Very interesting.
First, there were no private banks save the Bank of North America prior to the Constitution. So your comments about the Revolution are meaningless. They refer to state government notes-—which has nothing to do with my claim that private bankers had few counterfeiting concerns. So, scratch your entire first paragraph. Maybe YOU’RE not that good at research.
Your criminals appear to be guilty of counterfeiting STATE paper money issues (i.e., not issued through a bank), which I didn’t comment on and don’t care about.
But then we have some other problems. Apparently there were no private banks issuing actual banknotes in Vermont in 1809
(See “Peacham: The Story of a Vermont Hill Town” by Bogart, p. 285-87). There was a state bank created in 1806. No private banks were authorized in Vermont until 1818, meaning your counterfeiters were engaged in counterfeiting COINS (again, see “Peacham”)
As for Warburton, it’s not clear if he was counterfeiting coins or paper. There is no source outside a newspaper for the claim that 10% of bank notes were counterfeit. I haven’t seen a scholarly source on this, have you Mr. Researcher?
The U.S. government counterfeiting you are referring to-—again from a newspaper source-—is referring to government war-printed GREENBACKS, not National Bank Notes. These in fact were easy to counterfeit because they were not redeemable in gold. Both the Confederates and the Union during the war used government counterfeiting as a means to undermine the other’s currency, but for the South it only worked on Greenbacks, not the National Bank Notes. Please, keep trying though.
No, it was talking about private bank notes and the ease of counterfeiting when so many different kinds of notes were circulating. The same thing that I had mentioned previously .
And the source was a White House website during the Clinton years, not a newspaper. Taking a few seconds to follow a link and check a footnote is what us big time researchers do in order not to make fools of ourselves. We leave being a fool to academics who imagine that they know more than they do.
I'll post the link first so you have less trouble finding it
http://clinton2.nara.gov/WH/kids/inside/html/spring98-2.html
"When the United States Secret Service (USSS) was established, its main duty was to prevent the illegal production, or counterfeiting, of money. In the 1800s, America's monetary system was very disorganized. Bills and coins were issued by each state through individual banks, which generated many types of legal currency. With so many different kinds of bills in circulation, it was easy for people to counterfeit money. During President Lincoln's Administration, more than a third of the nation's money was counterfeit. On the advice of Secretary of the Treasury Hugh McCulloch, President Lincoln established a commission to stop this rapidly growing problem that was destroying the nation's economy, and on April 14, 1865, he created the United States Secret Service to carry out the commission's recommendations."
"The Secret Service officially went to work on July 5, 1865. Its first chief was William Wood. Chief Wood, widely known for his heroism during the Civil War, was very successful in his first year, closing more than 200 counterfeiting plants. This success helped prove the value of the Secret Service, and in 1866 the National Headquarters was established in the Department of the Treasury building in Washington, D.C. "