Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-12-09
MONEY SUBJECT
OF INTERESTING
SPEECH LIONS CLUB

Lorimer H. Dixon, a member of
the Waterville Lions Club, was the
speaker at the regular meeting of
that organization at the Elmwood
MOTEL last evening. Taking for his
subject, Money" he said in part:
Money, to most of us. is one of
the most interesting things in the
world today and yet how little the
average layman knows about it.
ITO understand it at all, it is nee
essary to knox something of its ori-
gin and earl%history. Mans prac-
tice of trading the product of his
another, instead of doing all the diff
ferent kinds of work himself, is the
earliest known form of exchange,
and it is still in use today to GER
tain extent. But as it became more
and more difficult to exchange labor
for labor some other means of trade
had to be devised. Barter or eX-
change of goods for goods brought
out similar difficulties, as seldom
would two men have exactly what
the other wanted at that timeg or
one might have some of much great
err value than the other. hence it was
necessary that a staple commodity
be made standard. The growth of
the manufacturing industry led to
the use of the precious metals"
After naming the qualities that
all money should have, Mr.. Dixon
traced the history of money in this
country from the earliest times up
to the present and said: To-day we
have seven different kinds of paper
money and four kinds of metallic
money. The latter includes gold
coins. standard silver dollars, sub
sidiary silver coin and minor coin.
The seven kinds of paper money are
gold certificates. silver certificates,
United States notes of legal tender or
greenbacks. treasury notes of 1890,
federal reserve notes, federal reserve
bank notes and national bank notes.
These various forms of currency are
issued In denominations Of from ST
to $1,000 although not all denomina-
tons are found In all issues. Each
of these kinds and denominations
has its own separate design. with
certain portrait thereon. During the
past year or So the treasury depart
ment has begun to concentrate on a
plan whereby all kinds of paper
money will bear the UNCONVENTIONAL
portrait as that now on the federal
reserve notes. This change will make
the raising of bills more difficult
practice, as an altered bill could
be more easily detected with fewer
different designs to remember. All
currency is printed at the Bureau
OF Printing and Engraving at Wash
lngton, ID. c.. and is obtainabl by
banks through the various Federal
reserve Boards. Notes ISSUED by
national banks are obtained direct
from the treasury department in
Washington. Mutilated currency is
redeemable at it's face value IL three
hfths OF the original bill remains: IL
less than three-fifths and more than
two-fifths remains at half its value.
The redemption of unclean and worn
money Is one of the big functions of
Federal Reserve bank today.
A resolution was drawn up ex-
pressing the hope of the club that
ABBOTT r. Smith of this city, a stu
cent at Colby college who is a can
didate for Rhodes scholarship from
Maine. will be selected for that hon
or. Mr.. Smith has for the past wear
or two been the pianist of the club
ana he is very popular with the
members
Several pleasing tenor solos were
sung by George P. PooIer. accom-
panied by Lorimer II. Dixon.