The Birmingham age-herald., 1910-04-10

pOSSlDlX saw us palmleSL 4days century or so ago, can finish about 800 sheets of bills a day, each sheet containing four bills. The type of this press, according to the printers, has not changed since the government began making It's paper money. In the building there are per haps between $50 and zoo printers, some of whom are engaged in printing stamps, bonds or other forms of government se- curities. but most of them are engaged in printing money.
 A visitor to the city seldom fails to visit this building. Its intense activity fasci- mates one; the dexterity of the clerks who count the money after 1t has been printed and the methods employed in safeguard ing the money, form perhaps one of the most interesting sights of the national capital. With nearly three thousand en- ployes, who are actively working from o'clock in the morning until the same time the next day in shifts of 10O0, the bureau turns cut nearly s62o 600 in pa per money a year, beside supplying the postage stamps and other securities re- auired by the government.
 It is, of course, necessary in the manu- facture of paper money that one piece of money should correspond with another of like denomination. Hence the engrav- CTS and their work are of the highest standard. Each bill made is an excellent example of the finest steel engraving, but the dexterious clerks who count hundreds of thousands of dollars every day can detect at once any irregularities in the currency.
 This department of the government puts out five different kinds of paper money. The silver certificates in denominations of one. two, five and ten dollars bills. with which the people are more familiar, and the gold certificates, which are In less general use, in denominations of ten, twenty etc., form the bulk of the work. These bills are printed as matter of general convenience, for the reason that experience shows the public desires paper money in preference to coin. Coin, how ever. is extensively in circulation in the west, while paper money is more general ly used in the east
 These are outstanding about $470.000 900 in silver certificates. To the uninitiated this reckless output of money seems to portend utter financial dissolution, but such is not the case. The government cannot Issue all of the money 1t wishes; 1t is confined to stringent rules and can only issue all money in two ways in which 1t becomes legal tender.
 If one should deposit silver or gold coin or bullion with the treasury officials. authority is given in law to issue there for silver or gold certificates, or worn CertiICdIeS I1ay De tAtffdHBtu TUT DcW ones As old bills are destroyed the bu- reau must supply the demand for new money
 From the statistics of the redemption bureau of the treasury it is shown that one dollar bill remains in circulation about one year; a two dollar bill, which is not so extensively used by the general public, has an average life of about 16 months; a five dollar bill circulates about frrrA hofn a a dollar bill lasts nearly three years before the government is called upon to replace 1t, where a twenty dollar bill is used for four years before it Is returned to the Treasury Department for redemption. The redemption of these notes reaches the enormous total of nearly one billion dol lars a year. To completely destroy the bills a huge machine is used. which turns the money into paper pulp. From the pulp various articles are made for sou venjrs by printing concerns and sold on the streets. A little card attached to the article shows the exact amount of money the pulp represents. In some models of the Washington monument, more than S60,000 is represented.
 The national banks notes, which are next in importance to the silver and gold certificates, and which constitute about one third of the country,s total paper money outstanding, are printed under government supervision. Their manufac- ture is subject to the national banking laws, but their volume depends upon the judgment of officers of the national banks of the country. According to late report of the comptroller of the currency. there are 1888 national banks in the United States. with an aggregate capital of $S0S,- FPS, ,65S The currency law provides that bank may issue its notes in the form of money to an amount equal to it's capi tai but provides that each bank so is suing money must deposit with the treas ury an amount of United States govern ment bonds equal to the notes issued by the bank. When this provision of the national banking law is met the bureau is authorized to manufacture silver or gold certificates bearing the name of ceNain bank. tl
 The other kinds of money in general cir culation today are Urea asury notes of 1S9D and United States government bonds