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The counterfeiters are shown at work in their engraving, bill-splitting and printing plants. One of the first counterfeits is placed in circulation by the daughter of one of the master counterfeiters. The bill is suspected and is sent to the Treasury in Washington, where it is proved to be a counterfeit when it peels in a pail of scalding water. Mr. Burns is called to Washington, placed on the case, and immediately goes to Philadelphia, where the counterfeit was first discovered. Mr. Burns locates men that he believes to be behind the fraud by suspicious engraving orders, and immediately calls in other Secret Service operators to assist him in shadowing. The Lancaster members of the counterfeiting gang learn that Mr. Burns is on their trail through the dishonest revenue inspector, and fire their warehouse in order to destroy the evidence. Mr. Burns, however, manages to place himself in the counterfeiting engraving plant in Philadelphia. In the raid which follows, the three engravers are cornered and arrested. The securing of evidence against the New York branch, where the counterfeit paper is made, is more difficult. Mr. Burns sends Florence Castle, his leading woman operative, to work the April Fool ruse by which he succeeds in getting one of the counterfeiters into jail without the latter's suspecting in the least that he is being trailed by Mr. Burns. A "faked" newspaper is printed, blazing in its headlines an announcement that the New York counterfeiters have been captured and have confessed. Their confederate in jail, misled by it, confesses his part in the transaction and, upon his evidence. Mr. Burns is enabled to raid the counterfeit headquarters just in time to rescue his female operative. Mr. Burns then adroitly secures a confession of Helen Long, the daughter of one of the counterfeiters, through a concealed recording phonograph, and with the record goes to the father. Long breaks down in Moyamensing prison, and gives evidence against his pals in Lancaster, in order to save his daughter. With this evidence, Mr. Burns goes to Lancaster. As he is examining the counterfeiters' printing press in a tobacco house there, the counterfeiters dynamite the warehouse. Mr. Burns and his men escape in the nick of time. The counterfeiters leap into a carriage, Mr. Burns following in a delivery wagon. After a running chase the counterfeiters are finally rounded up. The final scene shows some specially posed pictures of Sir Arthur Conan Doyle, creator of Sherlock Holmes, with Mr. Burns.