The Washington herald., 1914-01-25
WORK AHEAD FOR
- - n : q Itl - II !. - -
MONEY PRINTERS
New Currency Bill Provides
Problem for Engraving
Bureau.
MANY FEATURES ADDED
Department Has Charge Of Actual
Manufacture Of All Kinds
Of Treasury Notes.
MANY FEATURES ADDED

When President Wilson signed the new
currency bill he characterized II as the
ffrst really constructive measure OF great
value which has become q law In many
years. BY Constructive he declared he
meant a law which would build UP the
finances OF the country and its industries
and do many things beside. And It IL
true that the friends OF the measure zee
new avenues opening up on all sides a.
result of the placing on the, statute
Docks OF the Glass-Owen currency law.
New Jobs. new money and new bank
Ing methods will spring up in the wake
OF the law. II is predicted. The neld Ii
being gone over carefully by experts who
are defining the scope and measurements
OF these new possibilities.
The actual engraving and printing or
money is a task the idea OF which seldom
presents itself to the mind Of the man
who hands a crisp dollar bill over sigar-
stsre counter: nor does the housewife
who gives the grocery clerk worn and
crumpled IS Treasury. or national bank
note spend much thought on the physical
side OF that notes production. But John
l.. Kennedy. OF the international Steel
and Copper Plate Printers Union. has
found time to look into the matter pretty
closely. He has discovered that the new
currency bill VIII bring about an in
reau OF Engraving and Printing.
Work Of Bureas.
This bureau has In charge the actual
manufacture OF all kinds Of currency, in
cluding gold and silver certificates. na-
tional bank notes, and Treasury notes.
There the plates are engraved and the
actual money printed. Stamps also are
made at the bureau. and other govern
fnent vfpc 10 ~ fhera
Mr.. Kennedy has waded through the
currency bill. literally looking for work.
Mr.. Kennedy has discovered chiefly these
things:
The volume Of United States notes or
greenbacks is fixed at about S34. .ooo. 900.
This volume may not be increased or d.
minished without further legislation.
Therefore when bills are worn out or
redeemed by the Treasury, new ones must
be made. Some of these wear out every
day. almost every hour.
Silver certificates have been issued to
the extent OF s7l5.ooo.ooo This volume IL
subject to increase or reduction. but the
possibility is quite remote. Mr.. Kennedy
figures that millions of these notes must
continue to be engraved and printed.
Under the new currency measure II is be-
lieved that the issuance of gold certif-
Gates will increase. This increase. to-
gether with the normal amount of work
required In printing new certificates TO
replace worn ones, will constitute a big
task for the bureau.
Another feature OF the new currency
act is the retirement of the great volume
OF national bank notes. Under the old
banking laws, our national currency was
extremely elastic. 1t was easier Of ex-
pansion probably than any other currency
in the world. Any i've persons who could
raise the comparatively small sum Of
5000 each, in addition to a small working
capital, could expand the national cur
rency to the extent o{ $4,000 by issuing
national bank notes wlDch were legal ten
der throughout the United States. OF
course. many banks issue national bank
notes to the extentSf a million dollars or
more. The old currency law was SO elas-
tic that a bank could issue as much cur
rency as II cared TO, provided II could
put up the security.
National Bank Notes.
In consequence, there is a vast guam
tity of national bank notes in circula-
tion throughout the United States. These
may be retired any time within the next
twenty years. under the present law.
When they are gathered in, the notes
of the Federal reserve system which
are designed to supplant the national
bank notes, will have to be manufactured
by the Bureau of Engraving and Print
ing.
Then there are per cent bonds to be
issued by the Federal reserve system.
These are to circulate as legal tender. and
will be made in great quantities. This
work also will be done by the bureau
Also there are thirty-year . per cent
bonds devoid Of the circulation privilege
and an indeterminate quantity of per
cent gold bonds and Treasury gold notes
to be engraved and printed.
In addition to these the stock certifi-
Gates to be issued to member banks TAX
ing stock in the Federal reserve system
will have to be made at the bureau.
All things considered, Mr.. Kennedy sees
plenty of work in store for the plate