Pike County press. (Milford, Pa.) 1895-1925, 1896-01-24
UNCLE SANS BONDS.
HOW THE VALUABLE PIECES OF PA
PER ARE MADE.

The New Issue VIII He Duplicate Of the
Issue Of Last Year--A Real Artist as de-
aigner--various Steps In tho Processes
Of Turning Them Out.
The way in which United States
bonds are designed, engraved and made
ready to be turned over to the investor
in return for his gold coin or its equiva-
lent is one of the most interesting parts
of the workings of the treasury depart
ment branch of the national government.
The coming bond issue will not be what
is technically known as a new issue,
but will be duplication of the issue Of
February, 1895.
The designer Of the plates ia a we'll
known New York artist who enjoys high
reputation as a magazine and book illus
traitor. This is Mr.. Will II. Low, and
for the past year he has been the star
man of the corps of artists attached to
the treasury department, In addition to
the work of drafting the design for the
bonds he has designed several schemes
for currency.
After the announcement of n bond is
sue the secretary calls in the chief of the
department of engraving and printing
and tells him the denominations to be
issued. These may be in coupon bonds
of $50, 500, $500 and 81, 900. The
same denominations may be issued in
registered bonds, with the addition of
others of higher face value. The ad-
ditional ones are for $4,000, $40, 900,
$50, 900 and $50, 900. The issues of the
two latter denominations have been very
small.
After the chief has received his in
structions he turns the matter over to
the artist, who at once designs the plate.
1t is an erroneous impression that for
every issue a new series of plates is en-
graved. The artist may use any one of
a number of vignette likenesses Of his
tOrio Americans, and he mortises it into
| the drawing
When completed, it is submitted to
the chief for his approval and then to
the secretary of the treasury. If the de-
sign is all right, it is turned over to the
engravers
This usually requires from n month to
six weeks. The engraving is done ON n
thin sheet of soft steel of thickness of
an eighth of an inch. BY secret process
the metal is hardened when finished,
and proof is taken, which is submit
ted to the chief of the bureau This
proof then must be approved.
The plate then goes to the printer and
the work Of turning off tile bonds be-
gins The bonds are printed ON the same
kind Of paper as that used for currency
and each impression is carefully watch
ed. If any imperfection renders a copy
worthless, it is destroyed by the officials,
after being returned from the press
rooms. But for each sheet of bond paper
taken out there must be returned SINH
lar number of copies, either perfect or
otherwise. After the work of printing
is done the securities are counted and
checked off and are then made ready for
delivery to the purchaser. When their
final destination is determined upon, an
employee of the department, accompa.
MED by an escort, takes charge of the
bonds and delivers them to the pur.
chasers In the last issue Mr.. Logan
Carlisle, son Of the secretary, had charge
of the deliverance of the securities.
The difference between the two CLASSES
of bonds--coupon and registered-is
great. The former are like currency
payable to the bearer, and no record OF
their transfer is ever made The interest
coupons may be collected by any one
who presents them at a national banA
or subtreasury.
Tho rnpsgNara1 hpn11 gafoy -,
of burglary, as they are absolutely
nonnegotiable except by the signature
of the holder as evidenced by the books
Of the treasury department at Washing
ton. When registered bonds are sold, the
name Of the purchaser is placed in {
book kept for the purpose. There are nj
interest coupons attached, but each quar-
ter q check is mailed from Washington
for the accumulated interest, which il
payable at any subtreasury.
Should the holder desire to sell hi
registered bonds, the transfer must taxi
place before some official of the treasury
department or an officer Of a nationa
bank. The fact of the sale is then for
warded to Washington and the necessar.
alterations made in tho registered bont
book.
Although the face design of govern
ment bond is less intricate and puzzlini
than the designs used on currency, ef
forts to counterfeit them have been rare
The noted forger, Brockway, was tn
author of the last bogus government
bond issue that was detected. 1t was
duplication of a coupon bond of the is
sue of 1861, the first of the war loans
, , which matured in 1881. The denomina
tion was 81, 900. The work was poorl
executed, and it's worthlessness was 500
detected. 1t was for this that Brockwa
served his longest term in the peniten
tiary. New York World.