What is the difference between a red ink and blue ink five dollar silver certificate 1953 red ink 1934 blue ink?

Blue note indicates that the bill is a Silver Certificate. At one point you could demand the amount of the bill in silver payed to you by any bank.

Red note indicates it is a U.S Note. It wasn't backed by silver. It is just currency issued by the United States with the "faith of the nation" that backed it.