The Colorado statesman., 1912-08-24
TO CUT DOWN SIZE
Paper Money Bills Are to Be
Made Smaller.
New Currency Can Then Be Carried
In Pocket Book Without Fold
ins-onIy Objection Is Two
Sizes of Money.

oizcS OF Money.
Washington.-Despite the fact that
the rise in the cost of living within
recent years makes dollar look
smaller to most of US than 1t did a
decade ago, the treasury department
has decided to make the bills smaller
than they are at present-not the
purchasing power of the currency, but
the size of the bills themselves.
1t has been decided that the paper
money of today is too large for con-
venient handling. A dollar bill is now
over three inches wide and a little
over eight and one-quarter inches long
1t Is to be cut down to six by two
and one-half inches. The treasury
thinks that this reduced size Of the
currency will be vastly easier to han
die and it is certain that it will mean
a large annual saving on Uncle Sans
expense bills for paper.
The economy on paper alone for
240,000.000 bills issued per annum)
will amount to $1,000. Then there
will be an increased output Of at
least rs per cent for given amount
- of labor at the bureau of engraving
and printing where all the paper
money is manufactured. This gain,
carried through all the processes of
printing, examining, counting, drying,
numbering, etc, will in itself repre-
sent more than 100000 year.
The notes being smaller, less en-
craving will be required for the plates
from which they are printed. Less
ink will be used-an item more i'm
portant than one might imagine. TAX
ing other items into account it Is
reckoned that the total saving to the
government by reducing the size Of
paper money will be in the neigh
borhood of S615,000 per annum.
In addition, it is expected that the
life" of dollar bill of the new size
will be much longer than that Of one
of the present series. Requiring the
less fold to be slowed away conve-
niently In a pocketbook or bill-fold of
the ordinary size, it will last at least
one-third longer in circulation, accord
ing to the estimate of treasury Of
f1cials. Consequently there will be
fewer notes to be redeemed as unfit
for future use and the force Of the
redemption division in this city can
be cut down sufficiently to save some
$4,000 a year in salaries.
When it is considered that 1t costs
the government one cent to print
paper dollar and put 1t into circula-
ton, the Importance OF prelonging its
life" becomes manifest. Fortunately,
the treasury has had an opportunity
to make some advance tests, as they
might be termed of the smaller
money. All the paper money of the
Philippines (Which has replaced the
old Spanish notes) has been printed
at the bureau of engraving and print
ing in this city. 1t is of exactly the
size now proposed for our own green
backs and certificates-six by two and
half inches. Up to date it has proved
satisfactory in all respects.
The new paper money will be small
enough to be carried flat. e., with
out folding-in a pocketbook of mod
crate size. 1t will also be very much
easier to handle. Experiments made
with bank clerks and tellers in this
city recently have shown that the
small notes do not cramp the fingers
as do the old ones. They have also
the additional advantage that banks
can store in their vaults 25 per cent
more of them within a given space.
The only objection to the new de-
parture seems to be that for some
time there will be two sizes in cir
culation. But this difficulty is to be
obviated as far as possible by pre-
pairing in advance large quantities of
the small notes, which, on a given
date, will be changed for the big ones
at subtreasuries and other large f.
nancial institutions throughout the
country. By this means 1t is hoped
that all the large" bills will be col
lected within two months after the
small ones are put into circulation
and that this plan will obviate the
confusion which would probably re-
suit from the two sizes of bills being
in circulation at one and the same
time
In addition to changing the size of
the bills it is also planned to reduce
the nineteen designs now on the cur
rency to nine, using the same portrait
on one denomination throughout.
Thus. the 81 bill, whether treasury
note. bank note or certificate. will
bear the head of Washington in the
center of its face. It's holder will thus
know the denomination without look
Ing at the figures and cashiers of
banks and others who handle great
quantities of money will be enabled
thereby to detect counterfeits more
readily.