Counterfeiting in the context of American history



Abby Murray

Telling Lives

“William E. Brockway: Counterfeiter”

October 22, 2007

To the Editor of the Brooklyn Eagle,

Is it too much to assume that Brockway in the last twenty years of history has been living an upright, honest life?...every device was resorted to by unscrupulous agents of the United States government whereby they might entice him into overt actions that would cause his arrest…has he not been the victim of…what are called reformed crooks drawing pay in the service of the United States government?

Brooklyn, February 25, 1896. CHARITY[1]

The evidence in the counterfeiting trial of William “Long Bill” Brockway, alias E.W. Spencer, incriminated the accused without a doubt. Brockway’s record reached back to 1850 and included four previous convictions. Despite his obvious guilt, newspaper accounts of the “counterfeit king”[2] reveal sympathy and admiration for him. The historical tradition of counterfeiting made it a less deprecating offense, and Brockway’s character and appearance dissociated him from lower level criminals.

Counterfeiting had been present in American society since the founding of the colonies, and this historical tradition softened the stigma against the practice. Currency laws forbade colonists from making their own coins. The colonists resented this restriction, and set up the first counterfeiting operation, called the Boston Mint, in 1652. The “free banking system” of the 1830’s gave rise to thousands of independent banks, each of which printed their own currency. Federal attempts to standardize currency lacked the technology to create currency that could not be altered or counterfeited. William Spencer grew up in an America with over 6,000 varieties of counterfeit money, and where twelve out of thirteen banks’ money was counterfeited or altered. In 1864, by which time Brockway had been running his operation for roughly fifteen years, estimates stated that about half the money in circulation was counterfeit.[3] The widespread practice of counterfeiting meant that though Brockway received a lot of attention in the press for his counterfeiting, he did not become a demonized figure. His profession even had a degree of legitimacy: “Despite all those obstacles, Brockway, as alleged…after years of patient toil, was enabled to gain a large fortune…”[4] Brockway had to work hard to excel in his line of work, just as he would have worked hard in a legal occupation. This idea pardoned him for engaging in criminal activity.

Crime carried connotations of low social standing, stupidity, cowardice, and ignorance.[5] However, Brockway did not fall into the category of “the vulgar fellows, who are merely brazen and dexterous,” but rather as part of the “organization of men of actual genius and unbounded resources…”[6] He took classes at Yale in electro chemistry as a young man, and Professor Silliman allowed him to take one for free because of his abilities[7]. His counterfeit bonds and National Bank notes were taken for genuine tender by government officials, and he passed $85,000 worth of bonds to Jay Cooke and Company. He used his “celebrated” printed nearly $100,000 worth of seven-thirty issue bonds without raising suspicion from the government[8]. The public recognized the skill and intelligence needed to fool the government and the high powered companies of Wall Street. Though he was a criminal, residents of New York could have felt some pleasure in seeing some of the wealthiest citizens scramble to find the source of the fake bonds which had flooded their businesses. Brockway’s intelligence set him apart from other criminals. His status earned him titles such as “the notorious counterfeit king”[9], “the most skillful counterfeiter in the United States”[10], and “master of the engraver’s art.”[11]

Brockway’s appearance distinguished him from common criminals. The tall, thin, Yankee said to look like “a bank president” did not match expectations of what a counterfeiting ring leader would look like. Two drawings of him show his solemn face, firm mouth, and stately beard.[12] The existence of the drawings in the sparsely illustrated paper speaks to Brockway’s status. His age also could have been a factor in how he was perceived: his white hair and grandfatherly appearance would be difficult to reconcile with the image of an incorrigible criminal.

Brockway saw him self as different from other criminals. After being arrested for the last time at the age of 73, Brockway became “highly indignant” when Warden Mitchell assigned him to a cell with Patrick Sheehan, a “common slayer.”[13] Brockway got his way, and was assigned to a different cell.

