The Washington times., 1902-12-05
Tells of Conflscation of 10
Dollars Out of $50 Turned
Into Subtreasury by a
New York Bank.
Chief Wilkie Says Mexican
Money Has Been RECON-
ed and No Wholesale
Counterfeiting Exists.

NEW YORK. Dec. 5.-The statement
was made at meeting Of the Chamber
Of Commerce yesterday by Francis c.
Moore that Of sO.Oe9.ooO silver dollars
now in circulation it is within the realm
Of possibility that not less than 10000
OG0 are counterfeit.
Mr.. Moore predicated this statement
upon a report made to him by the presi-
dent Of one Of the leading banks in this
city that OF $50 silver dollars turned into
the subtreasury by the institution Of
which he is the head no less than 10
were connscated 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 measures that would tend
to provide against a money situation
such as we have had recently to deal
with"
The report. which was signed by John
Harsen Rhoades, George G. Williams.
Jacob H. schiH, Charles S. FairchiId.
and Lyman J. Gage, recommended that
the effectiveness and elasticity OF the
present circulation OF the national banks
could be improved to a considerable ex-
tent II the banks were permitted to re-
tire their circulation at viii. without
being limited to a total retirement OF
only 100000 in any one month OF the
year.
Suggest Credit Currency.
Your committee is further impressed
that. supplementary to the present bank
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 Treas
ury to deposit public money in na-
tional banks be extended"
The portion of the report which
aroused the opposition OF Mr.. Moore was
as follows:
Your committee further urges that
proper laws be promptly enacted to rem
der the gold standard iDvioIate. and. to
that end. that the Secretary OF the
Treasury be directed to exchange gold
for legal tender silver dollars when pre-
sented to the Treasury. That the coin
age Of 100000 OF silver dollars per
month. now required by law, should
cease. That the Secretary OF the Treas
ury should be authorized to coin the sill
yer bullion in the Treasury into subsi-
diary silver coin and as public necessi-
ties may demand. to recoin silver dol
lars into subsidiary coin"
Menaoed by Counterfeits.
Il take exception" said Mr.. Moore.
'to that portion OF the report which
suggests that the Secretary Of the
Treasury should redeem-alI silver dol
lars now outstanding in gold. There
are now outstanding about $50, ,OoO. 900 In
silver coin and S467 900 900 In silver GER
rifcates, while there is only Sir. 900. 600
IN gold in the Treasury with which 10
a-@aNA NA- A-AAAt-AAA AAa4t upon NNt EeGrr-
tary OF the Treasury for the redemption
OF tbs silver dollar DC
Il now come 10 another and. TO nv
mind, most serious point Il IS that Of
counterfeit money. We stand face TO
face with a situation that is a menace
A silver dollar can be made today By
mechanic as well as the Government
can make II. and in which be las only
70 put % cents worth OF silver. The
manufacture Of counterfeit silver dollars
Is carried on ia this country on a much
larger scale than Is generally supposed
rs not the temptation we offer the
counterfeiter too great? II Is not i'm
probable to believe that there are 40
100000 counterfeit silver dollars includ-
ed in the number that we ask the Sec
retary OF the Treasury 70 redeem in
gold"
The report was adopted by large ma
foritv