New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-05-13
Barknote Firms Refuse to
Yield Ownership of
Plates to City.
PAPER TO REPRESENT
$65, 100000 VALUE
Enqravers Insist That Their Own
Control Guarantees Against
Spurious Output.

Because banknote companies objected TO
one OF the provisions in the proposal new
bids Will have TO be asked on the contract
10 print ss5.0O0.OcO worth Of city bonds
The time for submitting bids expired at
noon yesterday. The only bid opened by
the Supervisor OF the City Record. DaVid
rsrqpson was sent by the Hamilton Bank
Note Company, and that had 10 be thrown
out because the company refused W az
cept the stipulation in the city proposal
that at the end Of ten years the steel
plates from which the bonds are printed
must become tho property of the city
heretofore they have been owned Jointly
by the contracting company and the city,
Ten days ago bids on this job were
asked by the city. The Hamilton and the
J New York Bank Note companies submit
2 ted figures. Three days ago. in order that
a number Of provisions. among them that
OF retaining the steel plates, might be In
Guided, these bids were rejected and new
day was on the substitute proposal
The New York Bank Note Company OF
which George II. Kendall Is president dio
no, submit a new bid. Instead, Mr. Ken
dali sent a letter Of protest to MT Fer
guson. reading, in part:
your proposal for printing the current
Issue OF city bonds is at hand. 1t contains
the novel specification that after ten years
we shall surrender our joint custody OF
the plates, and the city may get tho bonds
printed anywhere 1t pleases, either oy
banknote company or anywhere else
Rightly or wrongly we assume tha'
one junction of banknote company Is
to safeguard forever the plates so that
IL will be impossible to make spurious
or overisgle from them, and we assume
aither rightly or wrongly, at least moral
responsibility for the perpetual integrity
NJ any plate that we manufacture 10
naka a plate and then allow II TO go
Nhere any printing shop can use II or mis-
,se II we could consider debauching the
oanknote business and as being lalse u
the immense trust reposed in US
therefore, under the circumstances OF
that specification, We ueCilHS :" ~ -
vour work. Every bond, coupon or bank
note issued from our place has our name
an II. and we consider that fact an In
5orseoent that we have not been remlss
In protecting the issue
There is also a novel specification IN
vour proposal which says: The plates
.baD be placed in a vault designated by the
rontrouer.' Under these terms they might
he deposited in any unsafe place ana IN
vaults that are vulnerable, even IN the
safes of the city itself, and subject so
far as we are concerned. to people whose
resnonsibility accrues for more or less
brief time during political preferment'
Under the circumstances Of this speclilca-
lion of your proposal this company VIII
decline TO bid for the city's work
In commenting on Mr.. Kendalfs letter
Mr. Ferguson pointed out that only bank
,ote companies are mechanically equipped
.o print the notes from the plates ana
hat so far as the safety of these plates
are concerned they would be placed IN
he safe vaults Of the city in the Mu-
nicipal Building.
In view of this development 1t is prop
,b,e that the city will have to ask Tor new
,,ds with the steel plate clause eliminated