by Ben Tarnoff
254, By 1971, the government
Number of dollars held overseas: U.S. Department of the Treasury, The Use and Counterfeiting of United States Currency Abroad, pt. 3 (Washington, DC: U.S. Government Printing Office, September 2006), p. 9.
255, As the dollar has become
Counterfeiting in Latin America, Colombia, and Peru: U.S. Department of the Treasury, The Use and Counterfeiting, pp. 60–65. Decline of Colombian counterfeits and rise of Peru: Josh Meyer, “The Nation; Fake Dollars from Peru Trouble U.S.; Millions in Counterfeit Notes Have Been Seized in the Last Year,” Los Angeles Times, September 13, 2009, and “Printing Money; Crime in Peru,” Economist, May 9, 2009.
255, The most deceptive
North Korea and the supernotes: Stephen Mihm, “No Ordinary Counterfeit,” New York Times Magazine, July 23, 2006; Dick K. Nanto, “North Korean Counterfeiting of U.S. Currency,” U.S. Congressional Research Service (RL 33324), June 12, 2009; and Bill Gertz, “N. Korea General Tied to Forged $100 Bills; Report Details ‘Supernotes,’” Washington Times, June 2, 2009.
255–256, Overall, counterfeit currency
Amount of counterfeit currency in circulation: U.S. Department of the Treasury, The Use and Counterfeiting, p. 75. New security features of 1996 notes: Mihm, “No Ordinary Counterfeit.” New $100 bill: “U.S. Government Unveils New Design for the $100 Note,” Press release from the Department of the Treasury, the Federal Reserve Board, and the U.S. Secret Service (April 21, 2010), http://www.newmoney.gov/media/release_04212010.htm; and Jeannine Aversa and Martin Crutsinger, “Government goes high-tech to redesign $100 bills,” Associated Press, April 22, 2010.
INDEX
abolitionists, 197, 198, 199, 200
Adams, John, 101, 134
Alabama Watchman, 156
Allegheny Democrat, 164
Allegheny Mountains, 94, 112–13, 117, 120, 135, 149, 151, 152, 153, 159
altered notes, 115
American Revolution, 82–85, 240, 251
American Volunteer, 146, 151, 157
Antietam, Battle of, 222, 226
arson, 66–68
Articles of Confederation, 84, 85, 86
Associated Pioneers of the Territorial Days of California, 234
Astor, Mrs. John Jacob, 158
Astor House, 229
Baer, J. Raymond, 160
Baker, Lafayette Curry, 241–45
Bald Eagle Creek, 96, 152
Ballou, James, 204
Baltimore, Md., 116
banknote reporters, 115, 116, 195, 240
banknotes, 2, 5, 102–4, 107, 110, 111, 130, 131, 161, 162, 236
bills of credit vs., 103
engraving of, 195–96
increase in number of, 106, 115, 167–68, 169–70
Jackson’s view of, 164
loss of value of, 112
national, 236–40
physical appearance of, 114
precious metals and, 103, 106, 110, 111–12, 130, 131–32, 162
state, tax on, 239
of unincorporated banks, 170, 195
value of, 115–16, 161, 162, 170
Bank of Boston, 103
Bank of Chambersburg, 145
Bank of Columbia, 102
Bank of New York, 102, 103
Bank of North America, 103
Bank of the United States, 104–5, 106, 110, 130–31, 214, 216, 238
Second, 130–32, 133, 141, 161–63, 165–68, 170, 176, 182, 238, 253
Bank of Vermont, 102
banks, 104–6, 145
authority to create, 214
banning of, 170
charters for, 104, 105, 111, 115, 145, 169, 236, 239
debt and, 130
Federal Reserve, 253
free banking laws and, 169–70
increase in number of, 106, 110, 111, 115, 145, 161, 168, 169–70, 195
Jackson’s view of, 164
national system of, 236–40, 241, 249–50, 252, 253
in New York City, 169, 192–93, 202
Panic of 1819 and, 130, 132
Panic of 1837 and, 169
Panic of 1857 and, 193–94
