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Story
June 11, 1908
The Kemper Herald
Scooba, Kemper County, Mississippi
What is this article about?
In Washington, D.C., Treasury officials, led by Assistant Secretary Coolidge, prepare to enforce a new currency law by printing updated notes secured by U.S. bonds and other securities, using $203M in old notes interim; full rollout in six months, some ready by July 1.
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OCR Quality
98%
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Full Text
TO ENFORCE CURRENCY LAW.
Preparations Being Made by Treasury Officials.
Washington, D. C.—Treasury officials are making active preparations to carry into effect the new currency law enacted in the closing hours of congress. Assistant Secretary Coolidge authorized the statement that the work of printing the new notes would be begun within ten days. The new notes will be identical with the national bank notes now in use, except that the legend at the top of the face of the note "secured by bonds of the United States" will be changed to "secured by bonds of the United States and other securities." The comptroller of the currency now has in the vaults about $203,000,000 in old notes belonging to various national banks, and these will be used as required until the new notes are printed and seasoned ready for issue. It is probable that it will require six months to change all of the plates used by the 6,810 national banks, but it is expected that some of the new issue will be ready for delivery by July 1, next.
Preparations Being Made by Treasury Officials.
Washington, D. C.—Treasury officials are making active preparations to carry into effect the new currency law enacted in the closing hours of congress. Assistant Secretary Coolidge authorized the statement that the work of printing the new notes would be begun within ten days. The new notes will be identical with the national bank notes now in use, except that the legend at the top of the face of the note "secured by bonds of the United States" will be changed to "secured by bonds of the United States and other securities." The comptroller of the currency now has in the vaults about $203,000,000 in old notes belonging to various national banks, and these will be used as required until the new notes are printed and seasoned ready for issue. It is probable that it will require six months to change all of the plates used by the 6,810 national banks, but it is expected that some of the new issue will be ready for delivery by July 1, next.
What sub-type of article is it?
Historical Event
What themes does it cover?
Justice
What keywords are associated?
Currency Law
Treasury Preparations
New Notes
National Banks
What entities or persons were involved?
Assistant Secretary Coolidge
Comptroller Of The Currency
Where did it happen?
Washington, D. C.
Story Details
Key Persons
Assistant Secretary Coolidge
Comptroller Of The Currency
Location
Washington, D. C.
Event Date
Enacted In The Closing Hours Of Congress; New Notes Ready By July 1, Next
Story Details
Treasury officials prepare to implement new currency law by printing updated national bank notes with changed security legend; old notes to be used until new ones are ready in six months.