The Clarksburg telegram. [volume] (Clarksburg, W. Va.) 1874-1926, 1910-09-15
Treasury Department Has a
Plan Under Consider
alton Now.
ALSO. NOTE STYLES
Are to Be Changed, If Plans
of Present Are to Be
Carried Out.

SarrleQ Gut.
WASHINGTON, D. c., Sept. 10
Contemplating a change in the size
of all paper money, the Treasury De-
partment is hesitating about making
the change lest dlsapproyal be shown
by the public after the change is
made. 1t therefore desires to sound
public opinion before proceeding 10
change the currency, and to that end
invites criticisms and suggestions
from bankers and business men.
The plan, being considered by the
Treasury Department Is to, reduce
the size of the bills Of all denomina-
tions TO inches in length by ~
inches in width. The present size
is 7,2S inches by S.O4. To see what
lis proposed fold one of the present
bills of any denomination an inch
and a quarter from one end and a
little more than half an inch from
the long side. Thus folded, the bill
will show the proposed size for the
new bills. The proposed size of the
new bills Is the same as that OF the
Philippine currency and It is posi-
bic this is one of the ideas the Pres
ident brought back with him from
the Philippines.
1t is estimated that the cost o,
substituting new for old bills would
be more than 100000, but that the
change would effect saving to tho
government of more than s612, 900
annually from the present sdost,
The plan of Secretary Of the Tres
ury Macveagh contemplates changes
in the style of the notes also. He
would have one portrait on every
piece of currency of the same de-
nomination, whether 1t be United
States notes, gold or silver certifi-
Gates and national bank notes. And
legislative authority would be asked.
which would do. away with the ne
cessity of engraving special notes
for individual banks, but would
make all bank notes uniform, leav-
ing merely blank space for the
name OF the bank to be printed in.
Among the advantages cited by
Secretary Macveagh are uniformity
of size in all currency aud of por-
traiture on each denomination, re-
duction of forces in office of comp
troller of currency and in national
bank redemption agency, reduction
in vault space required by treasury
and banks for storing currency,
saving of sheets held ready for issue
as national bank notes but never
called for and cancelled because OF
liquidation of banks. ease in obtain
ing national bank notes in times OF
panics or money stringency without
delay and the saving OF more than
100000 a year.
Secretary Macveagh today gave
out an interview in which he said:
II am inclined to think that the
change would cause little If any in
convenience and would he quickly
commended by the people. It viii
not be necessary to change the d.
mansions of cash drawers, tiiis. COM
partments, etc. which now hold the
present size of money, as they would
hold also currency of the size. pro-
posed.
"The only objection to adopting
smaller notes which seems to me of
special importance is that for some
time two sizes of paper money would
be in use and bank tellers and the
business public would be correspond
ingly Inconvenience. think. how
ever, that this objection could he
largely II not altogether wholly
overcome by preparing in advance
enough of the new votes so that they
could be exchanged for old notes ON
a fixed date at all sub-treasuries
banks and other large financial in
situations. ! am convinced that the
criticisms of the proposed issue are
based upon considerations OF tenn
porary inconvenience rather than
upon essentials and lnsurmontabla
objections,
II believe the people have a right
to be consulted when the department
is contemplating plans like this and
the right to feel that no arbitrary
action will he taken in matters Of
this kind. am inclined to think