Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-12-05
COUNTERFEIT SILVER DOLLARS.
F. C. Moore Says There Are 40, 5000
in Circulation.

The New York World of today says: The
statement was made at a meeting of the
chamber of commerce yesterday by Francis
c. Moore that of S0,000,000 silver dollars
now in circulation 1t is within the realm of
possibility that not less than 100000 are
counterfeit.
Mr.. Moore predicated this statement upon
a report made to him by the president of
one of the leading banks in this city that
of $50 silver dollars turned into the SUBJ
treasury by the institution of which he is
the head no less than ITO were, confiscated
by the government as being counterfeit.
Mr.. Moore's remarkable statement came
as a protest to the report Of the committee
on finance and currency. to which had been
referred the question Of suggesting meas
ures that would tend to provide against a
money situation such as we have had re-
Gently to deal WITH
The report, which was signed by John
Harsen Rhoades, George G. Williams,
Jacob H. Schif Charles 8. Fairchild and
Lyman j. Gage, recommended that the
effectiveness and elasticity of the present
circulation of the national banks could be
improved to a considerable extent IT the
banks were permitted to retire their. circula-
ton at WILL without being limited to a to-
tai retirement of only 100000 in any one
month of the year
Your committee is further impressed
note circulation, such a credit currency
should be created as would flow with trade
and commerce in its upward and downward
tendencies.
The committee also recommends that the
power of the Secretary of the Treasury to
deposit public money in national banks be
extended
The portion of the report which aroused
the opposition of Mr.. Moore was as fol-
lows:
Your committee further urges that prop
er laws be promptly enacted to render the
gold standard inviolate, and, to that end
that the Secretary of the Treasury be di-
rected to exchange gold for legal tender
silver dollars when presented to the treas
ury. That the coinage of one million and a
half of silver dollars per month, now re-
CURED by law, should cease. That the Sec
rotary of the Treasury should be author
lied to coin the silver bullion in the treas
ury into subsidiary silver coin and, as pub
lie necessities may demand, to recon sill
Yer dollars into subsidiary COIN
II take exception said Mr. Moore, ito
that portion of the report which suggests
that the Secretary of the Treasury should
redeem all silver dollars now outstanding
in gold. There are now outstanding about
$50, coo, 600 in silver coin and $467 600, 600 in
silver certificates, while there is only $1I4,-
00O,000 In gold in the treasury with which
to meet any demand made upon the Secre-
tary of the Treasury for the redemption of
the silver dollar.
Il now come to another and, to my mind,
most serious point 1t is that of counterfeit
money. We stand face to face with sit
uation that is a menace. A silver dollar
can be made today by mechanic as well
as the government can make it, and in
which he has only to put 80 cents worth of
silver. The manufacture of counterfeit sill
yer dollars Is carried on in this country on
a much larger scale than Is generally sup
posed.
rs not the temptation we offer the coun-
terfeiter too great? It is not improbable to
believe that there are 100000 counterfeit
silver dollars included in the number that
we ask the Secretary of the Treasury to
redeem in gold"
The report was adopted by a large ma
fority. Z,