Smyrna times., 1929-05-01
CIRCULATION NEW CURRENCY
WILL BEGIN ABOUT JULY 1ST
WILL NOT BE POSSIBLE TO IS
SUE LARGER THAN $40 BILLS
Controller Pole, in Radio Talk, Depicts
Task of Displacing S5,OOO,OOO,OOO
Of Old Issue Now in Circulation

The advantages of the new reduc-
ed size Of paper currency which Sec
retary Mellon approved nearly two
years ago and the first issues Of
which will be made about July 1, as
well as the tremendous task involved
in this new Federal undertaking, were
set forth by ]. w. Pole, Controller Of
the Currency, in a radio speech last
week in which he said it will not be
possible for a short time to issue the
new currency in larger denominations
than $50. "The recommendation for
reduction in size of paper currency"
said Mr.. Pole, twas approved by Sec
retary Mellon in May, 1927-the new
size to be approximately the size of
the Philippine currency. Since the
paper currency has been issued in its
present form for about sixty-eight
years, the decision to reduce the size
was very important step. The pro
gram of reduction did not at first in
clude national bank notes, for at that
time it was contemplated that they
might be retired. In January of this
year, however, it was decided to con
tinue national bank currency and
while you have undoubtedly read in
the press that the government will
issue the reduced size currency in July
of this year, national bank notes in the
small size will not be ready for issue
until shortly thereafter
$5,O00,00O.0OO in Circulation
with the present outstanding pa
per circulation of about $4,000, 100000,
for which there must eventually be
substituted like amount of new cur
rency in the reduced size, it will be
realized that the Treasury has a gi-
gantic task to perform; and since it
is physically impossible to make a
complete turnover in a brief space Of
time, there will necessarily be a period
currency in both the present and the
new size. Moreover, it will not be
possible for a short time to issue new
currency of the reduced size in the
larger denominations above $50. Con
sequently it will be necessary for the
public to be patient and to cooperate
with the government by not making
undue demands in order that the pro-
gram may be carried out with the
least possible interruption. There are
five kinds of paper currency now being
issued: United States notes, silver GER
tificates, gold certificates, Fedora Re
serve notes and national bank notes.
There will be other changes in the
new currency in addition to the reduc-
ed size. For instance, the face designs,
which will be printed in black, will
have features characteristic Of each
denomination, while the back designs
will be printed green and will be uni
form for each denomination, irrespec-
tive of kind. Treasury seals and ser
ial number Will be in a different color
distinctive Of each Of the different
types.
Portrait for Each Denomination
each denomination, whether Uni
ted States notes, silver certificates,
gold certificates, Federal Reserve
notes VI national banknotes, will have
on the face the same portrait distinc-
tive to that denomination. Thus all
currency in the denomination of 81
will bear the portrait Of Washington,
the 81 note that Of Jefferson; IS, Lin
coin: $40. Hamilton: $40, Jackson: $50