Evening star., 1923-03-11
MORAN DENIES TALE
OF FAXED MILLIONS
Secret Service Chief Says
Less Than $50, 900 Circu-
lated by Counterfeiters.

Less than $4,000 Of counterfeit
the gang Of counterfeiters captured
in the recent New York raids. accord
ing to W. H. Moran, chief of the
United States secret service.
In a formal statement last night
Mr. Moran expressed regret that "the
splendid results achieved b. the serv-
ice should be so distorted in news
paper accounts" as to give the i'm
preston that large amounts of
counterfeit money are in circulation.
''The highly sensational and ex-
aggerated accounts Of the raids made
by the secret service operatives in
New York February 27 and Is" the
statement said. tend to create an
erroneous impression in the minds o.
the public and cause unwarranted
alarm. Statements that a thousand
arrests were made or were contem-
plated and that millions in counter
felt currency were circulated
throughout the United States and In
foreign countries are erroneous.
Total Arrests Seventy.
THE facts are that after months of
hard work secret service agents OBJ
tanned sufficient evidence against q
number Of Italians located in New
York city, Brooklyn and New Jersey
towns to warrant arrests, and plans
were perfected for simultaneous raids
on thirteen different places. resulting
In the arrest of sixty-four persons
FOUND in these places. Several ar
rests have been made subsequently,
bringing the total number up to
about seventy.
After questioning these people and
hearing the evidence obtained. all but
tWenty-seven principals were re-
leased and these twenty-seven have
been, been indicted hdIs and are held under
thoucands of leerfe eounterfeit cipreney fpfernsi
revenue stamps, documentary stamps
and plates for these stamps, with
together with paraphernalia used in
their manufacture. were seized.
Search Covers Year.
Since the counterfeit notes for
which this gang was responsible first
appeared in circulation. about a wear
ago. the secret service has been con-
Quoting a quiet and persistent in
vestigation. and from time to time.
as members Of the gang were discov-
cred In different parts Of the country
circulating the counterfeit notes, ar
rests nave been made. These arrests
probably have aggregated 100, and
IN the aggregate less than $4,000 of
IhIs counterfeit money has been
placed In circulation.
some OF this money did get into
foreign countries in the hands of
persons who had had 1t passed on to
them by the counterfeiters. but am
not aware that any of the members
OF the counterfeiting gang have gone
to foreign countries to circulate
their product. While the operations
of this particular band Of criminals
have placed In circulation more coun-
terfeit money than Is ordinarily cir
culated, the statements that 10000
600 or even s1,000.000 in counterfeit
currency Is in circulation are ridicu-
louS.
$1.OOO.0OO Is Twenty-Year Total.
The records of the secret service
Will prove that the aggregate of
counterfeit money circulated In the
United States for twenty years
would not amount to 1000, 900. AS an
illustration, statistics obtained from
all sources show that while annually
there comes into the possession Of
the secret service anywhere from
100000. to 100000 in counterfeit
money. there Is less than $25, 900
actually circulated during an average
year. the balance having been seized
or captured.
"1 regret that the splendid results
achieved by the agents of this serv-
ice in the breaking up Of this danger
Gus conspiracy and the suppression
Of an industry intended to discredit
our currency. after months Of hard
work on their part. should be SO dis
torted in the newspaper accounts as
to create the impression that there
money in circulation"