Brockway’s intriguing persona and character could have garnered people’s respect and admiration. As one paper said, “The case of this man is interesting, as proving the intractability of an occasional culprit to reformatory influences.”[14] Counterfeiters were something of a popular icon, and provided the kind of intrigue that the cowboys and bandits of the expanding West would soon provide. Brockway, it seems, fully fulfilled his role to provide drama and to have an intriguing personality. The Thanksgiving Day turnover of his celebrated plates was recounted many times in various newspapers. Brockway led Secret Service met into the Jamaica woods to dig up the hidden plates. The layer of snow on the ground concealed the exact location, and it took several tries to find the right spot. Finally, $300,000 in counterfeited $50 and $100 bill were recovered in glass jars.

Brockway and his wife Fannie, and their two children of the same names lived in a brownstone house at 264 Clermont Street in Brooklyn[15]. According to his family and neighbors, they believed him to be either a sea captain or a military Colonel. This explained his long absences. He was born William Brockway, adopted at the age of ten months, and he took the name of Spencer when he was adopted[16]. Throughout his career, he used the name Brockway as an alibi, and went by E.W. Spencer officially.

His actions show that jail time never taught him a lesson. Although he went to jail four times, he always went straight back to counterfeiting. Also, he showed that reform actions were useless. He continued again and again. The government could decide if it was better to strike a deal for freedom with him to obtain his plates, or to lock him up[17]. When they struck a deal with him he just reverted immediately to counterfeiting. When they locked him up, he met new accomplices in jail.

Perhaps Americans saw in Brockway an indomitable spirit, and someone who refused to be held back by laws. In his final trial, he was a seventy-three year old man, and it is possible that in his proud, elderly figure American’s saw the reflection of a closing century/era. As the turn of the century approached, the hey-day of counterfeiting in the United States was coming to a close: the currency was standardized and new methods were being developed to protect it further from those seeking to imitate it. American money became more protected as it gained strength: “In his lifetime, it had soared to become the world’s most wanted, guarded currency.”[18]

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[1] “Brockway, the counterfeiter, not a man without some redeeming traits,” Brooklyn Daily Eagle 26 Feb. 1896: 9.

[2] “Brockway sees his captors,” New York Times 7Aug 1895: 1.

[3] Lynn Glaser. Counterfeiting in America the History of an American Way to Wealth. (New York: Clarkson N.

Potter, 1960) 132.

[4]“Counterfeit Treasury Bonds’ A Startling Conspiracy by Expert Counterfeiters,” New York Times 9 Dec 1870:1

[5] “The Guilt of Brockway,” Brooklyn Daily Eagle. 22 Feb. 1896.

[6] Lynn Glaser.

[7] “William E. Brockway, Counterfeiter and Forger,” Brooklyn Daily Eagle. 6 Aug. 1895: 1

[8] “Counterfeit Treasury Bonds”

[9] “Brockway sees his captors,” New York Times, 7 Aug. 1895: 12

[10] “William Brockway’s Arrest,” New York Times. 4 June 1882:

[11] “Brockway’s career of crime,” Brooklyn Daily Eagle. 16 Feb 1896:

[12] “Counterfeiters Caught,” The National Police Gazette 24 Aug. 1895: 7

“Brockway Again in Jail,” Brooklyn Daily Eagle 6 Aug. 1895: 1

[13] “Brockway sees his captors”

[14] “The Guilt of Brockway,” Brooklyn Daily Eagle. 22 Feb. 1896.

[15] “Brockway sees his captors,” New York Times, 7 Aug. 1895: 12

[16] “Carlisle on the Stand” Brooklyn Daily Eagle 20 Feb. 1896.

[17] “Brockway: the Story of the Great Counterfeiting Case,” Brooklyn Daily Eagle 1 Dec. 1880: 4.

[18]Qtd. in Lynn Glaser. Counterfeiting in America the History of an American Way to Wealth. (New York: Clarkson N. Potter, 1960) 132.

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