Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1912-05-04
rspecial Correspondence

Washington. May 4.-Reduction OF
the size of the paper currency OF the
country looks like a certainty. For
long time, this subject has been dis
cussed pro and con. Objections have
been raised and demolished and others
raised and assailed. Secretary OF the
Treasury MacVeagh has kept at the
question and has had it gone into thor
oughly by experts. The indications
now are that it is going to be brought
about before any great length of time
Secretary Macyeagh has been bent
on reduction of the size OF the paper
money. together with decentralization
Of designs, for about two years, tho
it has been more or less talked for
longer period. Economy and other ad-
van.ages have been urged as the rea-
son why the currency should be smaller.
with more attention to uniformity OIL
size and to artistic nature OF design.
The treasury department does not
need special authority to make the
changes Secretary MacNeagh. how
ever. has had committee to so into
the matter One reason for the APP
pointment Of the committee was TO
consider any objections TO reduced cur
rency from bankers. business men or
others. Another reason for it was to
work out the details of the plan which
Secretary MacEeagh hopes to adopt.
Would Save $1,000 600 Annually.
The result Of the investiga lions OF
the special committee named by the
secretary is favorable to reduction In
size of bills and TO sysrematization Of
IT,
that about million dollars can be
saved annually by making smaller bills.
The adoption OF bills the size OF the
currency used in the Philippines is pro-
posed The present paper currency is.
roughly, sxTA inches. The exact pro-
portions are 3.04x7.2S inches. The plan
is to reduce these to 2i2x6 inches. The
smaller sized currency used in the
Philippines is entirely successful. In
fact few people are likely to notice the
difference in size unless they give the
matter close attention.
II is pointed out that the government
would save money in number OF
respects by adopting the smaller bill.
About % per cent more bills would be
printed from the same material. The
la Dor for the smaller bills would be the
same as for the larger ones.
Uniform Bank Notes.
A uniform bank note design for all
hanks is proposed. Under the present
sytem. a special design is engraved for
each bank The result is that about
1 900 plates are required. Ii is not pro-
posed to have no distinctive marks Tor
the notes of the different banks but to
use a comparatively small number OF
plates. make a uniform stock of bank
notes and then by separate process
print the names Of the different banks,
the charter numbers. ard such marks
as are distinctive This would result
in various economics. For one thing.
the comptroller of the currency would
no longer have 10 carry in stock. IN
the vaults of the treasury. big re-
serve stock OF notes for each separate
bank
Awaits Needed Appropriation.
Temporarily. there would be some
trouble and embarrassment in the use
Of ,wo separate sizes Of currency. That
&c If smaller size were adopted. 1t
would be some time before the old and
larger size would be retired. In order
TO meet this. Secretary of the Treasury
from congress which will enable the
department to print anw have In readi-
ness enough notes OF all denominations
and then, on fixed date. change from
the old to the new 1t is thought this
can be done. with the cooperation OF
the banks and financial institutions
without any great difficulty.
Under the present arrangement there
are nineteen different designs used Tor
the currency Different portraits and
historic scenes are used. It is proposed
TO reduce these to nine. choosing the
portraits for reasons that seem sub
stantial, and using thru the different
issues Of one denomination OF currency
the same portrait. Thus portrait ard
denomination would go together and II
is thought it would be protection
against counterfeiting.
The treasury department rs awaitine
only an appropriation from congress to
70 ahead with the plan Of systematic
ing and simplifying the currency
Treasury officials feel that the new
plan will be a great Improvement.