counterfeits.
now ENGLAND HAS TIE BEST OF IT

ways remain an interesting one, anu ~ Ae
said that to insure some people reading
a newspaper it IS necessary to put this
''$'' before each article. An active banker
yesterday had something more interesting
to say at this juncture than the prosaic dis
sertations served up daily in financial re-
ports, which tell you once every "a hours,
that, on certain kind of accommodation
paper; per cent is the discount rate, when
it is well known that this has been the rate
except in exceptional circumstances, fol
quite number Of years The subject mat
ter must be very interesting to be able to
stand so much reiteration.
The banker referred to was moved to talk
on account Of the bank notes now in circu-
lation. 1t wasn't the "barren breed ol
metal'' he was discussing. He stated that
the Secret Service Department of the Gov
ernment did an immense amount OF good
work for which the general public gave it
no credit, and that, were it not for its
exertions in breaking up counterfeiting
gangs and sDotting their work, all people in
business would find it necessary to make a
study that would distinguish the false from
the true, just
AS BANKERS MUST DO.
When good counterfeit becomes extern
sively circulated, the only way to prevent
much mischief is to destroy the original
plate and cease making the genuine. This
not only puts the public on guard, but lays
crisp new notes of that denomination under
strict scrutiny, and soon blocks the counter
feiter's game.
The remedy suggested by this banker is
to diminish the different kinds Of notes,
For instance, Governnsnt notes are printed
from half dozen different kinds of plates,
and he whocwould detect counterfeits must
make a close study of all. Bankers and
others whose business it is to handle large
amounts of money become expert in detec-
ton; but it is not these that suffer, but men
who do not handle much money, and can
not take the time to study the matter.
He calls attention to the fact that counter
feiters give much less trouble in England
| than here and attributes it to the simple
| fact that bank notes there are uniform, and
the man who is able to own "f'-pun"
note is generally sufficiently familiar with
| its appearance to detect an imitation, just
as in this country any business man of ordi-
nary penetration is able to detect spurious
silver coin on account Of his frequently
handling it.
When mutilated coin was Disseminated
against it soon ceased to pass readily; peo-
holes punched in it, by which portion Of
value was subtracted, and it became uncur-
rent.
WHY NOT UNIFORMITY?
There are many different kinds of notes
issued by national banks, which also assist
the counterfeiter. Why should they not
all be made alike, save as to the
name of the bank and the figures showing
the denomination? Those who are old
enough to recolleCt beyond 1862, can re-
member that every merchant tavern-keeper
or other business man found it necessary to
subscribe for each monthly issue of some
counterfeit deteetor. Then every bank in
every State, issued particular form Of
note, and money handlers lives were a
burden; so much so that the Pennsylvania
Dutch farmer was rarely willing to ac-
cept anything except coin, the weight,
feel and appearance Of the genuine
being more or less familiar to him. A
story is related of one of these, who tore
his hair in despair when Mexican coin was
declared at discount. He thought that if
the "silver bank" were beginning to
break there was no rest for the weary any
where this side of the grave.
One reason assigned for the multiplicity
of forms in bank notes, is the weakness Of
many prominent men who wish to get their
portraits on the money of the country. 1t
is said to be more general than one without
inquiry or cogitation would suppose. It is
said that every great man has his weak
point, and this seems to be one possessed BY
many. 1t is conjectured that some would
pay handsomely, and thus have their fea-
lures kept before the public on its money
Added to this egotistic weakness is the
cupidity of engravers, who would have
much less employment were all the bank
notes of the country reduced to two forms,
one used bv the Government and the other
by the national banks; but what
would be the loss of the statesmen and other
ambitious gentlemen and the engraYers
would be
VERY GREAT GAIN
to the public, not only in the saving of loss
resulting by being imposed on by spurious
money, but in the lessening Of cost in hunt
ing down and convicting counterfeiters and
the showers of their product
Though the Scriptures call it filthy lucre
and Shakespeare denominates it trash, vet
it is admitted that on sound currency the
happiness of nation largely depends, and,
though we may exclaim:
o, what world of vile, illfavored faults
Looks handsome in three hundred pounds a
year! ~.
Yet most of us have the weakness to wor-
ship that worlds owner, or at least to envy
him, and he knows little of the world who
does not know that many in their hearts
will exclaim in certain emergencies:
Bell, book and candle shall not drive me back,
When gold and silver beck me to come on.
1t is suggested that a remedy might be
found, were the matter strongly pressed on
Congress. The banker who calls attention
to the evil.Etates that
HE SECURED RELIEF
from another some years ago by calling the
attention OF Hon. Russell Errett to it. The
trouble complained of was that the Govern
ment charged the cost of expressage on mu-
tilated currency sent it for exchange, and peo-
pie would continue to use it after it became
almost unrecognizable rather than pay
cost of carriage. As soon as the authorities
decided that holders could exchange cost
free they sent in all mutilated bills, and
our currency since then has been much
cleaner and more pleasant to handle.
Our gold, silver and copper coinage is
uniform, and why not make our paper cur
rency SO also? 1t plays much more i'm
portant part in commercial transactions than
does gold, and since silver certificates are is
sued they should be made as nearly as possible
as safe for the unsophisticated to handle as
the metal they represent, as they perform as
much service or more than it does, and are
steadily growing in favor. and will proba-
bly, eventually crowd everything above the
half dollar out of circulation.