Why is the secret service the agency responsible for stopping counterfeiting?

[BlueWeasel]

There's a good article in a recent Rolling Stone about youth counterfeiting. The article states the Secret Service is the agency that oversees anti-counterfeiting efforts.

Why is the SS responsible, and not an agency like the FBI? It kinda seems like a waste of resources, but then again it is the federal government.

Other than protecting the President and stopping counterfeiting, what else do they do?

 

[TheBDB]

That was their original purpose when they were created. I have no clue why they started protecting the President as well. Maybe after McKinley was shot?

 

[coolred]

I am pretty sure counterfitting is what the SS was originally commisioned for. It wasn't untill later they took on the role of presidential protection.

Dang beat by theBDB. Who originally commisioned the SS? Lincoln comes to mind, either he originally commisioned them for counterfitting or he was the one who made them start protecting the pres. That seems to ironic though.

 

[ChicagoNick]

During the Civil War, approximately one-third of all the currency in circulation was counterfeit. There were then about 1,600 state banks designing and printing their own notes. There were approximately 4,000 varieties of counterfeit notes and 7,000 varieties of genuine notes. This made it difficult to detect a counterfeit note from a genuine note. Officials believed that the adoption of a national currency in 1863 would solve the counterfeiting problem. The national currency, too, was soon counterfeited. It became necessary for the Government to take enforcement measures because this currency circulated so extensively. As a result, the Secret Service became a bureau of the Treasury Department on July 5, 1865, with its major responsibility being the suppression of counterfeiting.

Public sentiment after the assassination of President William McKinley in 1901 demanded better protection of our leaders. The Secret Service was the only law enforcement agency of the Federal Government then. That is why it was logical to place the protection of the President under its jurisdiction. This important mission officially became a permanent responsibility of the Secret Service in 1906. The duties of the Secret Service now also include protecting various other important individuals.

Quoted From: http://www.ustreas.gov/education/faq/treasury/history.html#q4

 

[BlueWeasel]

Doh...I guess I could have Googled it .....

History of Counterfeiting

The counterfeiting of money is one of the oldest crimes in history. At some periods in early history, it was considered treasonous and was punishable by death.

During the American Revolution, the British counterfeited U.S. currency in such large amounts that the Continental currency soon became worthless. "Not worth a Continental" became a popular expression that is still heard today.

During the Civil War, one-third to one-half of the currency in circulation was counterfeit. At that time, approximately 1,600 state banks designed and printed their own bills. Each bill carried a different design, making it difficult to detect counterfeit bills from the 7,000 varieties of real bills.

A national currency was adopted in 1862 to resolve the counterfeiting problem. However, the national currency was soon counterfeited and circulated so extensively that it became necessary to take enforcement measures. Therefore, on July 5, 1865, the United States Secret Service was established to suppress the wide-spread counterfeiting of this nation's currency.

 

[bradruth]

It's true that the Secret Service was created to combat counterfeiting. It's still housed within the Department of the Treasury.

After the assassination of President William McKinley in 1901, Congress directed the Secret Service to protect the President of the United States. Protection remains the primary mission of the United States Secret Service.

Straight from the source.

 

[ChicagoNick]

Originally posted by: bradruth
It's true that the Secret Service was created to combat counterfeiting. It's still housed within the Department of the Treasury.

After the assassination of President William McKinley in 1901, Congress directed the Secret Service to protect the President of the United States. Protection remains the primary mission of the United States Secret Service.

Straight from the source.

my source had more relevant info! nyah nyah!!!

and yea, i think lincoln commisioned the SS to combat the counterfieting problem.

 

[Amorphus]

Originally posted by: ChicagoNick

Originally posted by: bradruth
It's true that the Secret Service was created to combat counterfeiting. It's still housed within the Department of the Treasury.

After the assassination of President William McKinley in 1901, Congress directed the Secret Service to protect the President of the United States. Protection remains the primary mission of the United States Secret Service.

Straight from the source.

my source had more relevant info! nyah nyah!!!

and yea, i think lincoln commisioned the SS to combat the counterfieting problem.

They're both relevant, but yours was more detailed.

 

[bradruth]

Originally posted by: ChicagoNick

Originally posted by: bradruth
It's true that the Secret Service was created to combat counterfeiting. It's still housed within the Department of the Treasury.

After the assassination of President William McKinley in 1901, Congress directed the Secret Service to protect the President of the United States. Protection remains the primary mission of the United States Secret Service.

Straight from the source.

my source had more relevant info! nyah nyah!!!

Pfft, that was third party information. I go straight to the authority, my friend.

 

[ChicagoNick]

lol. we're way too bored! my info came from the source. US. Dept. of Treasury.

 

[bradruth]

Originally posted by: ChicagoNick
lol. we're way too bored! my info came from the source. US. Dept. of Treasury.

Well mine came from the specific agency within the Treasury. So there.