Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1914-11-10
hi: rellancuus &eaaina.
REGIONAL CURRENCY ISSUE
Two Kinds of Money Will be Issued
for Use.

for Use.
The Federal reserve banks, as soon
as they are organized-and the pros
pect is that they will be open for busi-
ness on or before Nov. will 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 distribu-
ton as early as Nov. Is, continuing un-
til the entire need is satisfied.
This, says the Washington Star, is
pronounced a wonderful accomplish
ment by the bureau Of engraving and
printing. 1t has meant foresight and
preparedness, an understanding OF
prospective situation and the taking of
steps to anticipate it, for 1t takes nine
months to engrave plate for new
money. And designs for this new Fed
eral reserve currency, while drawn and
submitted months ago, received the
approval Of the secretary Of the treas
ury a comparatively short time ago.
The new currency law provides for
the necessities Of the Federal reserve
system. The Federal reserve notes
will be issued to the twelve Federal
reserve banks and be secured by COL
lateral equal to the amount OF notes
The Federal reserve banknotes are to
be issued to member banks under prac'
tically the same conditions as are ma
tional banknotes that are now issued
to national banks.
The Federal reserve currency Will
consist of notes Of five dollar, ten dol
lar, twenty dollar, fifty dollar and one
hundred dollar denominations. 1t is
estimated that there will be S25O,OOO,-
900 Of this currency required to be In
circulation or in stock for issue. Print
ing began Nov. l and will continue un-
til the necessity ceases. Federal re-
serve banknotes will issue in values as
are issued now in national bank notes
-$5, 10, $40 and multiples Of $10O-to
meet the public requirements. This
money will not be required for circu-
lation for some time.
The way to furnish promptly the
new money is clear at this time at the
bureau of engraving and printing. The
great volume Of emergency currency
printed under the authority Of the
Vreeland- -Aldrich act, amounting to-
10000, 5000, has practically all been
made, and is issued or resting in the
hA I nit
The great volume Of Federal reserve
banknotes, to be issued to the various
member banks Of the new currency
system, will not be required for year
Notes Similar in Essentials.
The Federal reserve currency and
the Federal reserve banknotes are to
be greatly similar in all essentials. The
same portrait is to distinguish each
note Of the same denomination Of eth
er form of note. The same allegorical
designs are to mark notes Of the same
denomination.
Notes issued to the Federal reserve
banks are to bear the number and
original letter of the district and loca-
tion of the bank. The banknotes will
bear the name of the member bank
and indication Of district.
There has been no change in the size
Of the banknotes from that now in use.
The plan to put into circulation a
smaller note, approved by the Taft ad-
ministration but never carried into ef-
feet 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.
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 five dollar notes and is set in the
center of the face. On the reverse
side are two allegorical designs, repre-
senting 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 ten dol
lar note, with allegorical designs rep
resenting agriculture and manufactur-
ing.
On the designs for the notes not yet
approved Cleveland is the portrait for
the twenty dollar note, with allegorical
designs of transportation by land and
by sea- On the fifty dollar note Grant
is to be the portrait, with allegorical
pictures representing the Panama ca
nal