"Bank notes are in effect the small change of the monetary system"-the Radcliffe Report. The demand for this small change grows yearly and fluctuates a great deal during any one year. Many are probably aware of the growth and fluctuations simply as a small news item that a change has been made in the fiduciary issue. This article explains the rules governing the fiduciary issue; describes the seasonal pattern; and gives an indication of the monetary effects and physical problems which arise.
The note circulation