state, 106–7, 133, 161–65, 167–69, 236–39, 253
unincorporated, 170, 171, 195
wildcat, 170
Bank War, 166–69
barter system, 20, 132
Bedford, Pa., 112, 116, 128, 150–51, 153
Lewis in, 94, 118–19, 120–26, 128, 137–40, 143, 146
Bedford Gazette, 122–23, 126, 136
Beecher, Eliphalet, 69–74, 75, 78
Beecher, Eliphalet, Jr., 71
Bell, Alexander Graham, 235
Bellefonte, Pa., 107–10, 111, 114, 116, 152–56
Bellefonte Patriot, 153, 156, 157
Bennett, Thomas, Jr., 202
Benton, Thomas Hart, 165
Bermuda, 208
Biddle, Nicholas, 161–63, 165–67, 249–50
bills of credit, 4, 7, 103, 104, 134, 168, 214, 251
banknotes vs., 103
Confederate Constitution and, 216
Bloody Run, Pa., 91, 96
Bollan, William, 20
Boston, Mass., 11
Sullivan in, 12–14, 37, 45–46
Boston Courier, 185
Boston -Evening-Post, 20, 34, 69
Boston Gazette, 17, 20, 30, 73
Boston -News-Letter, 21
Boston Post Boy, 39, 40
Boyce, Joseph, 48–51, 73, 78
Boyce, Joseph, Jr., 48–52, 73, 78
Boyd, Ben, 1
Bradbury, Jabez, 32–33, 34
Briggs, George H., 232
Briscoe v. Bank of Kentucky, 236
Britain, British, 3–4, 5, 32, 79–80
Confederacy and, 222
counterfeiting and, 84, 100, 179
Currency Act of 1751 passed by, 80
Currency Act of 1764 passed by, 81
in French and Indian War, 53, 60–63, 79, 80–81
Irish trade and, 27
in King George’s War, 19, 32–37
in War of 1812, 91, 97–100, 107, 109–12, 130, 163
Washington, D.C., invaded by, 111, 130
Brock, Isaac, 97–99, 107
Brockway, William, 248
Brooks, David, 154–55
Bull Run, Second Battle of, 222
Burd, George, 122
Burke, Edmund, 27
Butterworth, Mary Peck, 5
Byron, George Gordon, Lord, 127
Cady, Jedediah, 54
Calaveras River, 189
California, 170, 193, 194, 234, 235
gold rush in, 180, 182–89
gold shipped from, 192–93
Sacramento, 190–91
San Francisco, 188, 189, 234, 241, 242
Camels Hump, 180
Canada, 98, 99, 100, 102, 107–11, 182
counterfeiters in, 100
Cape Breton Island, 19
Carlisle, Pa., 149
Carlisle Republican, 148, 149, 151–52, 157–58, 164
Carpenters’ Hall, 131
Centennial Exhibition, 234–35, 250
Central America, 191–93
Chalker, James S., 232
Chambersburg, Pa., 145–46, 149, 150, 151
Charles VI, Holy Roman Emperor, 31–32, 36
Charleston, S.C., 220
Chase, Salmon, 199–201, 202, 215–16, 242
antislavery views of, 199, 200, 215
banking reform of, 236–39
Cheves, Langdon, 141, 161, 162
Chicago Tribune, 237
Chile, 187–88
Churchill, Winston, 61
Cicero, 79
Cincinnati, Ohio, 247
Civil War, 105, 175, 176, 179, 197, 200, 203, 204, 218, 221–22, 230, 235–36, 248, 249, 252, 253
anticounterfeiting offensive and, 241
Battle of Antietam, 222, 226
Battle of Fort Sumter, 198–99, 200, 217
Battle of Gaines’ Mill, 20
4
Battle of Gettysburg, 230
Confederate currency and counterfeit currency during, 7, 176–77, 178–79, 202–12, 218–23, 225–28
end of, 239
espionage in, 241–42, 246
financing of, 200–201, 212, 216
and legal tender issue, 214, 215
national banking system and, 237, 238–39
pillaging by Union soldiers in, 208–9, 210
secession of South, 198, 199, 202, 214
Second Battle of Bull Run, 222
Southern view of, 225–26
Clark, Spencer M., 242
Clark, William, 162
Clarke, Robert, 49–50, 51, 73
class system, 25, 167
Clay, Henry, 164, 166, 167
Clinton, George, 49, 52
coins, coinage, 85, 110–11, 169, 213, 254
banknotes and, 103, 106, 110, 111–12, 130, 131–32, 162
black market in, 110
British limits on, 3, 4
foreign, 3, 102–3
Hutchinson and, 18, 36, 52
Louisbourg reimbursement and, 19
as sacrosanct, 250
