The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1862-03-15
u. =. Treasury Notes.

following lucid statement in reference to
the currency which has thus far been
and is about to be put aGoat by our govern
| which the editor speaks SO positively, we
/ apprehend time will materially modify
some OF his confident Vaccinations.
! When the bill shall have gone into
| practical operation, the United States Go
vernment will have the following different
kinds OF Treasury notes in circulation:
/ lst. Notes bearing an interest of six per
cent per annum, issued under the act OF
Congress, redeemable at any time within
two years from the date of issue also, the
six per cent. notes issued before the pas
sage OF the act named above.
20. The notes bearing interest at the
rate OF 80 per centum per annum, issued.
under the act of August. 1851. receivabiel
EFtOtnhlf public dues except the duties on
3ituports
3d. The notes issued before the advent
of the present administration, in the dark
days at the beginning of the rebellion, to
] the lowest bidders, or, in other words. to
i those who would take them in return for
gold at the lowest rates OF interest These
were awarded at high rates of interest,
ranging from ten to twelve per cent. per
annum. They are receivable for al public
dues, the duties on imports included Put
few remain incirauiaton, a they have
been called in, and the interest ceased to
accrue on the 3lst of January. Many of
these notes were pad for duty at the New
York Custom House in December and
January
4th the demand notes issued last sum
mer, receivable tor all publ, dues. taxes
and gfuitP- On IFtrfr. ID 1
notes, by the act just passed. are to be
received in payment Of duties a hereto
fore, but contrary TO the former custom,
are not 10 b- re issued, hut are u be pat
out Of circulation as quick ~ rs practicable.
5th. The demand notes. 10 tie yolae OF
SD j.oDJ,uUo, which are To be issued a.
quickly a. pcssbic, which are 10 regl c
tn. d,.rnard notes already in circulItion.
and which. uHl!kc any other paper i~-uc-
OF the Government, are to be a le4al
tender in the payment of all d-bts; thoy
are receivable for taxes. and all other
debts TO the Government, with The excep-
ton of the duties onimports
These i've classes oi notes COMPRISE all
in circulation or t. BE- Pic d IN ct uiaf;on
under laws already pass, d. The largest
vaiue- are represented by the notes of the
second. fourth and nah classes. Those of
the olher classes are mostly redeemed
and withdraw from circulation.
The first elect OF the psS-a c 0F the
Tie .sury Note bl! h4s already been to
advance the value oi the demand now
issued u point teov their par value TO
I premium. inl>much a. those notes are
almost the only ones yhat can b. pad ty
importers for their duties at the Custom
ilous,. tasy Will probably advance to =
y-.lu: almost a. hi.:a a. taa. OF tac specie
notes must also be enhaacel bv the pro
visions o. the Treasury Note bill
\ second e!Iea. will be to re establish
Z e c0aiiIence ot the people IL ti" ability
ol the GogergmaRt to me.-t AMI oyrTc sfse
all its financial en4aarra-smeIts promptly.
All that = uDw required 10 give pcrIna
nogt valye to ali the Issues Of the Treasury
Depart /, he prompt passage o. the diii-l-
ent tax. bills uow ~ progress in the Con-
gress.oual ComInitJee,
The passage OF this bill will have an
eliec, on the value OF gold. 1t has been
thought that its passage would give an
. immediate impetus - the rise IL tic value
OF specie on account OF TIE certainty oi
an immediate issue of paper to take the
place ol the bank notes aHi specie hereto
fore used by the people Of this country.
/ he eiirct. however, on gold, will not, III
all probability, be to raise its value much
at least for the present; Tor the important
amendment, adopted. providing for the
payment OF duties III coin aad In the de
inand no - already issued, renders the
l4Iter almost as valuable a. gold Itself
By increasing he value OF tn. demand
notes IN this manner the effect i eqH!va-
lent To the Introduction Of gold. To the
exten. OF their value, IutO general cigcu.a
ton Thus, then, the stock OF gold and
its equivalent i increased. and. A. con
sequence. the eiie,.t %. the am ndmcnt will
not bA 10 greatly increase, NJ the present
time, the value of gold When tne act
Just passed shall have been placed in
practical operation by the actual issue ot
the notes whose emission IL authorizes, the
value of gold may possibly increase; hat
we think that it 5iil i passed by that
time imposing taxes adequate to the pay
/ ment OF interest OF the national debt con
tracted and To be contracted in prosecu-
ton of the war the yalue Oi the uoie> will
be the sum expressed on their face, or, in
other words, the value OF the gold viii not
be enhanced.
The effect of the Legal tender clause vii!
be good, iDasmuch as it establishes a
uniform currency throughout the United
States. and drives out OF circulation much
of the worthless trash with which the
country has been flooded, substituting =
therefor notes to The redemption of Which
the faith of the nation is pledged and its
property mortgaged.
I,;,,=fo,,a' ,yn,l- is