The Sentinel=record., 1914-06-18
NEW PAPER MONEY
 SOON ID BE ISSUED
AS RESULT OF FEDERAL RE. SERVE LAW THOUSANDS OF
 BILLS TO BE ISSUED.

Washington, Juue 17.-Milioas of dollars in paper money of a new type will be put into circulation upon the establishment of the federal reserve banks within the next few weeks.
 Under the federal reserve bank act, each of the 12 federal reserve banks will receive advances from the fed .eral reserve board in the form of fed eral reserve notes, a distinctly new sort of paper money. Commercial pa per will be the collateral advance by the various banks as security for these notes.
 Comptroller of the Currency Wil. Hams has samples of this new paper money now under consideration. At his request Joseph F. Ralph, director of the bureau of engraving and print ing. prepared notes of $5, $10, SEQ, $50 land $100 denominations, and these have been submitted to Secretary Me Ad 0. 1t is not likely however, that the samples will be officially ac- cepted until the members of the fed .eral reserve board have been confirm ed by the Senate and can confer with Secretary McAdoo and Comptroller Williams concerning the new notes,
 The & note submitted by Mir Ralph lis typical of agriculture. The DOT trait on the face of the note is Lin coins and the back shows a harvest ing machine and allegorical figures .typica of farming.
 The S1O note bears a potrait of Cleveland and a manufacturing scene.
 The $20 note bears Jackson's DOT trait and is typical of commerce, hav- ing a steamship, train and other me- .diums of trade on the back
 Grants picture is shown on the $50 note, and Frankins portrait adorns the $l00 bill. Both of these larger bills are typical of the arts.
 All the bills will be printed in green ink on the back, whie black ink will be used on the faces
 For some time the treasury depart
 
 paper money more uniform. At pres .ent different portraits appear on diff ferent sorts of paper money of the same denomination. It is likely that the portraits selected for use oa the federal reserve notes also will be used on other paper money. So, in the future all bank notes, gold certifi- cates, silver certificates and federal reserve notes of $5 denominations will probably bear Lincon's portrait, and so on through the series up to $100.
 At present no officiai of the treas, ury department is able to make any estimate of the amount of fedaral re- serve notes which will probably be put into circulation this year. Fed eral reserve banks are required under the new law to keep gold reserves of not less than 40 per cent against fed eral reserve notes in actual circula- tion. The amount of these notes re- quired by the federal reserve banks will depend largely on the amount of money required by member banks for the rediscouating of commercial paper. Last year at harvest time Secretary McAdco permitted banks in the West to borrow money on commercial paper and about $37OO0,0O0 was loaned.
 The immediate demand for federal reserve notes probably will he far in excess of that sum as harvest loans were limited to the farming sections, while the entire United States will draw Cn the federal reserve board for money to rediscount agricultural, in. dustrial and commercial nnner