Indianapolis Times, Indianapolis, Marion County, 2 March 1945 — Page 11
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FRIDAY, MARCH 2, 10
Tom, Many $1000 Bills Worry
Over This List
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WASHINGTON, March 2 of 13 | P).—Growing interest is. being | evinéed here in the rapid increase in the number of big-denomina-
tion bills outstanding. Such as the billion dollars worth of $1000 bills, the quarter.” billion’ dallars worth of $500_ bills, and .the four billion dollars worth of ‘$100 bills:
the big-money billy" are being hoarded by unscrupulous racketeersand other persons seeking to evade payment of income taxes. “By putting their illicit gains “on fee” in the form of hig bills in safe .deposit boxes and other hideouts, these people: may believe they can get away with not reporting the full-amount of their income, it was said. . ‘p's F : ANOTHER source suggested that some. persons who work largely on “tips,” such as taxi | drivers, waiters, and others, may be resorting to the same practice. Such persons, it was said, may
small salaries plus a nominal amount of tips. Actually, in these times of war-swollen incomes, tips
been before.
bureau of internal revenue.
a Soi dee
+A PROPOSAL has -been made by Senator Harlan J. Bushfield
he did when he calied In all gold
i their relatively | be reporting only thel | standing $1000 bills jumped from
| $502000,000 at the start of 1943
igger than they ever have se , : . are bizge Asn y. | tion increased during the same Net all such income, it is be- | lieved, is being reported to the |
(R. 8. D.) that President Roose- | velt meet the problem by issuing. | an executive order calling in all"! big denoniination bills, - Much as |
at His Side oe.
hoi at the start of his’ administration,
Bushfield said Mr. Rooseevit “had ‘authority to take such action
under existing law. He added, however, that he was giving some consideration to introduction of a resolution which
.would direct the resident to take “the steps + Some officials believe part of |: . “gf THE bills-were-called -in, a
o n u
new series would be ‘issued to their holders as. a replacement.
1° But, the substitution would enable ‘the treasury to ascertain what
has haspened to the big notes, and would give some clue as to whether they were being hoarded for illegal purposes. It is recognized that there may be legitimate reasons for a person to save some big bills in a deposi box: The government, of course, would much rather see such funds invested® in War bonds. 5 ” ”
FEDERAL RESERVE figures
showed that the amount of outto $990,000,000 at the end of 1944. Amount of $500 bills in cireiila-
period. from $293,000,000 to $555,~ 000,000, :
oy ‘ : ¢ Most amazing . increase, how=-
ever, was in the amount of $100
{ bills ~ outstanding. The [figure
jumped during the two years from $1,962,000,000 to $4,153,000,000. : There: was no comment from the treasury as to whether it thought. the situation warranted any special action,
u. S. rr
EH PE NO Cre A
PERSISTENT reports’ cash transactions in the black market _amotinttrig to millions ‘of | dollars.
“I want a full investigation of
these chiselers,” Bushfield . declared. . “Those who legally hold | Jarge sums of cash and who can “prove no effort at tax evasion have no need to worry. Others must. be brought to justice.” He hinted also that calling in of big bills would aid in halting. the use of U. 8. currency stolen in countries seized by the enemy and sent here to finance espionage activities.
1
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res PAGE GE 11
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