The Washington herald., 1912-07-07
Small Bank Notes
Soon TO Be Issued
Half as Big as Now-Gopernment Viii Save
$4,000 Year in Paper

snip IN the Bureau Of Engraving at
Washington. and. having learned the
business went back. establishing, in 1885.
a plant at Yokohama. modelled as closely
as possible after the American outht-
In that country unskilled labor costs 10
cents a day, and 40 cents will hire a sk,Il
ed artisan. Consequently, the Japanese
are now able to turn out postage stamps
for only cents a thousand. But such
is the economical efficiency Of the Bureau
of Engraving in Washington ttat it fur
nishes all the STAMPS to the Post-offce
Department at contract rate OF cents
a thousand: and. even at this rate. II
came out hst year $4,000 TO the good on
the Job.
China, in 1909. after making an investi-
CATION OF the subject, decided to introduce
like system. The imperial government
hired a frst-class engraver and several
other men from the Bureau OF Engraving
at Washington. and. with their help. set
up a plant at Pekin. under the direction
Of Chin-Ta-Tao. who has since become
Secretary Of the Treasury OF the repub-
lie. The work OF the institution has not
been interrupted by the recent change
Of political control. All Of the machin-
cry and other equipment was fetched
from the United States. and to-day the
Chinese. who originally invented and de-
veloped the art Of paper-making, are
from American manufacturers.
Paul Revere's ride made him famous.
but he deserves celebrity on other
grounds-namely, that he was first to
establish the industry of steel engraving
in this country. From this beginning
was in the course OF time evolved the
American Bank Note Company, which
printed all of our paper money I'D to
the year 1876 when John Sherman, then
Secretary of the Treasury, established
the Bureau Of Engraving.
Notwithstanding the perfection to which
note-engraving has been brought. the
possibilities of photo-mechanical proc
esses are being developed to such an ex-
tent as to be regarded as a serious threat
to the safety OF the currency. This is
a matter that is attracting attention in
all civilized countries. By the 'autotype"
and other processes, the color and tex
ture OF any printed matter can be imi-
tated with astonishing accuracy. Ac-
cordingly, as a precaution against coun-
terfeiters, the Bureau Of Engraving may
yet be driven to the expedient OF using
tints selected for their geographic
quality.
Up to the present time the most sat
isfactory protection against counterfeit
ers has been found to be the distinctive
paper used. with bands OF red and blue
fibers running through II. This cannot
De Initiated successfully except by the
use OF large and ponderous machinery.
such as cannot well be concealed. II Is
true that chemical means are known
whereby the ink can be entirely removed
from one dollar bills, as a preliminary
to printing counterfeits OF large denom.-
nations on them-an eXpedient whereby
the governments own paper is secured
for criminal employment. But 1t is pro-
posed TO get over the difficulty by print
ing each denomination Of the new notes
on different kind Of paper. or asnumoer
may run through the paper in 3 water
mark
Summing up the whole plan. the In
tention is to have a paper currency that
will be more convenient. more artistic,
safer against counterfeiting. and cleaner.
For this last purpose there Il TO be an
extension Of the money-laundering bust
ness, which up to the present time has
been carried on exclusively at the Blu
reau Of Engraving at Washington. Light
and transportable machines, for wash
ing and ironing notes. will be placed IN
the various sub-treasuries. and possibly
In large financial institutions. 30 that
dirty bills will soon come TO be a thing
Of the past.
The washing OF money at the bureau
costs not more than one-tenth Of a cent
per note. II is believed that later on
this cost will be cut in half. so that the
expense involved in keeping the paper
cash of the country clean will be IN
the long run far from excessive.
RENE BACHE