Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1862-08-23
Treasury Notes,

1nasmuch as treasury notes are likely soon
to be put into extensive circulation in this
city. We thought it would probably not be un.
interesting to our readers, to present the most
important sections of law under which these
notes are issued. Doubtless most of our citi.
zens have seen and many have carefully ex-
amined the law, hence we do not give it in
full The first section is the most important,
being at once the authorizing section, and the
directory. showing how the notes may be
turned into bonds bearing interest at six per
cent.
1t reads:
"Be IL enacted, &c., That the Secretary of
the Treasury is hereby athorzed to issue, on
the credit of the United States, one hundred
and fifty millions of dollars of United States
notes, not bearing interest, payable to bearer
at the Treasury of the United States, and of
such denominations as he may deem expedi-
cnt-not less than IS each. Prorided, hoac-
crcr, that fifty millions of said note shall be
in lieu of the demand. Treasury notes au-
thorizcd to be issued by the act of July IL,
1861, which said demand notes shall be taken
up as rapidly as practicable, and the notes
herein provided substituted for them; and
pr0rided. /Irther, that the amounts Of two-
thirds of the notes together shall at no time
exceed the sum of $l5O,OOO; and such notes
herein authorized be receivable in payment of
all taxes, internal duties, excises, debts Tex
cept duties on imports,) and demands of eve
ties on imports, and of all claims and demands
against the United States of every kind what
ever except for interest upon bonds and notes,
which shall be paid in coin; and shall also
be lawful money and legal tender in pay
ment of all debts, public and private, within
the United States, except duties on imports
as aforesaid; and any holders of said
United States notes deposting any sum not
less than City dollars, or some multiple of fif-
ty dollars, with the Treasurer of the United
States OF either of the Assistant Treasurcrs,
shall receive in exchange therefor duplicate
certificates Of deposit, one Of which may be
transmitted to the Secretary of the Treasury,
who shall thercnpon issue to the holders an
equal amount of bonds of United States cou-
pons or registered, rs may by said holder be
desired, bearing interest Mt the rate of six
per cent. per annum. payable scmi-annually,
and redcemablc Mt the pleasure Of the Uni
ted States after five years, and payable 20
years from the date thereof and such U. S.
notes shall be received the same as coin at
their par value in payment for any loans that
may be hereafter sold or negotiated by the
Secretary of the Treasury, and may be issued
from time to time as the cxigencics of the pub
lie interest may require"
1t will be seen that money may be thus in
vested, so as to draw six per cent-a percent.
age which seems small to persons accustomed
to two per cent. a month, but which is better
than the average in many p ,rtions Of the Uni
ted States. Besides this, it is a sure invest.
ment and there is no danger Of losing both
principal and interest. as in transactions with
individuals, firms and banks.
The second section authorizes the Sccreta-
tary of the Treasury to issue bonds registered,
or coupon bonds, to the amount of five hund.
red millions, bearing interest at six per cent.
from date.
The remaining sections are chiefly devoted
to providing means for carrying the law into
effect.
1t is stated the bankers east are eager to
obtain both the notes and bonds and that
there is scarcely any ofthem now held by pri-
vate individuals. As soon ns they are issued
the bankers buy them in, and lay them care
fully away, as permanent, safe aud at the
same time a paying Observation-Disclosures.