New-York tribune., 1906-05-20

AND rs: :.;;.s. :.: ..:.:.:. bans. :#.,:,.s my ;,:
g. -EVf< in circulating the notes were
Ns-lIEE the news-venders; afterward
s~zrs~-rV+ the banks in the border States,
and finally the banks in Atlanta,
Charleston, and other Southern
cities bought them. The notes went without queS-
ton. Everywhere throughout the South they were
accepted as genuine issues of the Confederate Gov
ernment and eagerly received in exchange for cotton
tobacco, and every description of property. 1t
in this business that several bankers and business
in New York made their fortunes, buying
cotton with these notes and shipping to England
by blockade-runners. In some cases they even had
the address to get 1t through the lines into the
North.
There, indeed, came a time when the bank de-
mand slackened, when the counterfeit notes came
to be suspected by large dealers and experts in the
South; but even then they continued to be accepted
by the Confederate soldiers and by the small
farmers traders and negroes who sold their chickens
and farm produce for them only be disillusioned
at last and find themselves ruined. This Is the part
of 1t that has OCCaSlOned me the most reTnOrSe. /
had no sympathy for the shareholders, planters,
and brokers who sold their crops for worthless
notes: but for the poor whites and the small negro
dealers who were deceived by them, l never ceased
to entertain the keenest regrets.
However, all awakenlngS of conscience were
aterward soOthed by the reflection that the genuine
notes proved to be as worthless the counterfeit
1t never occurred to until lately that had there
been no COunterfetS, there would of necessity have
remained in circulation large amount of coin.
When Mr. De Bow (of De Bows Review9 told
me he had lost three millions by accepting counter
felt Confederate money, l felt sympathy for him.
He was planter STAKEHOLDER, COttOn-SpeCulatOr,
and Confederate official. But when one of his
clerks told me he had been totally ruined by the
same agency, helped to set the clerk on his feet
again.
Bankers Wanted COunterfeits
RUT l must not anticipate. At this period
Acton had four Hoe presses running Confed-
crate notes, and nearly every day bOXful of them
was shipped from his premises, mostly to news
Venders throughout the country. The notes were
began to be made by cotton merchants and spec
uators, and some by banks but this last did not
become regular trade until some months later 1t
would surprise you to know how many respectable
people in it.
In the summer of 1862 a new actor in this drama
came upon the stage. This was George H. Briggs
a music teacher who COnSpired with resident of
Hartford, Connecticut, to circulate good imta-
ton OF the Confederate notes. Receiving from him
valuable suggestions as to the type and denomina-
tons most likely to pass, Briggs to New York
and made a contract with Acton to produce tens
twentleS, mites, and hundreds for the Southern
market
In September. Briggs left New York with two
with false bottom. After safely passing the lines
at Paducah, Kentucky, he made his way to Atlanta
where he delivered the goods to his confederates
In due time they were passed to other banks in
the South; and although they created some s1ls-
pclon IN Charleston the matter was quietly ar
ranged and on they went into the general circulation
until they were entirely lost to view or tracing
from this moment the news-venderS were dropped as
agents OF circulation. Briggs had opened or