Evening star. [volume] (Washington, D.C.) 1854-1972, 1925-12-11
MONEY PRINTING
RECORDS BROKEN
Annual Report Shows Bureau
Even Exceeded Its ''Peak"
Production During War.

The Bureau of Engraving ana
Printing broke all records in its MS
tory during the past fiscal year IN
Guiding even peak production Jul
ing the World War.
This was revealed by Secretary
of the Treasury Mellon in his an
nual report to Congress, which said
that the deliveries of perfect Work
-sached a total of AGA 100000 sheets
Curing the year, an increase over
1924 of 100000 sheets, or 10 per
cent.
The record was established, 1t was
explained, notwithstanding the
fact that, because Of lack or luhdS
necessary to keep the bureau opefat-
...S at full capacity, 100 plate printers
and the number of operatives anu
other employees required 10 haHdle
their production were furloughed each
This load was occaSioned by the IN
creased demand for paper currency,
largely 81 bills, according to the re,
port. At the opening of the hscai
year beginning June 80, 1924, 1t was
said the circulation of gold certln-
Gates had very largely been restored
requiring the printing of greatly In
creased amounts of gold certlncates.
Reserve Stock Depleted.
1.-THE condition of the paper currency
in circulation generally speaking, was
far below an acceptable standard.
Reserve stocks in the bureau In the
Office of the treasurer OF the United
States and in the Federal Reserve
banks We're depleted almost TO the
vanishing point. To add to this UNI
favorable situation it was found that
the quality of the notes produced had
not improved.
in the face of all this the depart
ment was confronted with smaller ap-
preparations in the aggregate for the
fiscal year 1925, than We're provided
for 1924 The situation was so
critical that an intensive survey was
undertaken, and on October 6, 1924, a
printing program was inaugurated
that. if continued through the year,
would provide for the delivery OF
2l0,453O00 sheets OF completed cur
rency instead Of 1900, 900 sheets
authorized by law. and for which APP
preparations had been granted, and
further would provide for establishing
a working reserve Of 30,0O0, 900
partially completed sheets in the
Bureau Of Engraving and Printing.
Supplemental and deficiency estimates
necessary to carry out this program
were submitted for the consideration
Of the Bureau of the Budget.
The Bureau of the Budget subse
quently passed only the estimates nee
eSsary to provide additional printing
required for maintaining payments,
and for establishing a working re-
serve in the bureau, and thereafter
the Congress authorize the printing
and delivery of 25,144750 additional
sheets during the fiscal year 1925,
making the total authorized deliver
les for the year. l75, 144, $50. At the
same time favorable action was taken
with respect to $4,000, 900 sheets for
establishing a working reserve in the
Bureau OF Engraving and Printing,
but the authority given in this re-
speCt was not made available until
the fiscal year 1926. The balance of
the program failed and printing
schedules We're reduced accordingly
for the balance of the year to June
80, 1925"
Currency Board Named
To work out the situation, ii was
related, currency board was eStab-
lished, comprising the Secretary OF
the Treasury, in charge of fiscal of
fees; the commissioners of the public
debt and the secretary of the Fed
eral Reserve Board.
No progress was possible in estdb
IShlng very essential reserve stocks
Of currency last year, it was said, but
the bureau is now working at its
present capacity to build up this re.
serve.
Concerning the proposal to reduce
the one-dollar bill in size, the report
said:
1T is doubtless true that should a
reduced size be adopted, after inaugu
ration, very important economies
would occur. A preliminary survey
showed that the cost of re-equipping
the bureau to produce a smaller size
note would not be excessive, and il
has been suggested that without in.
creased appropriations greatly in
creased amounts of printing could be
executed and that the currency sit
uation would he improved. In these
circumstances it seemed wise to un
dertake a restudy of paper currency
designs. and this is now being done
Concerning the quality of the
countrys paper money, the report
said. "a thorough and exhaustive
study of papermaking and sizing solu
lions has been undertaken at the
Bureau of Standards.
The average number of employees
in 1925 was 5,09S, as compared with
1850 in 1924. In 1919 (the war peak
the average number of employees was
1903.
The expenditures in 1925 were
1904 ,457.46, as compared with
50. 401 ,925.6S in 1924, an increase over
1924 Of S639, 531.7S, or 6.8 per cent
In 1919 the expenditures We're