The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1896-04-21
UNCLE SANS BONDS.
HOW THE VALUABLE PIECES OF PA
PER ARE MADE.

Def ARE MADE.
The New Issue Will Ec n duplicate of tho
I.sp. Of Last Year-A Real Artist as De-
~sicner-Various steps la the Processes
of Turning Them Out.
The way in which United States
bonds arc 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 bono issue will not be what
is technically known as Il new issue,
but will be "a duplication of the issue of
February, 1895.
The designer Of the plates IS a we'll
known New York artist who enjoys high
reputation as a magazine and book Illus
traitor. This is Mr.. Will H. 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 q 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, 600. The
same denominations may be issued i'll
registered bonds. with tho @additiOn Of
others of a higher face value. The ad-
ditional ones are for s., 900, $40, OO0,
$40, 600 and $50, 600. The issues Of the
two latter denominations nave 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 impression that for
every issue a new series Of plates is en-
graved. The artist may use any one Of
a number of viSnette llkenesses Of his
toric 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 a month to
six weeks. The engraving is lone on a
thin sheet of soft steel of a thickness Of
an eighth Of an inch. BY IA secret process
the metal is hardened when finished,
and a 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 the 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 lenders a copy
worthless, it is destroyed by the officials,
after being returned from the press
rooms. But for each sheet Of bond paper
taken ont there must be returned a SINH
lar number Of copies, either perfect OF
otherwise. After the work Of printing
is lone the securities are counted and
checked off and are then made ready fol
delivery to the purchaser. When theil
final destination is determined upon, al
employee of the department, accompa
MED by al 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 classe.
Of bonds-coupon and registered-l'
great. The former are like currency
payable to the bearer, and no record O.
their transfer is ever made. The interes'
coupons may be collected by any one
who presents them at a national ban
or subtreasury.
The registered bonds are safer in cas-
of a burglary, as they are absolutel,
n~onnegOtiable except by the signaturr
of the holder as evidenced by the book
of the treasury department at Washing
ton. When registered bonds are sold, tn
name Of the purchaser is placed in
book kept for the purpose. There are II
interest coupons attached, but each quar-
ter a check is mailed from Washington
for the accumulated interest, which j
payable at any subtreasury.
Should the holder desire to sell hi
registered bonds, the transfer must TAX
place before some official Of the treasur
department or an officer Of a nationa
bank. The fact Of the sale is then fUl
warded to Washington and the necessar
alterations made in the registered bon
book.
Although the face design of a govern
ment bOnd is less intricate and puzZlin
h the designs used on currency, e.
forts to counterfeit them have been rar,
The noted forger. Brockway, was II
author Of the last bogus governmel
bond issue that was datected It was
duplication Of a coupon bond of the i
sue of 1861, the first Of the war loan
which matured in 1881. The denomin
ton was 81, 600. The work was poor
executed, and it's worthlessness was SOC
detected. 1t was for this that Brockwi
served his longest term in the penite,
tiary. New York World.
THE NEW POET LAUREATE