Year: 1873

WASHINGTON, Sept. /, 1878.
a $500 Gov. v.ntergeit Bank Notc-Inter-
view With Treasurer Spinner and
Cashier Wynan.


To the list of startling bond Torgeries, wholesale
roSoe1ves and heevy defalcatons was to-day added
the discovery Of counterfeit $500 legal tender
note OF the last series, issued in ls69 and one OF
the best countcrfets, in the opinion OF the Treas.
uIy officials, ever made. One day last week a
bank in New York city received one OF these bills
and on Saturday it was presented at the Sub Treas
ury In New York for exchange There was that
peculiar something about the appearance OF the
note which made its genuneness doubtful; so the
suspected note was enclosed in q letter by Mr..
Hilhouse and sent to Treasurer Spinner for his
opinion There is in the atmosphere OF the Treas
ury building smell which a pous man would
say is akin to the odor OF sancnty-that Is, ii
sanchty emits an Odor. stranger entering the
basement OF the building for the first time would
not call 1t by that name perhaps but TO the base
mcnt the $500 note was consigned, to be elt Of
handled and inspected by the keen-eyed
examiners of currency in the Redemp-
sion Bureau. Judgment was entered against
the note as counterfeit, and the report so made to
General Spinner. 1t has been over five years since
any attempt has been made to initiate the legal
tenders, and this announcement caused much sur
prise. When the note had been condemned word
was Immediately sent to Assistant Treasurer Hill
house that 1t was counterfeit, calculated to de-
ceive everybody but the most experienced experts
from the Treasurer's office. The note was sent to
the Bureau Of Engraving and Printing, taere to
he compared with the genuine plate, and oil the
prominent points detected and carefully specified.
Treasurer Spinner said that In all his experience
he had never seen better executed counterfeit,
and he thought his experience was as extensive
as that OF any man in the country.


"AbOut how many legal tenders OF this denomi-
nation are in circulation ~ asked your CORE
spondent.


After referring to his reports he replied, "You
might state about 49, 900. 1t is very close on
TO those figures, and now this issue will OF course
bave to be called in, and new series issued"


"But-what about the distinctive paper, with its
localized fibre, on which SO much stress has been
placed ?"


"That was only fairly initiated, yet well enough
TO deceive any but an experienced eye"


"Who do you suppose are at the bottom Oft ?"
'Ihat would not care to say, but undoubtedly
the counterfeit was put in circulation IN the large
cities on the same day, and whereas In this case
the cost of getting up the plate and material must
have been very great, number OF con(ederates
were employed, and there is no telling what
amount OF these deceptive notes have been depos-





disposed Of to some OF the all street brokers. The
plan was for big game, and has been played boldly
Now that the attention Of the publicis called to
the fact that such counterfeit exists, 1t puts a
stop to their further circulation at least in the
large Cities where the agents of the counterfeters
principally operated"


-'Why do you suppose this season OF the year was
Chosenf"


"That shows how shrewd and well informed the



beginning. and the season for boarding greenbacks
may be said to be at hand Legal tenders are al
ways in demand, but especially during the
autumn months. The idea OF a counterfeit
i've hundred dollar note probably has not entered
the head OF one teller in a hundred about New
York, and there is no telling how many OF the
bogus Issue may have been greedily accepted. AS
! SAID before, the note is a very dangerous one,
and so closely resembles the genuine that can
not wonder tnat 1t should have been accepted by
New York bank, and the TACT that the Sub
Treasury in New York In doubt would also
indicate to what extent this last attempt to cheat
the people may have succeeded There is no doubt
but what the present issue will immediately be
called In. That Is the rule OF the department
Whenever an United States note is successfully
Counterieited the issue initiated is changed so
soon as the new plates can be prepared"


The next official interviewed was Mr.. Wyman,
the United States Cashier, through whose hands
every cent OF the national currency must first pass
before II becomes a circulating medium,


CoRREsPoNDENT-Wha do you think OF the new
counterfeit noteS


CAsHIER-It is magnificent, and shows that
skilled engravers only were employed on it.


CoRREsPoNDEST-WO Ould it be likely to be takenS
CAsHIER-I cannot give you any reason why it
should not, save that 1t has not that bright fin
ished look the genuine issue has, but as grease,
tobacco spit and dirt freely used to soften the
paper and give it the appearance OF having been
used, the color of the ink would not make ma
terial difference, except TO practiced eye.


CoRREsPoNDENT-May this not temporarily dis
furo the legal tender reserve of the national banks
III the larger cities the legal tender clrculation


CAsHIER--lt would only be temporary, because
we can exchange the genuine $500 notes for
$1,000 or 500 notes without any trouble.
A large amount OF legal tenders is always
Kept on hand in the vaults here and in
New YORK, but then the exchange would
necessarily consume time, and the announcement
Of sucfs dangerous counterfeit in circulation is
equivalent TO dimlnution OF the volume OF legal
tenders to at least one-tenth-that is about
sS5oos.


CoRRSsPoNpEST-wha are some of the points OF
difference between the genuine and counterfeit
notes


CAeHIER-That do not know The Bureau of
Engineering and Printing is at work detecting the
points, and will probably be ready to give them out
tomorrow.


From the marble hall OF the Treasury, where gold
and greenbacks dwell together your correspond.
ent went to the ONCE OF superintendent Macartee.
,pr the Bureau OF Engraving and Printing, on the
upper ioor.af the building. The conversation with
him was briei, but to the purpose.


'Wbat can you tell me about the newly dis.
covered counterfeit $500 legal tender note ~


at is excellent. The principal defect appears In
the printing. II more pains had been taken with
the Impressions 1t would be hard to beat It, The
parties who put this note In circulation are not onl,
experts. but have plenty Of money and never put ou
bad job. How much they have succeeded IL
placing on the market 1t would be impossible foi
me to say. With so good a counterfeit the mischie