Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-06-23
HOOVER TO RECEIVE
new PAPER MONEY
Cabinet Officials and Mem
bers of Congress Also
on Treasury List.

President Hoover and the members of
his cabinet will receive this week the
most priced of the new small-size paper
money, which is TO be put into the
hands of the public through banks,
Wednesday morning July 10.
The 81 bills, which will be turned
over to the Chief Executive and his
oflcial family win be bills of extremely
low numbers. Either the first or second
sheet Of 81 bills, struck from the presses
Of the Bureau Of Engraving and Print
ing here, will be turned over to the
President and his ofncial family.
Bills FOR Archives.
The hrst sheet contains bills number
ed from to IL, while the second sheet
contains bills numbered from IS to "a
inclusive. One or the other Of these
ed over to the President and his cabi-
net, while the other will be placed in
the archives of the Treasury Depart
ment for a record. Final decision as to
which sheet will be used for which
purpose has not as yet been reached by
the Treasury Department.
All the specimen bills, which were
sent broadcast through the Federal
Reserve Banks to the banks Of the en-
tire country, for display purposes, so
the public could become acquainted with
the nature Of their new money were Of
high numbers.
Each member Of Congress has re-
ceived one new small-sized bill, 1t was
also revealed. In the case Of the Senate,
q well known Senator, whose name Is
not revealed, paid for enough new 81
bills, and obtaining them from the
Treasury, gave them aS personal GIT
to members Of the Senate. In the case
of the House Of Representatives, sup
ply was furnished, and each member
was allowed to buy one new bill with
an old bill The United States Treasury
thus was not "out" single dollar In
value.
Beyond this stage of distribution, how
ever. the Treasury has decided IL VIII
not 60 before the morning Of July 10,
when the new money will become avail
able to the general public. FLOODS OF re-
quests have been pouring into the
Treasury Department for advance dis
tribution of the new and much de-
sired paper money, but on orders Of AS
sistant Secretary of the Treasury Henry
Herrick Bond, in charge Of the new
money program, all such requests have
been politely, but fiatly denied. 1t was
pointed out on behalf Of the depart
ment, that the Government could not
start giving new money out to certain
favored persons, beyond the confines OF
the President, his official family, and
the members Of Congress: II Y once
there would be no stopping place, 60
the rule has been strictly drawn, and
no favors will be granted.
Stores Get Supply.
Come big department stores, it was
learned, have obtained . specimen dis
play from banking friends Of theirs,
but this turning over Of such money by
the banks, was described by Treasury
officials Is q distinct breach Of faith
on the part of the bank. The specimen
bills were given to the banks Tor their
own use, 1t was explained, and not for
commercial institutions aside from
banks. The Treasury was tmportuned
most earnestly, 1t was learned, to break
Its rule Of confining specimens to banks,
and was asked TO give 1t to large stores
Of the country. The Treasury held. how
ever, that to break over this barrier
which might run to every corner grocery
which might run to ever corner grocery
store throughout the Nation--an i'm
pcssible task.
SFrom diplomatic circles have come
concerned inquiries, it was also learn
ed, as to the length Of time the old
large size American money will be
good abroad. AL such inquiries have
been answered with the assurance that
the large size money will always
be good, and viii be redeemable by the
United States Government. It was en-
phasized for the benefit Of persons
abroad, who apparently did not under
stand the new policy Of this Govern
ment, that the change will be simply an
exchange Of new small money, for old,
large money, and that the process will
probably be continued for an indefi-
mite period Of time.
Fate Of Old Bills.
As q matter Of fact, the history Of
money, as written in the figures at the
Treasury Department, shows that never
have the American people redeemed
any issue of old money up to the last
dollar. There are always some Of the
old bills left outstanding, which are
not presented for redemption. Many
are burned in fres beyond reclamation,
others are destroyed in various ways.
Some are lost, some are misplaced, and
some persons, 1t has been found, simply
neglect to turn in old money for new
President Hoover himself recently
referred to this feature Of the turn
over Of money. He referred especially
to paper money issued during the Civil
War, which has come to be known as
shin plasters" This money, accord
ing to Treasury figures, was issued in
the denominations Of 3. S, 10, is, IS
and SO cents. A total OF 1858, TOO 900
was issued to the public, but the figures
show that only 1888, 10000 was re-
deemed, leaving about SIS, 100000 Of
this original issue, which never was
presented for redemption.
1t Is also Of interest in this connec-
ton to see that out Of SAT-, 000, 900
Treasury notes of 1890, only $446, 00o,-
900 have been redeemed to date. and
there Is still outstanding the difference.
Reunion Dinner.
sidney Thomas, washington man
ager and member Of the firm of Gillett
d Co. OF Baltimore, Is taking his or
gani2ation to Baltimore, tomorrow for
. reunion dinner held for the entire
company at the Lord Baltimore Hotel
tomorrow night.
r. Jesse CLANCY. assistant cashier of
the Commercial National Bank. will
leave today for Q motor trip North to
Albany, for two week vacation.
Miss Frances M. Pearce won the first
prize OF $40 offered by the Federal
American National Bank to employees
in contest on essays concerning bank
ing folders. r. Winton Elliott and
Miss Helen K. Delaney were awarded
honorable mention prizes Of s. each.
EnIlP nj n MAtND IA,Ec