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SUNDAY, JULY 7, 1929SIMPLIFICATION KEYNOTE OF NEW PAPER MONEYNew Small Size Curren cy Will Be Distributed WednesdayBy HARDEN COLFAXCopyright. Canton laiiy New*) WASHINGTON, July 6—Bid farewell to the comforting gold back; take a last look upon the solemn features of Messrs. Hendricks. Manning. Everett, Hillegas, Benton, McCulloch, Sherman and ? Lewis and Clark, for the new « irrency which Uncle Sam will be-to release for circulation next * ednesday is not only smaller in e than the present bills but recces the variety of designs sug-stantially.It will be three or four months before most of the currency issued bv the federal government will iave been exchanged for the new irrency, and even longer before ha currency issued by the 6,300 national banks which exercise that privilege disappears generally, but otirment of the great bulk of the id bills will be rather rapid in .lew of the huge task involved Soma of course, will dribble in for vears to come; some never will be presented and the treasury will be so much the richer—it still holds 52,044,000 for demand notes and fractional currency recalled yearsNAGlFre]entriThe treasury department has gone about its job of changing the size of the paper money in a sys-; tematic manner. For months, the , bureau of engraving and printing : has been working day and night to ; accumulate a stock of the new- j size curency and at the same time keep up a replacement supply of j the old size bills, but its force now ! is about back to normal on the eve / of the exchange. ISimplification is the keynote of j the new paper money %issue. Instead of a half dozen or even more, I designs characterizing dollar bills j ate of the various types authorized, j ^ there is only one design for the j back of a dollar bill, regardless of type, and the faces and backs of the bills bear identical characteristics in any single denomination.The backs of all bills of all denominations are printed uniformly in green; the faces are printed in black, with the treasury seals and serial numbers imprinted in blue for silver certificates; red for United States notes; yellow for gold certificates; green for federal re-! serve notes, and brown for national j i bank notes—the five classes of cur rency now issued under the law.It Is regarding the face of thej notes that the greatest stress is j being laid as it is to this feature j treasury officials are most earnest in directing public attention, in or ! der to prevent fraud. No matter j which of the five classes of currency it may be, a $10 bill, for example, will bear the features of Alexander Hamilton, a portrait is the most difficult factor of a bill to counterfeit, and “raising’’ bills will be made almost impossible of successful execution when the public once becomes familiar with the new currency, for the picture of Hamilton means a $10 bill and if one be presented with the figures raised ; to to $20, the initiated know instantly it is not genuine, for the $20 bill, regardless of kind, will bear the V likeness of Andrew Jackson.For that matter the backs of the bill are far more different from those of old currency. Of the 11 denominations issued, the reverse of six, regardless of the kind of currency, will bear uniform “pictures” each denomination, while five will he embellished with ornate words showing the denomination. The male and female figures representing “mechanics” and “agriculture”♦ he Indian chief, the female figures representing enlightenment” and “liberty” and design depicting transportation,” “peace,” plenty,” embarkation of the pilgrims,” De Soto discovering the Mississippi,” and a score of others found on the reverse of recent and older size currency are discarded.The new bills, treasury officials believe, not only will be more difficult to counterfeit than the old. but will be much more convenient to handle. And there will be considerable saving in their production, for a slightly larger sheet of paper will make 12 of the new bills, whereby eight was the product in the old sizes. With a saving of somewhere around 30 per cent in paper and longer life due to better quality of the new stock, the treasury estimates several million dollars will be saved each year in engraving the new currency.Uncle Sam began issuing paper money during the Civil War. This 5 the first time a major change in '‘ize has been made. The old size currency is not being recalled; it merely is being replaced and the '•alldity of the old is not affected by the issue of the new.Experience shows that paper money turns over once a year, that is the average amount required in new bills each year, is equivalent to the total amount outstanding, the $i currency being handled most und hence wearing out fastest, the i‘ next, and the higher denominations progressively more slowly.The $2 bill Is In more demend than i* generally supposed. It is popular n New England in particular With $5,022,768,000 in paper curency outstanding May 31 treasury Figures show $451,004,000 was in $1 bills. $59,146,000 in $2 bills, and ;818,557,000 in $5 bills of all kinds E w are sufficiently fortunate to handle the *10,000. yet 10.737 of 'hem are outstandingMore than 9,000,000 plecee of cur-t**ney are issued annually. In the !Fiscal year 1928, the bureau of enslaving and printing turned out 615,418,000 $1 bills; $2 bills to the number of 31,500,000; $5 bill* totaling 162.441,000 in number, and 136,-'*03,000 pieces in currency of other ienominations, a grand total of *16,260,000 units of paper money— ,*nd this was a noimal year.PERSSON MAY RETURN
Newspaper Details
Canton Daily News
Canton, Ohio, US
Sun, Jul 07, 1929
Page 13
Full Page
Clipped by
Ted B.
NA, 10 Sep 2024
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