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M. I1U 1 UIIUI I IUIIVII VIIIU’lllulia. ■ Copyright by P. A. Photos.■ Wff V ^ wvseriously as his pitching.New, Smaller Size Dollar BillsTo Reach Public by October, 1928The new, small size dollar bills, will be in the hands of the public by October, 1928, it was learned at the Treasury, the date having been picked by Assistant. Secretary Dewey, who will resign shortly to become financial adviser to Poland.The new bills will constitute more than half of all the paper bills in circulation, there being about 445,000,000 dollar bills and only about 415,000,000 of all other sizes, up to and including the largest, which is of $10,000 denomination.The larger denominations in Federal paper money then will be changed in size all at once, when the change is effected, Mr. Dewey predicted.The situation In regard to the national hank notes is different, however, Mr. Dewey explained, and for the present will not be definitely determined. Gradual reduction and eventual elimination of the national bank notes was provided by Congress in enacting the Federal Reserve act in 1914.Consols, on which the national bank note circulation is based, will be called in 1930. The program of reducing in size the other paper money will probably consume all the time up to the end of 1929, Mr. Dewey predicted, and by that date there probably will be some development to decide whether the national bank notes will be'wlthdrawn altogether from circulation. Should they be continued, he said, they also would be reduced in size to correspond with other small currency.II A IICAS(St.(Thlt;Schoc Bunk St. Jlt; rated sive lt;the £ the b« noon.
Newspaper Details
Evening Star
Washington, Washington-DC, US
Mon, Oct 17, 1927
Page 5
Full Page
Clipped by
Ted B.
NA, 10 Sep 2024
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