The Washington times., 1910-09-11
CAPITAL BANKERS DIVIDED
ON PLAN TO TRIM NOTES
By I. A FLEMING.

Washington bankers are more in
clined TO the opinion that convenience
in doing business IS more TO be de-
sired than economies in the manage
ment Of the Treasury Department
Il the Secretary Of the Treasury
wishes TO win the encOniums OF the
bankers, he will arrange some method
for the establishment Of redemption
agencies at the various subtreasuries
rather than the present method that
requires she sending Of all mutllatec'
soiIed, and dirty currency, as well as
currency destined for retirement, 70
this city This method imposes a bur
den on local bankers, necessitate5 the
payment OF heavy annual toll ID the
express companies OF the country,
and ties I'D no small portion OF, the
currency Of the country in transit Tor
considerable periods
I,ocsf bankers are divided on the
proposition TO reduce the Size or
notes issued under authority Of the
national banking act, but the major
ftv are clearly H. favor OF letting well
enough alone. of course. It is up TO
Congress-, the Secretary Of the Treas
l1ry having no authority unless au-
Uhorfzed by act OF the lawmaki1g
body
If II were possible to quickly make
the change from national bank notes
bearing the name Of the bank issuing
said notes and the signatures OF
officers, u a general form OF
national bank circulation without
names of individual banks and sigma
tu-es Of officers, as suggested in the
circuIar-letter made public yesterday,
the scheme or plan would be deemed
l.
ers, but there must be a number OF a
mark of some kind TO identify the cur
rency as issued TO a bank. in order
that the proper parties might be called
upon to make good when such cur
rency was sent in for redemption.
It would hardly be possible for the
banks, in times Of strinEency, to send
to the nearest sUbtreasuTy, as suE-
gested by Secretary N-acVeagh, and
obtain uniform currency. with the
charter number or designated mark
to identify the notes, unless a guam
tfty of said notes had been prepared
in advance for possible orders.
The Secretary admits that the main
advantage would be a saving 70 the
Government, with a cleaner. more
artistic, and more convenient cur
rency-au ends u be desired, II they
could be obtained without disturbing
money, entaiHng exceedingly diff
| cult propositions Local bank Of
| fciaIs are anxious that the mar
kers on bills shall be on each corner
/ of the face and back Of bills, that
/ they shall be printed in reasonably
large plain figures, and not in Roman
numerals
There are millions OF people in this
nation more or less used to TIE
present currency Of the United States
/ The present system has been in
vogue for generations. Dirty money
I is a nuisance, but with redemption
provisions at subtre1suries as sug-
gested, this could more generally be
avoided. It might be well to let the
/ currency OF the country aIOne-other
/ than keeping the circulating medium
reasonably clean
| This recalls that the latest innova-
| ton, currency washing machines. re-
I Gently installed. have been put out
/ junk department
The machines laUndried the paper
/ money, but they damaged 1t so that
/ when dried something was missing,
/ a mysterious something in the "feel''
| Of a bill by which the experts in the
/ Treasury Department have come TO
/ know whether a bill is good or not.
| and the damage to the bills prevented
! further washing.