Pine Bluff daily graphic. (Pine Bluff, Ark.) 1893-1942, 1914-06-18
new Paper MONEY
SOON TO Be ISSUED
Thousands of Bills of from
SIS to $1OO to Be Printed
for Reserve Banks.

Washington, June Millions OF
dollars in paper money of a new type
will be put into circulation upon the
establishment of the fedora; reserve
| banks within the next few weeks.
Under the federal reserve bank act,
each Of the twelve federal reserve
banks will receive advances from the
| federal reserve board in the form of
federal reserve notes, a distinctly new
sort of paper money. Commercial pa
per will be the collateral advanced by
the various banks as security for
these notes.
Comptroller of the Currency Will
liams has samples of this new paper
money now under consideration. At
his request Joseph E. Ralph, director
of the bureau of engraving and print
ing, prepared notes of S., $40, 500, $50
and 500 denominations, and these
have been submitted to Secretary Nc
Adoo. 1t is not likely, however, that
the samples will be officially accepted
rotary McAdoo and Comptroller Will
liams concerning the new notes.
The IS note submitted by Mr.. Ralph
is typical of agriculture. The por-
trait on the face of the note is Lin
coins and the back shows a harvest
ing machine and allegorical figures
typical of farming.
The $40 note bears a portrait of
Cleveland and a manufacturing scene.
. The $40 note bears Jackson's por-
trait and is typical of commerce, hav-
ing steamship, train and other me-
diums of trade on the back.
Grants picture is shown on the $50
note, and Franklin's portrait adorns
the 500 bill. Both of these larger
bills are typical of the arts.
All the bills will be printed in green
ink on the back, while black ink will
be used on the faces.
For some time the treasury depart |
ment has been anxious to make all
paper money more uniform. At pres
emit different portraits appear on diff
ferent sorts of paper money of The
same denomination. 1t is likely that
the portraits selected for use on the
federal reserve notes also will be
used on other paper money. So, in the
future all bank notes, gold certifi-
Gates, silver certificates and federal
reserve notes of So denomination will
probably bear Lincoln's portrait, and
30 on through the series up to 500.
At present no official of the treas
Try department is able to make any
of the amount of federal re-
serve notes which will probably be
tut into circulation this year. Fed
raj reserve banks are required under =,
he new law to keep gold reserves of
lot less than 40 per cent against fed :
raj reserve notes in actual circula- ,
ion. The amount of tehse notes re-
uired by the federal reserve banks ,
will depend largely on the amount of =,
money required by member banks for :
he rediscounting of commercial pa :
er.
Last year at harvest time Secretary
IcAdo permitted banks in the West
o borrow money on commercial paper
nd about $37,O00,00O was loaned.
The immediate demand for federal
eserve notes probably will be far in
xcess of that sum as harvest loans
we're limited to the farming sections,
While the entire United States will IA
raw on the federal resacii to :he. -vout'll
money to rediscexn thG;erve board for
ustrial ,aaIt}on ..sr'unt agricultural III
.xais' LII commercial paper.