The Carbon County news., 1929-08-01
NEW CURRENCY rs
VERY EASY TO SPEND

In a speech before a meeting of
the Missouri Bankers Association at
Excelsior Springs, Missouri, Henry
II. Bond, assistant secretary of the
treasury, decribed various advan-
tages of the new size currency. The
design of each denomination will be
uniform, enabling banks and civil
lans to become more familiar with
the appearance of bills, thus handi-
Gaping the efforts of counterfeiters.
Mr.. Bond said.
Instead of eight or nine portraits
which appear on the old S. bills of
different type of issue, the backs of
the new bills of that denomination
all bear the engraving of the Lincoln
Memorial as predominating feature.
The 81 bills are engraved with the
portrait of Washington; 81 bill, Jeffer-
son; So, Lincoln; $40, Hamilton; $40,
Jackson; $50, Grant; $100, Franklin;
$500 Mckinley; $1,000, Cleveland;
$4,000, Madison; and S10,000 Chase.
There are different titles and var
iations in texts, and as further
mark of difference to catch the eve,
the treasury seals and serial num-
bers are printed in color; red for
| United States notes, in blue for sill
yer certificates, in green for Federal
Reserve notes, and in brown for Ma
tional Bank notes.
Having determined upon the de-
sign, the Treasury Department made
tests to develop a better grade of
stock for engraving. The Bureau of
Standards, the Bureau of Efficiency,
and manufacturers of paper made
extensive search to find paper which
would shrink uniformly, have a
greater endurance and folding
strength and meet the manufactur-
ing requirements of the Bureau of
Engraving and Printing. 1t is not
every paper of high strength that
will stand the wetting and drying
processes incident to the manufac-
ture of currency.
The next problem was that of pro-
duction. 1t is necessary to print for
complete turnover of United States
and Federal Reserve currency ap-
proximately 76,000,000 sheets of IL
subjects each, or 912,000,000 indi-
vidual pieces. These have to go
through the various operations of
wetting, back printing, examining,
a second wetting, face printing, ex-
amining, trimming, numbering and
sealing and final cutting into indi-
vidual notes.
In spite of the vast undertaking
of replacing the paper currency of
the nation, the Treasury Department
was able to issue the new currency
early in July. The transition period
will be as short as possible. At the
outset all banks applying for cur
rency will be ''rationed, receiving a
percentage of old style currency. This
percentage will be gradually de-
creased so that after few months
it is anticipated the old currency pre-
sented at Federal Reserve Banks will
be replaced in full by the newer cur.
rency.
For a few weeks after the issue
of the new money people who care at
all about money will have to be care
full that their bills aren't mixed with
United Cigar Coupons.
Fears are also expressed that the
reduced size of the money will allow
it to slip through the fingers on pay
day even more rapidly than the
present bills. This slipping can be
kept down to a minimum, however,
if employees when cashing their
checks will demand from the tellers
bills bearing pictures Of Mr.. Madison
or Mr.. Chase, as these possess GER
tain non-skid qualities that make
them last longer than those engrav-
ed with the portrait of George
Washington.