The Hartford herald. [volume] (Hartford, Ky.) 1875-1926, 1914-06-24
With Beginning OF the
Reserve Banks.
WILL Be "GOOD" TO LOOK At
And Also Good In Value
Green and Black the
Reverse C0l0rs.
IfNALTY IMPOSED ON BANKS

Washington. June 90 Millions
Of collars worth Of paper money Of
- neE type viii be put into cir.
erlztiOn upon the establishment OF
z5s Federal Reserve Banks within
-ss oexf few weeks Under the Fed
~.-si Reserve Bank act each Of the
gzeze Federal Reserve Banks will
1zszfve advances from the Federal
PIERRE Board in the form Of Fed
III reserve notes. distinctly new
zo-z Of paper money. Com
1n=z-rLal paper will be the collateral
assraneed by the various banks as
=acnrity for these notes
Comptroller o. the Currency VIII
Dams has samples Of this new paper
-o37ey Tcw under consideration. 81
E3s request. Joseph r. Ralph. di-
r--atOr Of the bureau Of engraving
md printing. prepared notes Of 81,
sI0. $50. and 800 denominations
s3d these have been submitted to
sscrstary McAdoO. Il is not likely.
boweyer. that the samples viii be-
DGicislly accepted until the mem bers
>Jf The Federal Reserve Board have
18Th confirmed ~ the SeXzte and
Can confer with Secretary McAdOo
and Comptroller Williams concern
ing The new notes.
Al present no Official Of the treas
AIRY department is able 10 make any
est mate Of the amount OF Federal
J-eseTye notes which will probably
p pni into circulation this year.
Federal Reserve Banks are required
aDder the new law TO keep gold re-
sssrYes Of not less than forty per
cent against Federal reserve notes
IN actual circulation The amount
81 these notes required By the Fed
oral Reserve Banks will depend
largely on the amount OF money re-
sIuired BY banks for the rediscount-
ing Of commercial paper.
Last year at harvest time Score
rary McAdOO permitted banks in the
West and South to borrow money on
commercial paper and about S37,-
1000 was loaned. The Immediate
demand for Federal reserve notes
win probably be far in excess OF that
sun. as the harvest loans were linn
tied 10 the farming sections, while
fhe entire United States will draw
on the Federal Reserve Board for
money 10 rediscount agricultural,
industrial and commercial paper.
The money for harvest emergencies
vas limited to % States and none
of II went 10 New York and New
England.
The new s. note submitted by
Ar. Ralph is typical of agriculture.
The portrait on the face of the note
Is Lincoln's and the back shows a
harvesting machine and allegorical
figures typical OF farming The SO
note bears portrait OF Cleveland
and "A manufacturing scene. The
"NU DfdIh Jd'hnOH pOi liaih anu
- typical OF commerce, having
steamship. train and other me-
.hiums OF trade on the back. Grants
picture is shown on the $50 note
and Franklin's portrait adorns the
800 bill. Both Of these larger bills
are typical oil the arts. All the bills
viii be printed in green ink on the
back, while black ink will be used on
ilfe faces. For some time the treas
Bry department has been anxious to
make all paper money more uni
form. At present different portraits
appear on different sorts OF paper
money of the same denomination.
~ is likely that the portraits select
I'D for use on the Federal reserve
notes viii also be used on another
paper money. So In the future all
bank notes, gold certificates, silver
certificates and Federal reserve
notes of 50 denomination will prob
ably bear LincOln's portrait, and so
on through the series up TO 500.
OF the 40 per cent. gold reserve
banks maintain against their out
standing Federal reserve notes, at
least > per cent will be kept In the