Putnam patriot., 1928-03-08


 future. Last month Undersecretary Mills, testifying before the House ap- propriations committee. left the infer ence that the bank notes will be con tinued and changed to the small size to conform to the rest of the paper money program.
 In changing the size of national bank notes some new departure is in order. Either universal note for all banks will b. issued, it is suggested, or else merely the nSme of the bank issuing the note will be printed on the face thereof. This probable action is due to the huge task. which treasury officials say is so impracticable as to be impossible, which would be entailed by continuing the present plan of printing separately for every bank as many of the five denominations of na- tional bank notes it wishes. There are about 5000 national banks issuing notes. Taking even four denomina- tions of notes for each of these banks, that would mean 32.000 new plates from the bureau of engraving. And it takes two or three months, it is in- dicated. to prepare one plate.
 May Meet Objection
 The idea of a universal bank note may meet objection from the banks. As Chairman Madden of the House appropriations committee commented last month, .the national banks are mostly concerned about the advertise ment they have on the notes, and the value of that advertisement to the banks themselves"
 The testimony last month hinted that some treasury officials incline to the plan of printing the name of the bank on the note after it has been en- graved. The objection to this is that the engraving process Is wet printing and thereafter the note may expand or contract and the subsequent printing may make the note look little of balance"
 This difficulty in determining what to do is calculated to delay issue of the smaller national bank notes till after the other paper money, U, $. currency and federal reserve notes. comes out in the new size. The national banks naturally do not like the idea of hav- ing their currency larger and out of step with the other paper money even for a short time. Perhaps the matter will be solved so that all paper money is issued in the new size simultaneous ly. However, Mir. Mills said last month that the treasury contemplates chang ing the size of all paper money "ex- cept, for the time being, national bank notes; but ultimately, as We find so- lution of the mechanical difficulties, they will be included in the program. !"
 This indicated delay, by the way, has caused some national bank officials to wonder if it may not be preparing the way for elimination of national bank notes, which will be possible after April 1880, when the two per cent con- sols of 1880 can be called in. These bonds constitute the great portion of the security placed with the treasury by national banks for issuance of notes. All other similar securities have been callable for some time.
 Mir. Mellon, in urging elimination of national bank notes, stated that the federal reserve act contemplated doing away with national bank notes and that such circulation is now no longer necessary, and that it is 'inelastic and unresponsive to the needs of business and commerce"
 Freedom or Trade
 Representing the state of Connecti- cut. Edward D. Robbins of New Haven appeared before the House committee on labor during it's hearings on the Cooper prison-labor bill and argued against the constitutionality of that bill which would divest prison-made goods and wares of their interstate character in certain cases.
 "No doctrine of constitutional law is better served than that which pro- tects the proper political sphere of each state against the encroachment of the federal government in the business done within the borders of the states
 "The purpose of this bill is to out. law from interstate commerce certain | goods because they are prison-mads goods. These goods are not obnoxious or deleterious to the health or morals of the country, nor are they being fraudentiy foisted upon the public"
 Under the provisions of the bill in troduced by Representative Cooper of Ohio, goods made in Connecticut pris- ons. when shipped into other states would be subject to the operation and effect of laws of those states to the same extent and in the same manner as though those goods had been man. ufactured or produced in those states
 Tariff On Milk
 Senator Mclean is endeavoring to aid the Connecticut dairymen in their quest before the tariff commission for fifty per cent increase in the tariff on milk and cream. The senator pre- sented a statement before the com mission last week and conferred with members of the commission. And he will keep the matter in mind and will put in further help when he can.
 The daisymen complain not only ot harmful Canadian competition but of Danish competition. The butter tariff was raised some time ago, but this has not proved effective to the degree some hoped because now the practice of many foreign competitors is to ship in milk and cream and have it made into butter in this country. 4 fifty per cent tariff raise on milk and cream would just about equalize matters for the Connecticut producers, it is claim ed.
 Lindbergh Medal
 Representative John Q. Tilson is of Ak. ~ntnsnx, that fhara a I