The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1910-09-10
Treasury Department Has q.
Plan Under Consider
ation Now
ALSO NOTE ST YLE S
Are to Be Changed, If Plans
of Present Are TO Be
Carried Out.

i
WASHINGTON, D. c.. Sept. 10
Contemplating change in the size
OF all paper money. the Treasury De-
partment is hesitating about making
the change lest disapproVal be shown
by the public after the. change is
made. It therefore desires to sound
public opinion before proceeding TO
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-
! lions to inches in length by 2 y
inches In width. The present size
! is 7.2s inches by 3so4. To see what
is 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-
BILE this is one of the ideas the Pres
ident brought back with hiR from
the Philippines.
1t is estimated that the cost OF
substituting new for old bills would
be more than 5000. 900, but that the
change would effect saving to the
government of more than $4,000.
annually from the present cost.
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 it be United
States notes, gold or silver. certif-
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 a 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 and of por-
traiture on each denomination, re-
duction OF forces in office of comp
trolIer 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 year.
Secretary Macveagh today gave,
out an interview in which he said:
al am inclined to think that the
! change would cause little If any tn
convenience and would be quickly
commended by the people. 1t Will
not he necessary to change the d.
mensions of cash drawers, tills, 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
lingly Inconvenience. I think. how
ever, that this objection could he
largely If not altogether wholly
overcome by preparing in advance
enough of the new votes so that they
could he exchanged for old notes on
a fixed date at all sub-treasuries,
banks and other large financial in
stitutions. ] am convinced that the
criticisms of the proposed issue are
based upon considerations of tenn
porary inconvenience rather than
upon essentials and insurmontab!e
Collections.
st believe the people have right
to be consulted when the department
is contemplating plans like this and
the right to feel that no arbitrary
/ CContiuued on page 81