The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-04-09


piled by state banks. each Of which owned
az its private property full set Of plates
for the various denominations. Under the
then existing laws wildcat financial iostitu-
tions sprang up in every direction, Issuing
notes which we're worth no more than the
paper they were printed on. Many Of these
concerns had no place Of abode save per-
haps a dingy Office for the shaving Of notes.
at-hand. After getting many thousands Of
dollars Of their alleged money on the market
they would quietly collapse. There we're 30
many different kinds Of notes in circulation
that people were puzzled to know which
were the bills of broken banks and which
were good. At that period bank note COM
panies, which engraved plates for the
banks, jumped into existence Ike musF
rooms.
THEY HAD ORIGINAL WORK.
With such opportunities for profitable
work it is not surprising that many dis
| honest persons should have taken up the
occupation Of counterfeiEng. Pc pie Of
! this class bought up the engraved plates,
| which were disposed of commonly as the
sole assets Of the burst banks. Pretend
| ing to carry on a small business In the cut
| ting OF dog collars and door plates they
would chop the bank plates into pieces,
| thus providing themselves with an assort-
ment Of vigne.tes and lathe work denOmina-
companies, having few vignettes and but
| little lathe work, were obliged 70 repeat the
same pictures and ornamental numbers to
some extent on every new set OF plates or
dered by bank
Several Of the bank note companies hav-
| ing failed, their stock of dies. plates etc.
were bought in at sheriff's sale by the coun-
terfeiters. Thus the latter obtained posses
sion of original plates and dies engraved BY
Hgef rf he ~
abled the furnish the public with notes in
absolute fac smile OF many issues. About
| 1853 the bank note companies united In an
| organization and made it a part Of their
contract with anks that they should re-
tain possession OF all plates engraved for
each bank. 1t was at this period that the
redoubtable Pete Mccartney did his first
work in the profession, which his dexterity
subsequently did so much to adorn He
was employed by bank note concern, and
when engaged in printing notes be would
| SHIP through the press unobserved q sheet Of
| lead foil. This took a perfect impression Of
the plate, and from It, as a matrix, an ez-
| cellent reproduction OF the design on the
plate could afterward be made by eiectro>
tipping.
But the action taken by the union bank
! note companies was too late. The counter
| feiters were already provided with all ma
terials they needed for turning out indef-
mite quantities OF notes at an expense only
| of printers Ink and labor. The criminal
industry continued to grow so that many
| banks were compelled to Tepudate their
own paper money. At the outbreak Of the
civil war, the coin having given out, Uncle
Sam was obliged to issue great quantities Of
| printed currency. This was Immediately
attacked by the forgers. Fractional
| currency was run OF by sheets at No
25G RiVingtOn street, New York by Tom
Ballard and his gang. thus producing mil
| lions Of dollars in false cash. They by ne
means confined their operations to such
| issues, but turned out notes OF all denoni-
nations up to $500. each production being
! in such style OF art as almost to defy de-
| lection. 1t was not until 1871 that this re-
| markable conspiracy was exposed by a sub
ordinate engaged as q shower" But of all
| the counterfeits of that day the one which
made the greatest sensation was the work
| OF Charles Smith. 1t puzzled even the
| banks, being hardly diAtingushabls from
| the genuine. This note was q lob Of iml-
| tative engraving wholly.
| In place Of notes issued by thousands Of
| banks In as many different designs there
| are now in existence only a few kinds of
! paper money, all printed by tie govern
! ment. By custom people have become 80
far educated in the recognition Of Uncle
| Sans bills as 20 detect with comparative
ease any imitation OF them At the same
time the limitations attempted are no longer
| of good quality or well calculated 10 de-
| ceive, because the men who have the ability
and Information TO do such work are either
| out OF harms way or under the never
| sleeping eye of the secret service. Further
J more, there has been an important change in
| the law respecting oountsrteiting. Formerly
| q person could not be convicted and pun
ished unless he was actually caught in the
! act of passing counterfeits Thus many
criminals got away without penalty, though
their pockets were found stuffed with IA
money. At present it is only necessary for
establishing a case that couu terfeits shall be
! discovered In the possession of an individual.
| In short, the net has been so closely dra wn
| upon such offenders that their OCCUPATION
is gone, and never again will they be in a
| position to menace the business prosperity
and financial stability of the country.