Evening journal., 1910-09-14
MAY MAKE PAPER
MONEY SMALLER
Treasury Department is Con-
Siderlng Important Change
in Currency
REDUCE DESIGNS
FROM lq TO NINE

FROM I9 TO NINE
WASHINGTON. Sept. 14.-For more
than year thf treasury department |
has contemplated a systematiza ton Of |
the designs for United States notes and /
goid and silver certificates and a re-
duction in the size of paper currency. |
NO less than IS miscellaneous por- |
trait and historic designs appear upon |
the issues now current. These serve /
no useful purpose in Identifying the /
denomination of notes with the de- |
| signs they bear nor have they been
selected according to any scheme of
historical balance. AS an example OF
existing confusion the present dollar
silver certificate bears the portraits
of both Lincoln and Grant The plan
is to reduce these nineteen iniscel-
laneous designs 10 nine selecting the
portraits with some reference to the
importance and position OF their sub
jects In American history and using
the same portrait on one denomination
throughout The faces would be plar-
ed IN the center OF the note and would
enable the holder to determine at
! glance the denomination.
For example, the dollar note. which
- ~ must ANiAAlA0t NAANMiWAills AiANuh
, bear the pOtt~ait OF Washington. as
the emancipatof of the country anu
I the founder OF It's government: the 81
Z note that OF another famous American.
r and so on for all the separate denoml-
nations.
Such reclassiilcation is believed to
. be the more advisable as il will sn-
g able cashiers Of banks and other ca
pert money handlers the more readily
to detect counterfeits. experience hav-
: ing clearly shown that Il Is impossible
for the most expert engraver to re-
produce an exact facsimile of por-
trait. even II the face has been en-
!. graved by himself.
! The class TO which the note belongs,
whether gold or silver certificate or
United States note, may readily be de-
termined by varying the color in which
. the seal on the right side Of the note
and the denomination numeral on the
left are printed. The printing OF these
will continue TO be done by separate
process, hence the distinction sug-
gested involves no additional expense.
The name OF the class will be re-
s peated as many times on the face and
back of the note as at present.
3 The department might feel warrant
ed in proceeding to change the designs
& Of the mates without awaiting the sug-
/ gestions Of banking institutions, but a
o somewhat different proposition is pre-
's sented I'm the plan to reduce the size
of the notes to 6 by > 1-2 inches. The
n department recognizes that public con
10 venience Is more or less involved II
NJ "A system TO which most of the casl
ne drawers and pocketbooks OF the coun
try have ben adapted. hence It
al disposed TO welcome criticisms an
es suggestions from bankers and bus
en- ness men before attempting any rad
'e- cal change.
b Under authority Of Secretary Ma
ad Veaah. a special committee OF trea
Mr. ury officials has been at work (
IN months upon the details involved
de- the change Of designs and the su
gested reduction in the size OF pap
me currency.
ma Advantages Expected.
al The advantages TO be expected fro
zee the proposed uniformity in design an
&c reduction In size of the national ban
NY notes as outlined by Mr. MacVeae
81, may be summarized as follows:
IL !. Uniformity with United ia
n notes and certificates. thus H. in
OF all paper issues I'm circulation of m
IL same size with the same portrait TO
lutnlltti denominations.
IS 2 Reduction in the force of the of
flee of the comptroller of the cur
81 rency In receiving currency from tn
ca bureau of engraving and printing II
Tx its shipments TO the banks.
au g. Reduction in vault space requir
NJ ed by the comptroller OF the currenc.
IL because of the diminution in the siz
of the notes, and the avoidance OF tn
eh necessity for the comptroller Of tn
currency 10 carry a reserve supply 70
N each bank, as his stock would b
oi common to all banks.
ny T. Saving of a large number o
OF sheets which are held ready for is
m sue. but whtch are Cancelled becaus
ne the banks for which they are prepare
10 go into liquidation This estimate wa
654 900 sheets in the last fiscal yeai
We At present the treasury has TO kee
lal a reserve stock OF notes always o
-, hand for each of the 1000 active ma
lis tional banks. The proposed pla
would result In an estimated savin
en of $4,000 a year.
OF 5. Reduction of force in nations
ilu bank redemption agency throug
~. probable elimination Of assortment b
y l charter numbers Of the notes submit
'he ted for redemption.
stringency the proposed uniform Gu
uy rency would be particularly helpful
les The banks could then send the nece
me sary amount Of bonds to the neare
m sub-treasury and get their equivalei
vi IN currency This could be done in n
short space Of time required for coun
len ing the bonds and making the Doc
ny entry. In 1907 banks sending to Wasl
Ase ington for their own notes had TO wa
sometimes three or four weeks b
fore the currency could be supple
l. z. The main advantage, howeve
Of making these changes in the bar
on' notes is the fact that they will rend'
Iy' possible changes i'm our other form
ill' of paper money which will save n
as government more than 100000 yea
ae and will give the people a cleane
more convenient and more artist
q currency.