The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-01-20
TAXING THE BONDS.
ew Issue Will Be a Duplicate
of That of Last Year.
REAL ARTIST AS DESIGNER.
wv tho Securities Are Printea-The
Difference Between Coupon"
and Res
New York World.

! view e2h W NFlI-
he way in which United States bonds
designed. engraved and made ready 20
Il turned over 20 the investor IN return Tor
gold or its equivalent Is one Of the most
4 eresting parts of the workings OF the
asury department branch % the national
& eminent. The coming bond issue viii
be what IS technically known as a new
ue. but VIII be a duplication OF the issue
A February 1875.
The designer OF the plates is a well-known
ew York artist who enjoys high repu5a-
n as a magazis and book illustrator.
his 5 VIII II. La. and FOR the past year
has been the star man OF the corps OF
4 fists attached TO the treasury depart
ent In addition 10 the work OF drafting
e design fer the bonds he has designed
veral schemes for currency.
After the announcement OF a bond issue
/ e secretary calls IN the chief OF the de-
artment OT engraving and printing End
I Us him the denominations 10 be issued.
! aeSe may De in cupon bonds OF $50. slt2,
- and $1,000. The same denomina tons
AZ BE- issued IN registered bonds. with the
/ idiuon OF others Of a higher face vaiue.
ne additional ones are for 5000, Slo.ea,
100 and s5o0o The issues Of the two
j tier denominations have been very small.
] After the chief has received his instrae-
! 1ns he turns the matter over To the artist.
/ 10 at once designs the plate. IL Is an en-
neOus impression that for every issue
series Of plates are engraved. The
t.st may use any one OF a number Of Wig
tie Nkenesses of historic Americans. and
ortises it into the drawing.
Nhen completed Il Is submitted 10 the
ief for his approval and then to the sec
4 tary OF the treasury. Ii the design is
. right il is turned over TO the engravers.
i This usually requires from month to six
eeks. The engraving is done on thin
Get of soft steel of thickness OF an
ghth OF an inch BY a secret process the
i tai is hardened when finished, and
4 o0s is taken. which is submitted TO the
+ OF the bureau. This proof then must
II approved.
The plate then goes 20 the printer and the
4 * Of turning off the bonds begins. The
DIS are printed on the same kind of paper
that used for currency. and each i'm
sssion is carefully watched. If any i'm
-fect.on renders a copy worthless IL IS
troyed by the officials after being re-
81 ned from the press rooms. But for each
ct Of bond paper taken out there must
returned a similar number Of copies,
aer perfect or otherwise. After the work
/ printing is done the securities are
inted and checked off and are then made
i iy for delivery 10 the purchaser. When
II " maj UeSl4ndLiO{l lS 0cltt AkNAA
employe Of the department. accompan-
by an escort. takes charge OF the bonds
delivers them to the purchasers. In
81 last issue Logan Carlisle, son of the
Il rotary, had charge Of the deliVerance or
securities.
ne difference between the two classes OF
ii lds-eommon ana registered-ls great.
former are like currency, payable to
bearer, and no record OF their transfer
8ver made. The interest coupons may be-
" lected by any one who presents them at
81 ational bank or sub-treasury.
Fl ne registered bonds are safer in case or
urgIary, as they are absolutely non-ne-
il liable except by the signature Of the
4 Ter as evidenced by the books OF the
isury department at Washington city.
] zen registered bonds are sold the name
81 the purchaser is placed in a book kept
the purpose. There are no interest
pons attached, but each quarter cheek
mailed from Washington City for the ac-
aulated interest, which is payable upon
sentation TO any sub-treasury.
Mould the holder desire TO sell his regis
i u bonds the transfer must fake place
ore some official of the treasury depart
Il N or an officer of a national bank. The
OF the sale is then forwarded 70 WASH
n ton City, and the necessary alterations
10 in the registered bond book.
Though the face design OF government
4 IS less intricate and puzzlng than the
!gns used on currency efforts TO cOun-
81 Felt them have been rare. The noted
ger Brockway was the author OF the last
us government bond issue that was de-
a ed. IL was the duplication OF coupon
q of the issue Of 1861. the first of the var
rs. which maturei in 1881 The denom-
~ ton was 81 en The work was poorly
81 -cuted. and its worthlessness was soon
& scted. IL was for this that Brockway
I'd HI lnnzast tnrrl In the nan-tenliaIE.