The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1910-09-10

bv separate process the name Of the
individual bank upon the notes which
that bank was to issue
another plan would be to secure |
legislative authority for uniform CIR |
culating note which would do away |
with the necessity for the special
notes for individual banks. Only 200
or 800 plates would be needed, and
they would cause the banks no appre-
ciable expense.
'If 1t is decided to remodel our pap
err currency along the lines proposed,
/ am sure that in doing so we can
make great improvements in the quail
ity of the designs through the elimina-
ton of many incoherent and meaning
less features which are now confused
without order on most of our notes,
and by seeing to it that the various
features are arranged more harmonl-
ously and are drawn with a finer
| sense of proportion and selection than
at present While the actual engray-
ling of Que present notes leaves moth
| ing to be desired, the designing of the
| notes indicates little appreciation for
harmonious composition than the or
binary letter headings of most COM
mercial firms. As these designs on the
paper currency are reproduced mill
lions of times and pass through the
hands Of nearly 100000 people, it is
worth while for us to take pains to
make them models not merely of en-
craving but of design.
| II believe the people have the right
to be consulted when the department
Is contemplating plans like this which
| in their execution, may affect every
person in the country and the right to
/ feel that no arbitrary action will be
taken in matters of this kind / am
inclined to believe the changes pro-
posed are for the benefit not only Of
the government, but Of the people, but
the department will welcome from
bankers, business men, and others any
suggestions, whether in criticism or
otherwise, affecting the plan we have
in mind"
MaoVeaah Outlines Advantages.
The advantages to be expected from
the proposed uniformity in design and
reduction in size of the national bank
notes as outlined by Mr. MacVeagh
: may be summarized as follows:
1. Uniformity with United States
/ notes and certificates, thus making al
: paper issues in circulation of the same
size, with the same portrait for iden.
teal denominations.
5 2. Reduction in the force of the
= office of the comptroller of the cur
+ rency in receiving currency from thu
] bureau of engraving and printing II
its shipments to the banks.
e 8. Reduction in vault space requir
!, ed by the comptroller of the currenc.
j because of the diminution in the siz
| of the notes, and the avoidance of tn
= necessity for the comptroller of tn
f currency to carry a reserve supply TO
= each bank, as his stock would be com
mon to all banks.
z 4. Saving of a large number O
f sheets which are held ready for issue
e but which are cancelled because tn
d banks for which they are prepared z
e into liquidation. This estimate wa
= $4,000 sheets in the last fiscal year
: At present the treasury has to keep
e reserve stock of notes always on han
e for each of the 1000 actual nations
e banks. The proposed plan would re
: suit in an estimated saving of $4,000
e a year. .'.
II | D. ESeuuClIOT Oh IOTCe III naIlOns
: bank redemption agency through prob
e able elimination of assortment b
e charter numbers of the notes submit
= ted for redemption.
d 6. In times of panic or none
n stringency the proposed uniform Gun
,e rency would be particularly helpful
e. The banks could then send the neces
is sary amount of bonds to the neare.
ir subtreasury and get their equivaler
w in currency. This could be done in til
= short space of time required Il
ID counting the bonds and making tt
l. book entry. In 1907 banks sending
l. Washington for their own notes ha
s. to wait sometimes three or four weel
Is before the currency could be supple
Id Z. The main advantage however,
IS making these changes in the bar
rotes is the fact that they will rend,
possible changes in our other forms
~ paper " oney which. will save the gov
20 ernment more than 100000 a yea
n and will give the people cleane
r. more convenient, and more artist
"a currency.