The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-10-07
THE TREASURY NOTES.

Tho Demand Notes rs y Circulating Medi.
um-Extent OF Their Issuc-Objections
to Their General Use-HOw to Remedy
Them-Descriptivc Diagrum-The six
Per Cent Notes--IIow and by Whom They
Arc EmpIoyed-The Different Denomi-
NEUTRALITY-SUSPICIOUS. sc.
The demand notes issued under the act Of Con-
gress have come into general circulation some millions
Of dollars worth having been already issued The people,
"a they become accustomed TO their use appreciate
great convenience as circulating medium, and only find
one cause OF complaint ia regard them This lies in tho
TACT that different notes rcdcemabe deyeat cities
OF the unonsome at New York, at Boston at
CINCINNATI and some at ST. Louis Although these cities
are the centres Of aud trade their respective
sections, yet each is distant from the other and eonse
quenty Should note redeemable reach another,
its value becomes deprecated. The same fault that
with reason bc found with bank also be found
with these Treasury notesthey do pass their par
value all over the country. As the distance from their
place of redemption increases does the discount
without doubt, in the of tmc the notes rcdeca
bic at New York will reach Boston, Cincinnati and ST.
Louis, and rice These notes may possibly got
changed in this manner to considerable extent ana the
amount Of money thus lost may reach largo Tho
more they got entanged the less confidence viii be ie,
them as circulating medium, and people will prefer
bank notes, with which they acquainted ana specie
BY loss Of confidence the government loses the advant
age it now has These notes too unlike those OF higher
denominations do not bear interest.
The people Of the North welcomed their appearance,
however, believing that they would drive out Of crcula
ton and take tho place Of large Of worthless
bank paper, which they obliged TO lose heavy
discount. II believed that they would be Of tho
greatest advantage the people Of tho West where the
whole system Of finances had become de-
ranged, and where the faith in the value of
bank notes hal been much shaken BY Tho knowledge
that the securities which thcy based stocks
&c, in the rcbclous States But they no sooner
issued than this serious Of complaint Disco
vered.
A man in business in st. Louis will perhaps receive
from the Quartcrmaser Of the department large sum Of
money in these demand notes, payable st. louis De-
string to qudate debt in New York he sends the
here, knowing nothing Of the fact that they
ceivabc al the sub Treasury banks of this city Tho
receiver presents the notes for deposit his bank
the teller after reading that they receivable at St
Louis refuses TO take them In order TO make use q
them, tho owner must soil them at loss send them
back to the man from whom they II the latter
course be adopted the debt stands did before The
have lost their trouble and the Treasury
notes have failed OF one OF the purposes for which
they had been used. Tho ratio of exchange must
be paid. Had they been like National Bank
bills, rcdeemible by the United States govern
ment by any of its authorized agents this would not
have happened They would have served the purpose
passing betwc the two cities withou, loss value and
have saved the of exchange which are at
times demanded In the belief that this great OBJ
aoct would be accomplished by their introduction that the
idea Of their ss.c much prasel.
The intention and belief Of the Secretary Of tho Trea-
sury in issuing these notes Doubt that they would
pass equally well all parts Of the country: wo see
that this Is not tho case.
The defect is one easily remedied, and to which we
earnestly direct The attention OF Mr. Chase.
hereafter Issued be rcdeemabe at any of the Sab Tresu
res of the United States and let directions issued to
all the Assistant Treasurers receive those aire ally in
circulation at thcir respective Offices whatever place Of
redemption may be stated the face In this way the
difficulty will b, obvated, tho Of complaint re-
moved and tho value Of the notes increased.
The following diagram is descriptive Of tho $40 notes.
md will give idea Of the appearance Of all tho
denominations, the differ only the vignettcs
and style Of engraving