New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-02-23
MAKES COUNTERFEITING EASY.
THE CHEAP SILVER DOLLAR AN INCENTIVE ~
DISHONESTY.

THE CHEAP SILVER DOLLAR AN INCENTIVE TO
DISHONESTY.
To the Editor of The Tribune
Sir: VIII you kindly explain, II you can "'"'
safeguard the Government can possibly nave asa"s1
the issue OF counterfeit silver coinage, especially Vi
the denomination OF 81 and 50-cent pieces IN vie"
Of the margin of profit In the transaction OF puyihs
the silver bullion at the rate of about S for u OF
gold. and putting 1t through the milling ana Die
process
There is little or no safeguard In the cost Oh
machinery or the mechanical talent required Tor tne
process In this respect coins differ materially
from paper currency In the case OF the latter ,ne
cost of the machinery 10 do the eng.ne-iathe "o'A
and the engine-ruing, well as the cost Oh en-
craving talent equal to the vignette work. S very
great and would Involve a large capital In add-
ton TO this the paper OF the peculiar make used ny
the Government requires the controi Oh paper '''
and when finished the signatures. the treasury seal
and the quality Of the engine-lathe ana other WORK
are not likely be proof against the scrut.nzinG
eye Of an expert There is further safeguard
moreover in the fact that 1t would be difficult TO
conceal an establishment OF the character qul.h'd
To turn out hrst-cass paper currency. But THIS Is
not the case with the CONTRIBUTING OF silver COIN
So far as the United States avs are concerned, IL
could be conducted In Mexico or In any fore.Sn
country with mpunty. The parties engaged IN II
could purchase 81 10000 worth Of bullion for ABOUT
|
in circulation In the United States in exchange for
god or under cover of merchandise or farm prod
purchased for the equivalent OF gold ana the
process Indefinitely repeated. 1t Is not necessary.
however t. secure god In order to purchase more
silver bullion for remanufacture into silver dollars.
for the counerfeier can use his newly made dollars
To purchase his raw material. Of silver bullion. at
the rate 81 worth of bullion for OF his dollars
Could there be a greater farce than this Of gov
| eminent furnishing the opportunity for rascas 10
profit at the expense OF IT, citizens?
Il would not be suggested for moment that, with
the world full OF sharpers the writer OF this article
Is the only person to whom such idea has oc-
Cured l. II not safe TO assume that owing TO the
mistaken policy Of the United States Government as
to silver coin. millions of dollars OF tho spurious
ago SAW in the newspapers that couhterieit
silver d,.ar had been detected. How? lIy fault
In the milling process by imperfections In the die ;
~. by the fact that the counierfelter hai used
more silver in the coin than the United States
Government was in the habit OF using
II my hypothesis be the true One-and IL IS a per-
mcnt against the coinage OF silver. and does II not
illustrate the folly 81 attempting to fioat silver
currency whose intrinsic vaue IL less than the de-
nomination stamped upon Il?
The her day the authorities OF a Nebraska bank
found themselves in the predicanent OF being snort
~ ,fe room for 1900 silver dollars This illusra
how easy II Is - put In circulation a large number
~ these coins Farmers dealers In produce would
readily accept silver dollars for produce. which can
b. In turn. sold FOR gold or bankers exchange .
Would il not have been better FOR the country II
the Government had never issued silver CON above
the denomination Of p cents. and especially II 1t hai
never ssi,I a silver dollar but had In all cases re-
itinei tho bullion and issued the safer engraved
silver cert.ncat. FOR the dollar? II you have any
explanation Of any system 81 safeguards wh;ch me
/ Gl.trnment may have and which have overlooked.
VIII You kindly favor me- with Il? +. G. MOORE
Ncw-Y0rk Feb H. 1895.