ALLEGED GREAT BANK FRAUD.

Globe, Volume IV, Issue 407, 1 October 1875, Page 3

ALLEGED GREAT BANK FRAUD.

A new American fraud on the Bank of England, the Liverpool Courier says, is seriously believed to be in progress on a gigantic scale. Disclosures have been made which put the case in this way ; —Some millions of counterfeit notes of the Banks of England and France are to bo taken to New York and put in circulation through a banker in that city. As regards the Bank of England paper, the counterfeits are said to be exactly the same as the genuine material, and as the eyes of experts will thus be of no avail, the scheme of issuing notes abroad is ingenious, since the chief, and perhaps only, mode of detecting the spurious notes would be a comparison of the figures with the Bank of England lists. Be that as it may, a warning has gone forth from the Department of State at Washington, and the scheme may be nipped in the bud; otherwise the consequences of the issue of such a quantity of counterfeit notes among the public of New York would be disastrous. A great fr'md of the kind is hardly possible in England, for the reason that we have the means of detecting as above mentioned, but a small suspicion of the value of Bank of England notes there would suffice to cause such a rush to exchange them for gold as would shake the money market terribly. The “smashers” are said to have their headquarters at Barcelona, whence they have already issued bad gold coins and counterfeit 20 franc notes.