Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-11-01
FIRST NOTES GOING
TO BANKS IN SOUTH
Reserve Bank Currency for
Meeting the Needs Of
Cotton Producers
WILL HAVE MONEY READY
FOR DELIVERY TOMORROW
Quota Probably Completed by No.
vember 1O-Plans for the Dis
tribution Outlined.

The first printed federal reserve
notes will go to the federal res4rVe
hanks at St Louis, Dallas. Atlanta and
Richmond to be available in supplying
currency to carry out the plan adopted
by the reserve board to extend aid to
cotton planters of the south. A supply
of these reserve notes VIII ne reaoy
for delivery tomorrow and the bureau
of engraving and printing Will COM
plete this quota of the entire issue on
or before November 10.
The apportionment of federal reserve
notes among the twelve federal reserve
banks is not a matter OF public lnfor-
nation As the capital stock or the
various banks will vary on a OASIS OF
The total capital and surplus OF the
member banks composing the oePehu-
cncies OF each federal reserve bank. 1t
5s to he assumed that large slice
of the $500 900, 900 issued Will go TO
the federal reserve bank at New ork
city. the supplies for the o.ner oanNs
cial Importance. The entire issue VIII
he printed by the bureau OF engraving
and printing on or before November
81 and Will be ready for delivery None
of the issue. it is anticipated, will be
utld in storage vault In fact. the req
eral reserve board has now no faclli-
ties for storing money, and Pernaps
has no present need, as the federal re-
serve notes will be forwarded without
DELAY to the reserve banks for winch
they have been prepared.
Based Upon Demands.
The issue of the notes is based upon
the demands of each individual federal
reserve bank. for which 1t tenders
proper collateral, as required by the
law. AS the south has the greatest
need of money-for relieving the cot
ton stuation--and as the cotton poor OF
$l35. 100000 will give IT extensive Secu,
rites to offer in exchange tor federal
reserve notes. a large part or the nrst
issue will undoubtedly drlft IN thdt
direction. II is expected that Sl2o.oou'-
zoo in the notes will be In the vaults
Of the four southern reserve banks by
November l.
II probably will be a full year be-
fore any issue of federal reserve bank
notes is made. In the meantime the
large stock of emergency currency on
hand Will be used in redemption OF
money in circulation. Owing TO the
prospective large issue of emergency
CURRENCY afterward curtalled by the
Secretary of the Treasurys change OF
attitude, a big order was given TO the
bureau of engraving and printing rms
stock will be disposed of before federal
reserve bank notes get INTO the hahds
Heads the Artistic Glass.
The new federal reserve notes are re-
ear,ied as the most artistic paper money
ever nut into circulation by the United
states; the designs are entirely the
product of the engravers of the bureau
If engraving and printing without the
aid of distinguished talent in the public
I'VE Every essential feature known Tor
-ircumventing counterfeitng IS moor
Iorated. The Secretary of the Treasury.
aided by the director of the bureau OF
engraving and printing, while doing
GOOD job has been able to do it cheaply
In the printing of 100000 sheets OF
bank notes of aggregate face value OF
S2Oo,O00,0OO it is probable that the banks
which nav the bill will have been saved
something like $4,000 on a charge OF
somewhere in the neighborhood of s2Oo,ooo-
In printing the federal reserve notes
IN power presses, as authorized by
aecision of the controller of the Treasury,
the cost under what would have been
the expense on hand presses was shaved
at least $4,000. And, whereas bank
uotas have heretofore been delivered IN
sheets TO the banks. requiring the added
expense of about So a thousand sheets
to them of cutting apart before putting
the notes into circulation, the federal re-
serve notes will be delivered not only cut
apart, but in sequence order, and fastened
In bands on which the aggregate value or
the hurdle of currency and the sequence
numbers will be noted
The federal reserve notes are to bear
the signatures of the Secretary of the
Treasury ana of the treasurer OF the
United States. The name OF the register
of the United States, which has APP
peaYed on United States paper currency
for half a century or longer, Will not
pe seen for the first time This is an in
poNation that gives new dignity TO the
paper currency of the United States.
Dies Ready for Use.
OF sixty kinds of dies to print as
many different kinds of stamps to be at
tached to various commodities as desig
mating the payment of the new war
emergency tax, every one has already
been cut by the bureau of engraving and
printing and printing from them begun.
Already the treasurer of the United
States has received stamps of every de-
nomination from the bureau. and they
have been forwarded to collectors by the
bureau OF internal revenue
Director Ralph OF the bureau of
craving and printing anticipated the
uesGs If the administration preparing
ahead of the passage of the bill those
dies which his judgment told him would
Toe needed. The work began when the bill
was under discussion in the House of
Representatives. No loss has been en-
tailed by this forwardness.