scarcity of, 3, 23, 85, 87
and value of money, 22
wealthy and, 18
Colby, Isaac, 200
Colombia, 255
colonies, 3–4, 7, 16, 251
class system in, 25
regional money markets in, 52–53, 102
Commander, Thompson, 29
Committee of Vigilance, 241, 242
Confederate currency, 7, 176–77, 202–3, 217–22, 224–26, 230
counterfeit, 7, 177, 178–79, 203, 204–12, 218–23, 225–28, 229–33
inflation and, 225, 230
shinplasters, 206, 207, 216–17
Treasury notes, 213, 216, 217, 223, 225, 228
Confederate States of America, 198, 201–3, 216
Congress of, 217, 222–23, 225
Constitution of, 216
Treasury of, 216, 220, 223
Congress, 166, 197, 200, 213–15, 236, 240, 252
national banking bill and, 238, 239
Republican control of, 226
Connecticut, 4, 46, 48–50, 66–68, 70, 73, 74, 245
counterfeit currency of, 47
counterfeiting laws in, 74
New Haven, 67, 68, 70, 73
Connelly, John, 135–40, 150–55, 157, 159
Constitution, 87, 91, 103–5, 107, 168, 213–16, 240
and government regulation of currency, 236
secession and, 214
Constitutional Convention, 85–87, 105, 215
Continental Congress, 5, 82–87, 131
continentals, 82–84, 85, 103, 176–77, 179, 215, 240
copper, 19, 52
Corliss steam engine, 234
corn, 3
cotton, 197, 202
smugglers of, 208
counterfeit currency:
altered, 115
Confederate, 7, 177, 178–79, 203, 204–12, 218–23, 225–28, 229–33
of Connecticut, 47
decline in, 249, 251
legality of spending, 39
of New Hampshire, 12–14, 58, 64, 69
of New York, 47, 69
and number of banks and different types of notes, 115, 168, 171, 195, 237–38, 240
quality of, 4
raised, 115
of Rhode Island, 39–42, 44–45, 49, 51–52, 54, 64, 69
spurious, 115
counterfeiters:
banknote engravers’ collaboration with, 196
Bank of the United States and, 168
branding punishment for, 43, 45, 48, 54, 60, 74
counterfeiters (cont.)
Canada as haven for, 100
David Lewis, see Lewis, David
David Sanford, 66–69
death penalty for, 218, 219, 221
decline of, 249, 251
and forging government vs. bank money, 205–6
hidden identities of, 247–48
informants and, 39, 246–47, 248, 249
Jackson’s pardoning of, 168
Joseph Boyce and Joseph Boyce Jr., 48–52, 73, 78
Mary Peck Butterworth, 5
national currency and, 240, 241
networks of, 123, 206, 241, 247–48, 255
-North-South tensions and, 196–97
Owen Sullivan, see Sullivan, Owen
Peter McCartney, 5–6
Philander Noble, 100–102, 106–16, 121, 123, 124, 125, 135, 153, 182
public opinion of, 133, 247
Samuel Curtis Upham, see Upham, Samuel Curtis
success and patronage of, 6
in Vermont, 182
Winthrop E. Hilton, 226–27, 228, 229–33
Wood and, 245–49
counterfeiting:
anonymity and, 51
Baker’s crackdown on, 243–44, 245
Bank War and, 167–68
British and, 84, 100, 179
current threats to, 255–56
defining, 39
difficulties of, 14–15
ease of, 2, 4
engravers’ role in, 15–16, 50, 51, 55, 84, 100, 101, 102
golden era of, 2, 87, 235–36
-high-tech measures against, 255–56
in large quantities, suspicion raised by, 12, 15
in Latin America, 255
law enforcement and, 39, 50–51, 52, 162–63, 240–41, 243, 245–46
in North Korea, 255
passers’ role in, 15–16, 50, 51, 55, 196, 206, 208, 246, 247
printers’ role in, 15–16, 50
regional money markets and, 52–53
Revolutionary War and, 84
Secret Service and, 1–2, 6, 245–49, 250, 252, 255
crash of 1929, 253
Crawford, Samuel W., 209
credit, 3–4, 5, 18, 80, 81, 87, 105–6, 111, 130–32, 145, 161, 163, 170, 240, 251, 253
contraction of, 193–94
of federal government, 213, 236, 241
