The times., 1898-01-05
PROBLEM FOR ECONOMISTS.
All Paper Money Menaced by Photo.
Mechanical Development

All Paper Money Menaced by Photo.
Mechanical Development
The discovery of a counterfeit 800
silver certificate gives the officials of
the Treasury Department much alarm.
Eight of these counterfeits have
already been found and it is feared that
many have been uttered. The discov-
cry was made by George Cremer, as
sorting teller in the sub-treasury at
Philadelphia, Wednesday last. Mr.
Cremer, expert though he is, was not
positive that the certificates were
spurious, so he forwarded them to the
Treasury with the comment that they
were suspicious" The Treasury ex-
perts were uncertain as to the charac-
ter Of the notes. One of the tests de-
termined on was that of soaking them
in hot water. 1t then developed that
the notes were in two pieces, the face
and back having been printed sepa-
rately and then pasted together after
silk fibre had been placed between
them.
1t is the most dangerous counterfeit
of the century 1t is engraved on steel
by a slIilIful engraver. There is no diff
ference between the genuine and the
bogus notes apparent TO the naked eye
and very slight differences are revealed
under strong glass. In view OF this,
Secretary Gage yesterday directed that
all outstanding silver certificates OF
the denomination 500, of which there
are s26, G00. 0G0, be called in. All assist
ant treasurers, banks. trust companies
and other places of deposit have been
requested TO turn into the Treasury all
the 500 silver certificates they hold.
Notes of smaller denominations viii be
issued in place of the big ones. The
plates of the note counterfeited will be
destroyed.
1t was said yesterday at the Office of
the Secret Service that the counterfeit
in question is a remarkable piece OF
work. 1t is suspected that it is not the
work of single engraver, but of a
gang of specialists. In the Bureau of
Engraving and Printing the engraving
on plate from which Government cur
rency is to be printed is done by sew
eraI workmen. Each is specialist in
his particular branch. One does por-
traits, another vignettes, another does
the lettering, and another engraves the
figures. Each bit of engraving repre-
sents the maximum of skill 1t would
be very strange, say the Secret Service
men, if one man should be so versatile
as TO be able 10 produce all the parts
of plate as well as each Government
engrayer can do his speciality. Yet the
counterfeit note is as artistically
wrought as a Government engraved
note.
Although it was not 50 stated at the
Treasury, it was clear that counterfeit
ers are becoming each year more trou-
blesome to the department Each coun-
terfeiter has the experience of his pre-
decessor as guide. The methods of
counterfeiters keep pace at least with
the other processes of engraving. The
economic pressure of the times forces
each year greater number of skilled
| engravers out of the channels of legiti-
mate work. But the most threatening
| condition which confTonts the Treasury
! people is the development of photo
mechanical processes. 1t is not impos-
sible that within few years these pro-
! cesses will have become so perfect that
/ any engraving which the Government
| may do can be reproduced with i'm
| punity.
| 1t was hinted that the time is COM
! ing when representative money will
| have to be abandoned
| 1T is safe to say" saids Secret
| Service officer. that what a man in
| Government employ can do a man out
side of the Government employ can do
| also.
"One of the safeguards on which peo-
| pie largely rely is the paper on which
| a Government note is printed. There is
| popular belief that this paper is diff
| cult TO reproduce. 1t is currently be
| lieved that there is some secret about
| Any paper manufacturer with a good
/ plant. capable of making good paper.
/ can produce the same quality and tex
( ture of paper as that on which our
| currency is printed. There is no secret
! at all in the process. The only dis
tinguishing feature of the currency
| paper is that silk is run through it.
| Any paper, maker can do this. The
! time will come when a counterfeiter
| who can produce a fac simile plate will
! have no trouble in getting the right
! sort of paper"