Would Contract Bank Currency

At the treasury department it is sald that Sovereig-n's plan for boycotting national bank notes, if carried out, would prove more harmful than beneflcial to the interests of the country, as lt would contract the currency to the extent of 5211, 000,000 without injuring national banks. "It would not hurt the national banks at all," said O. P. Tucker, deputy comptroller of the currency. "If people should refuse to receive their notes the banks would slmply present them to the United States treasury for redemptlon and receive legal tender notes, whlch they would continue to use In their business. There are only $211,000,000 of national bank notes in circulation, while there are $950,000,000 of other kinds of money outstanding."- Ex.