Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-10-23
/ Changing Size Of Paper Money


note 3as by 81. the five-mark note 81 by
-. That OF Belgium comes next with a
loo-franc note AZ by rs.
he first attempt In America to issue
paper money was by the Continental Con-
gress In lII6. Before that time some OF
the colonies had issued a script in lieu of
currency. but il was not until I176 that
the colonies made an attempt to float an
issue or paper. At that time the colo
MES were In hard straits. not having the
means to pay the troops or to furnish
supplies, so they resorted to the expedient
OF issuing paper promise to pay. This
nrst issue was made up of notes of vary
ing denominations, all expressing on their
face that they were ISSUED to provide for
the common defense" The notes were OF
rude design and still ruder execution No
attempt was made at engraving. They
were printed on common paper at the
printing office of Paul Revere They were
not OF uniform size. but in nearly all
cases were almost square in shape.
When the present form of government
was adopted in the United States there
was no currency afloat except an occa-
sional Bank of England note some Span
lsh milled dollars and the French five
franc piece. This does not include the de-
preciated notes issued during the war by
the Continental Congress and the vari-
Gus colonies, nor small issue by the
Bank of Pennsylvania. When Alexander
Hamilton became the finance minister OF
the new government he set about devils
ing scheme TO give the government A
financial standing and also TO furnish the
country with a staple and uniform cur
rency: and a part OF his scheme involved
the establishment. under the authority u
Congress, of "a great national bank.
Under the system devised by Hamilton
was issued the first real paper currency
of the United States. The bills of the
United States Bank were uniform in size.
shape and color, and We're about inch
shorter and quarter OF an inch narrow
err than our present paper currency. They
were uniform in design, and entirely dis
tinct I'm design, color and texture OF pa
per. from any other notes in circulation.
After this bank went out of existence
most Of the banks started under state
authority copied very closely the design
used by IL and most or the bills were
about the same size.
An examination of the specimens still
eXtant of the bills of the various banks
from 1907 TO the appearance of the green
backs in 1893 shows that the notes issuet
by the southern banks were materially
longer and wider than those of the banks
of the north, the latter adhering very
closely TO the pattern set by the old
United States Bank. The size OF the
notes OF the United States Bank was de-
termined by the desire of the founders TO
get note distinct i'm every way from
those issued by the Bank of England and
the Bank of Scotland In size. shape. de-
ent from those of the mother country.
and the decimal system had been
adopted i'm place of the old country
shilling and pence Of course, they
were different I'm denomination.
The engraving of the notes Of the Bank
Of the United States was not of the
highest order. but II was far superior Ia
that used by any of the European banks
and the printing was much better done.
The paper was of fine texture and very
thin and tough. and the notes would
stand much more wear than even those
now In circulation About 1910 some OF
The state banks began using a paper OF
ligh color. but a rule the banks kept
lose to the pattern set by the Bank OF
he United States.
When the government began issuing
notes in 1862 the Treasury Department
accepted the size then generally i'm use
,y the banks OF issue in the northern
states, the length and width having been
increased since the days OF
he Bank of the United States. A peculiar
act in connection with the early history
Il paper currency in this country is that
learly all Of the banks OF the early DAYS
made their notes payable to some indi-
'idual and I'm some cases the notes were
lot even made payable at the bank OF is
ue, but at some bank in another city.
II that time IL was claimed the notes
must name some pQyee to make them le-
al and binding. and the people would
ot accept a bill payable only to the
carer, as ii is today.