This process of increasing the number of bills from a given quantity by
piecing--as making ten bills out of nine--appears to be done--as seen in a
specimen lately--by cutting off perpendicularly a piece, one ninth of a
bill, and pasting in its place a piece of a _counterfeit_ on the same
bank and denomination to match. The same process will be then carried on
with the nine bills, only that in each bill the piece would be cut out in
a different place. When the nine bills are thus all pieced there would be
_just enough surplus pieces left_ of the genuine to paste together with
one piece of the counterfeit to make a _complete bill like the rest_, and
this would be the profit on the operation. The counterfeit part of the
bills appeared to be intentionally defaced, so as to be nearly illegible,
in order to escape detection. The banks will only redeem such bills at
their estimated proportionate value.