The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-08-26

II
ing their savings there. So many letters of inquiry
are daily received at the SuhTreasury that the fol-
lowing circular has been prepared, and is now
transmitted to all applicants
OFriCE OF The ASSISTANT TREASURER UNITED STATES.
NEW YORK, August 26, 1861
Institutions ndv duas wishing subscribe for the
three years 7 $40 per cent United states Treasury
roes can do AZ this ofce in the following way and
upon the following terms
l. Payment mast be made in gold at the time Of sub
scrbing The amount to be paid is the principal OF the
notes desired together with interest on the same at the
rate OF one cent day each $50 from the 10Th or Au
gust hc time fixed for the date Of all the notes and when
mteresl upon them commences to rum mp to the time
when The gold paid Where the subscriber resides out
Of the city and has agent IN New York. he may make
payment by draft payable here favor Of John j. Cisco
Assistant Treasurer Cnited States which draft must be
for the principal and the above from the said
18th Of August up 20 the day Of its collection.
Upon the receipt of payment certificate in duplicate
VIII be given or sent the original which certificate must
be forwarded to the Secretary of the Treasury at Wash
hgton, together with letter specifying in what dcnom
nations the notes desired The Denominations issued
will be $50, $780, $500 81 900 and IS 900 The notes will
then be sent from the department in Washington to any
address requested rs soon as they ready which will in
no be earlier than the 10th Of September. The du
picate certificate is to be retained by the party subscb
ing, rs a voucher.
8. The notes will be made to the order Of the party
named in the certificate of deposit They will have semi
annual interest coupons attached payable when due at
the Treasury at Washington the Office of the
Assistant Treasurers Of the United States These coupons
can be collected without the production Of the them
selves. The last coupon will be paid with the note
A. These notes may be exchanged any before
at the maturity thereof for equivalent amount Of
United states six yer cent bonds having twenty TO
run. This, however, only he done when they are
presented in sums NOT less than $780,
JOHN j. CISCO, Assistant Treasurer, United States.
The notes themselves will be ready for delivery
at latest by 10th September. Meanwhile the Bank
Committee have been engaged in Rerfectng the
details of the arrangement. The fdoowing is the
report from the New York Bank Committee
bank officers held on the 18Th inst and TO whom
ferred the plan adopted that meeting with the various
sugg stns in respect Ia details and who were instructed
TO adapt them the existing arrangements for the
change between the associated bcks beg leave TO recon-
mend as follows, VIZ
L. That the notes be dated August TO- 1861 and have
half yearly interest coupons attached.
That all sales be made at par and accrued interest
B. That sales made whether by any bank in the Associ-
alton in either city or by the government be for acccnt
OF the fifty millions.
Tfat to facilitate the business of exchanges
L ans md eqnalzaoas among the associated banks in
New York the existing Loan Committee, under the gene
raj direction of the Treasury Note Committee, prov ided
by section OF the agreement with the Secretary of
the Treasury, shall receive hold behalf of the
ciates the Treasury notes awarded to this city.
They shall divide tie drafts drawn for the payment
OF The loan by the Secretary OF the Treasury among the
banks FRO rata OF their subscriptions and notify them OF
the same
That on making the deposits with the Assistant Trea
surcr, he viii furnish each bank with duplicate receipts
for the sane the original OF which shall be delivered 10
the Treasury Note Committee and the duplicate retained
by tiic depcsng bank. The Chairman Of the Treasury
Note Committee wiz endorse on the duplicate that he has
received tho origpal
s. That the Treasury Note Committee shall make all
saes W Treasury notes and shall report daily to the Loan
Committee the amount Thereof The Loan Committee,
receipt OF such reports, shall apporon the TO the
various banks and send to each in tue to be included in
the exchanges OF the following mern G, draft for its
tory of proceeds of sales. These drafts shall be for the
psi principal Of the notice only Tic amount received
for accrued Interest the notes shall be divided semi
monthly, after deductiDg all EXPENSES.
g. That the Treasury Note Committee make acquisitions
ufoa The Lea Committee, from time to time for such
required to supply the daily denalnd.
Z. That the proportion 10 which New York shall be
entitled VI the proceeds OF sales made by the government
on account OF the fifty millions, shall received, be d
vidcd among the banks IN like manner sales made by
the Traasrry Note Consnittee.
g. That the Secretary eff the Treasury, in making his
drafts for the payment Of the fifty million loan shah
draw upon the three cities in the proportion that
oi the award Of the loan To them, vizCn New York. 70
per cent Boston, 20 por cent, and Philadelphia, 10 pcr
ccntof the amount drawn tor; AMI in makii payment
for sales made by the government he shall remit the like
proportions.
O. That for the purpose Of equalization between the
three cities which shalNe made by the Treasury Nete
Committee it wifi be necessary for Poston and Philadc
pha TO report 10 The Chairman OF said committee the
evening of Tuesday of each week, time arrive IN
New Yoik "Wednesday morning full statement Of the
amount Of Treasury notes remaining unsold.
10. That al debit balances OF money to be raid in
change for notes arising out of such cra ztun between
the three cities shall include the accrued interest TO date
OF payment All sums received by the New York asso
catesr such balances shall be treated sales made
and apportoncd as provided for in section five
That all sums paid by the New York associates upon
such cquajzatons Except the accrued INTEREST," shall he
arportnned to the diir Mt banks, and paid upon the
drafts Of the Loan Committee The accrued interest that
may be thus paid shall be charged in against the
accrued interest received. Respectfully submitted,
JAMES GALLA1IN,
GEO. S. COE,
HENRY A. VAIL, Committee
jos N. PRICE,
J. FUNNETT
Nfw YORK, Friday, Augrst %, 1851
There can be doubt but the public will take the
bulk if not the whole, Of the $50, 600 600 of Urea
sury notes off the hands of the banks by 18th Oc-
tober. There is no such investment in the market
as these $40 per cent notes, and every prudent
person who has fifty dollars saved will act wisely
in purchasing Of them.