credit, bills of, 4, 7, 103, 104, 134, 168, 214, 251
banknotes vs., 103
Confederate Constitution and, 216
criminals:
arrests of, 50
identification of, 64
jails and, 45
in New York City, 196
prestige accorded to, 133
punishment of, 45
Crosby, Rufus, 113
Cuba, 208
Culpeper, Va., 209–10
Cumberland Valley, 149, 151, 152
currency, 85
coins, see coins, coinage
counterfeit, see counterfeit currency
debates on, 20–25
dollar unit of, 102
federal regulation of, 5, 236
food commodities as, 3
foreign, 102–3
hard, see hard currency
international trade and, 18
national, 2, 213, 215, 236–40, 241, 249–50, 252, 253
paper, see paper money
toy money, 250
wampum, 3
Currency Act of 1751, 80
Currency Act of 1764, 81
Daily Richmond Enquirer, 225, 226
Daily Richmond Examiner, 205, 206, 220–21
Davis, Jefferson, 178, 198, 201, 203, 222–23
debt, 4, 18, 20–21, 41, 44–45, 80, 81, 85, 130, 132–33, 141, 165, 177, 252, 254
Declaration of Independence, 82, 91, 256
hundredth anniversary of, 234
De Foreest, Henry, 78
Depression, 253, 254
Detroit, Mich., 98
Doubling Gap, 149–51
Dover, N.Y., 46–48, 50, 70, 71
Dover Money Club, 48, 53, 78
Dover Stone Church, 48
Drenning, William, 122
Dutchess County, N.Y., 44, 45–50
East Mountain, 46
Edison, Thomas, 235
Edwards, Jonathan, 1
1
Elam, George, 219
Elizabeth City, N.C., 220
Emancipation Proclamation, 222, 226
engravers, 15–16, 50, 51, 55, 84, 100, 101, 102, 217
engraving techniques, 217–18
for banknotes, 195–96
geometric lathes, 229, 231
-high-tech, against counterfeiting, 255–56
intaglio, 255
stone lithography, 217, 227, 229
of Sullivan, 35, 37, 40, 45–46, 195–96
entrepreneurs, 105–6, 163, 170, 210, 235
E. Remington and Sons, 235
espionage, 241–42, 246
Everett, Edward, 96
Fairfowl, James, 187
Fairservice, John, 12–15
Fairservice, Mary, 14
farmers, 36, 41, 44–45, 85, 105, 132, 170, 194
federal government, see government, federal
Federal Reserve, 253
Federal Reserve Notes, 254, 256
Findlay, William, 129, 136, 146–49, 151–52, 164
Lewis’s “confession” and, 158–60
Fitch, George Kenyon, 190–91
Fleet, Thomas, 78
food commodities, 3
Forsyth, Benjamin, 109–10
Fort Frédéric, 62
Fort George, 97, 98, 99, 106
Fort Lafayette, 230
Fort Sumter, Battle of, 198–99, 200, 217
France, 32, 79
Confederacy and, 222
in French and Indian War, 53, 60–63, 79, 80–81
in King George’s War, 19, 32–37
Frankenstein (Shelley), 127
Frank Leslie’s Illustrated Newspaper, 178, 192
Franklin, Benjamin, 5, 22–24, 75, 95, 106, 161, 198
fake personas of, 64
“Join, or Die” cartoon of, 53
paper money designed and printed by, 23, 64, 83, 255–56
Sullivan compared with, 63–64
Franklin, James, 64
Franklin Gazette, 146
Franklin Repository, 151
French and Indian War, 53, 60–63, 79, 80–81
Frye, Joseph, 61–62
Gaines’ Mill, Battle of, 204
George II, King, 32
Gettysburg, Battle of, 230
Gillmore, Captain, 31, 32
Gilman, Carty, 62–63
gold, 3, 4, 17, 22–25, 83, 86, 87, 103, 106, 110, 112, 130, 131, 168, 179, 200, 202, 213–16
in California, 180, 182–89
shipped from California, 192–93
as standard, 253–54
see also coins, coinage
government, federal:
Bank of the United States, 104–5, 106, 110, 130–31, 214, 216, 238
Congress, 166, 197, 200
Continental Congress, 5, 82–87
credit of, 213, 236, 241
Federal Reserve, 253
financial difficulties of, 112, 131, 199
money printing by, and Constitution, 214, 215
money supply regulated by, 5
power of, 197, 200, 214, 215, 237, 238–39, 249–50, 252
