Evening star., 1914-10-10
Engraving Bureau Anticipates
Needs of Federal Re-
serve Banks.
TWO KINDS OF CURRENCY
WILL BE ISSUED FOR USE
Printing of New Notes Said to Be
Wonderful Achievement by Di-
rector Ralph's Force.

The federal reserve banks, as soon as
they are organized-and the prospect
is that they will be open for business
on or before November Twill need
the currency provided for by law to
meet their necessities. Money will be
printed by the bureau of engraving and
printing and ready for distribution as
early as November Is, continuing until
the entire need is satisfied.
This is pronounced a wonderful ac-
complishment by the bureau of engrav-
ing and printing. 1t has meant fore
sight and preparedness, an understand
ing of prospective situation and the
taking of steps to anticipate it. For II
takes nine months to engrave plate
for new money. And designs for this
new federal reserve currency. while
drawn and submitted months ago. re-
ceived the approval of the Secretary OF
the Treasury in comparatively short
time ago.
The new currency law provides Tor
two kinds of paper currency to meet
the necessities of the federal reserve
system. The federal reserve notes Will
be issued to the twelve federal reserve
banks and be secured by collateral equal
to the amount of notes. The federal
reserve bank notes are to be issued to
member banks under practically the
same conditions as are national bank
notes that are now issued to national
banks.
Printing to Begin November 1.
The federal reserve currency will con-
sist of notes of f1ve-dollar, ten-dollar.
twenty-dollar, fifty-dollar and one
hundred-dolla denominations. 1t is
estimated that there will be $20O.OOO.-
900 Of this currency required to be in
circulation or in stock for issue.
Printing will begin November 1 and
continue until the necessity ceases.
bank notes@s5. $40, $40 and mui-
tiples of s10O-to meet the public re-
quirements. This money will not be
The way to furnish promptly the new
money is clear at this time at the bu-
reau of engraving and printing. The
great volume of emergency currency
printed under the authority Of the Vree-
land-Aldrich act. amounting to $780,
00O.0 900, has practically all been made.
and is issued or resting In the vaults
Of the United States Treasury. The
notes. to be issued to the various mem
bers banks of the new currency system.
will not be required for a year.
Only the five and ten dollar designs
of the new federal reserve currency have
been approved. Designs for the twenty
dollar and fifty dollar notes are before
the Secretary Of the Treasury for his ap-
proval. The design for the hundred-dol-
lar note Is nearly completed.
Notes Similar in Essentials.
The federal reserve currency and the
federal reserve bank notes are to be
greatly similar in all essentials. The
same portrait is to distinguish each note
of the same denomination Of either form
of note. The same allegorical designs
are to mark notes Of the same denom-
nation.
Notes issued to the federal reserve
banks are to bear the number and orig
of the bank. The bank notes will bear
the name of the member bank and in
dication Of district
There has been no change in the size
use. The plan to put into circulation
a smaller, note, approved by. the Taft
administration but never carried into
effect, has been abandoned. There is
a great purpose on the part of experts
in money-making to provide a perma-
nent and uniform currency that
will be for all time the paper currency
of the land This hope may not yet be
realizable, but the tendency in money
designing has this thought in view.
Designs on Notes.
There is little variation in the gen.
eral appearance of the notes of what
ever denomination. The head of Lin
coin. finely engraved portrait. adorns
the IS notes. and is set in the center of
the face. On the reverse side are two
categorical designs. representing the
discovery of America, and the landing
of the Pilgrim Fathers, one on either
side of the back, leaving a large space
of white between. This arrangement
is observed in the other notes of the
federal reserve currency. jackson is
the portrait on the $40 note. with alle-
gorical designs, representing agricul-
ture and manufacturing.
On the designs for the notes not yet
approved Cleveland is the portrait for
the $40 note, with allegorical designs
of transportation by land and by sea;
on the $50 note Grant is to be the por-
trait, with allegorical pictures repre-
senting the Panama canal.