Smyrna times., 1929-10-30
ALL NEW MONEY TO Be
HAD BY JANUARY FIRST
NATIONAL BANKS TO HAVE
OWN BILLS BY THAT DATE
Delay in Production Caused by
Failure of Private Firm to Sup
ply LogOtype in Quantities

All banking institutions of the
country will have new-sized cur
rency in sufficient quantity by Jan
uary 1 to enable the payment of
all new money after that time, ac-
cording to an announcement by
the Treasury. Continued concen-
tfation by the department on the
currency production program has
resulted in acceleration of the out
put until at this time the officials
IL charge feel safe in saying that
after the New Year there will be
all new money available. Due to
the fact that the Bureau of En-
craving and Printing has been
able to circumvent some of the
major problems and has increased
its daily production far beyond the
hopes of a month ago, the flow of
new currency from Washington is
now said to be at a rate that will
restore the departments program
to something near the original
basis. Instead of dragging two or
three months behind the plans laid
when the new currency was releas-
ed July 10, department figures
that the distribution and produc-
tion basis by the opening of the
new year will be only a few weeks
behind schedule. Included in this
speeding up has been the produc-
tion of National Bank notes, and
II was the assertion of officials
that every national bank issuing
currency, will have supplies of the
new bills bearing the name of the
Issuing bank by November 1. I'm
I'll the last few weeks there were
many national banks without their
own new notes. Half a dozen diff
ficlilties had arisen from time to
time to retary the production and
delay the plans further not the
least of which was the letharg yof
some of the bankers themselves to
supply the Treasury with properly
and authenticated signatures for
reproduction in metal. But these
are now problems of the past, it
vas declared and shipments are
moving out at a rate that is re-
garded by the Treasury as entire
ly satisfactory. While the Treas
ury has no accurate figures it is
the understanding that approx
mately half of the currency out
standing is the amount in
actual circulation-is now new
money. The Federal Reserve banks
have new bills in large quantities,
which are being fed out into cir
culation as fast as the old bills,
which are worn, are turned in for
replacement. The Treasury is
about ready to expand its redemp-
tion machinery to take care of the
increased receipt of worn-out bills.
Heretofore, the redemption divi-
sion of the department has been
compelled to sort as well as count
the old money for there was not
enough of the new money available
and the better bills were turned
back into circulation. All of that
soon will be ended, and when old
bills are shipped to the Treasury
they will be counted out and finally
passed into the hands of the de-
partment's destruction committee.
When the redemption corps of the
department has reached it's max
imum under the plans now being
worked out and placed in operation
as fast as they can be made eff
fective, the cauacity for handling
money win be almost triple the
normal amount that existed before
the new currency was placed in
circulation. It was disclosed that
one Of the problems with which
the department was confronted
and which serves as an illustration
of the causes for delay in produc-