The times. [volume] (Richmond, Va.) 1890-1903, 1893-09-15
FULL WEIGHT STANDARD SILVER
COUNTERFEITS.

/
! We have several times within the past
ten months called attention to the danger
Of unlimited coii age Of silver dollars, not
by The government, but by the enterpris-
ing counterfeiter
When the bullicn in a silver dollar IL
only worth sixty cents and the device OF
the dollar are easily counterfeited so as
to defy detection, ii stands TO reason that
there will not be wanting, men who would
take advantage of the opportunity TO
ia axe Go per cent. upOn the value Of the
material put in a silver dollar.
We did not know IL at this vecy process
| under similar circumstances had already
bten put into practice. but the United
| States consul at Marcaibo. Venezuela,
| Mr.. q A. Plumacher. according to the
| Philadelphia Telegraph, reports that Vene-
| zuela is being flo3dfd with counterfeit
silver dollars which are intrinslcally bet
| ter than the governments. 1t says:
| "He evidently thinks the low price OF
| silver bullion abroad will allow counter
! full weight and flood the United States
| with 1t. To prevent this end he has sent
| an interesting ri ort to the State Depart
/ rent on the experience of Venezuela in
| the same connection.
| AT this moment" he says, when the
| silver question is attracting universal at
| tention, it may interest the depa tn.ent
| to know that for some time past large
| quantities OF Venezuelan silver coins
have been imported into this country
| which have now been discovered to be OF
surreptitious coinage not authorized by
| the government
"Since 1866 the importation Of foreign
! silver Of all nationGiities has been pro-
| hibited, but all classes Of gold CONS and
| Venezuelan silver have until now been
/ allowed free entry, and are constantly
| being introduced through the custom
| houses.
| 1T appears that parties abroad, taking
| advantage OF the low price Of silver bull
| lion, have coined hundreds of thousands
| of dollars in Venezuelan silver; these coins
| being exact fac SMILES Of the emissions au-
| thoriZed by the government, and contain
| ing an equal or, as 1t is said even a greater
amount Of pure silver. which. II true,
would give the surreptitious coins great
or intrinsic value than the legitimate ones
| 1.-THE government has acted promptly in
the matter, and has issued q decree pro-
| hibiting the importation from abroad ex-
| cept by the government Of Venezuelan
| silver coins. and declaring them contra
| band, should efforts be made 10 intro
duce them. This will put n stop to the
| business through the custom houses, but
large amounts will no doubt continue TO
| be successfully smuggled. According 10
| an informant, the SPECTATORS have con-
| Quoted their operations on a large scale,
hundreds OF thousands OF dollars having
| been introduced during one month only at
Maracaibo alone.
1T is a striking commentary upon the
situation that such speculation is possible,
producing 1t is said, nearly 40 per cent.
profit although il is freely admitted that
the surreptitious coins are in all respects
equal TO those authorized by law. Had
they been Of less intrinsic value the effect
OF such heavy importations would have
been indeed deplorable. and even as II is,
we are advised from Curacao. which is
and always has been. a dumping ground
for many of all nationalities. that Vene-
zuelan silver since the late Developments
is received at only one-half its face value.
and Ii is moreover inttmated that ii will
soon be rejected.
I'm financial and commercial circles
there is naturally some uneasiness as to
the ultimate results, but II is as yet too
early TO venture prophecies"
What an argument this is against the
free coinage OF silver-that is. the
unlimited issue of 90 cent dollars. 1t
seems therefore. that in view OF these
facts, our safety will be found not In put
ting out the silver dollars among the
people, but in Withdrawing every sill
yer dollar possible. and issuing notes
therefor which are very hard to coun-
terfeit. The United States will have to
bear the loss upon every silver dollar
IL puts out, sooner or later. The fewer
put out, the smaller will be the loss.
The fact that the silver dollars or bull
lion is piled up In the treasury will not
affect the general result The time will
come when that silver will be used as an
of all the silver dollars. whether in coin
or note, which may be outstanding. The
danger Of loss TO the government is
in every way less by the issuance of
notes than by the issuance Of coin. The
notes are more destructlble. and almost
incapable of successful counterfeiting.
but rather diminished.
This argument; does not apply TO the
subsidiary silver coins, as they are legal
tender for only Eve dollars. while the
silver dollars may pay any amount.