Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1862-04-03
Financial Matters.

Financial matters connected with the Govern
ment are thus condensed by THoxPsos's Reporter
Of last week:
The first instaIment Of the new demand Treas
ury notes has been sent TO Washington They
are there to receive die or seal before trimming
then they will be issued at the rate of million
dollars per day.
The IS. los and 20s are from the same plate
Slightly altered) as the former issue of demand
notes. The SOS and zoos are engraved by the
National Bank Note Company. The prominent
vignette on the SOS is new portrait of Alexsn
der Hamilton, placed little TO the left of the
center of the note The 1905 have a spread eagle
on the left end The sos and zoos are en-
graved by the merican Bank Vote Company.
The notes of all denominations have engraved
backs of cvcloid work. in which the words
illegal TENDER
On Monday, Mr. Chase sold three millions Of
Z $40 Treasury note bonds to banks and
brokers at par This establishes the rate Of that
class of Federal securities at I00al0011, past in
terest going to the seller
The banks, since the passage of the acts ma
king demand notes legal tender, are active in
issuing their currency. The Government does
not propose TO redeem the demand Treasury notes
except in exchange for 6 per cent stock, which
is payable at its option time after five wears;
and the banks redeem only in these demand
notes. IL is quite plain that currency, alias cir
culatiOn, alias money of both Treasury and
bank issues, is 10 be abundant. more abundant,
most abundant.
The more dubious the future the more curren-
CIV will the Government issue. The expansive
power of this paper money balloon has safety
valve in the privilege of funding the Govern
ment currency into the stock above referred to-.
There is no stopping point short of that.
liz is perfectly nlain. then. that a u -. d Der
cent, stock. re!eemable ut the option of the Gov
eminent after FIVE years, is the standard of all
values.
BY the simple rule of three anybody can
tell to nicely what their property is worth
thus:
Currency unlimited in amount--currency re
soivaDle only into United States skies Of you
buy other property with it, it only changes hands
II, then, U s. six is worth par-no more, no
less-what is a house worth? We are not joking.
Paper money will be manufactured and crcula-
ted until il floats into the stock at par, the rate
fixed by act of Congress. A disastrous failure
will not change the result. for storm will hit
the currency just as bad as the stock.
Our Frenchman says. Il have got to take the
paper money, because it is the legal tender"
| Yes
Then have got to keep it. or put it into U
5. skies at pir."
Yes.
I'll do no such thing. I'll buy New Yorks,
/ Ohios, Illinois, house. gold, or anything III
not be forced To- take u. ). skies at par. at
any price; nor will keep the currency"
As there have been doubts regarding the fact
of the demand notes now in circulation being a
/ legal tender, We publish the act making them SO:
/ SEC. 2 And be IL further enacted, That the
demand notes authorized by the act of July II,
1861, and by the act of February II. 1862, shall
I i'm addition m bainer racpivafala i'm nj
duties on imports, be receivable, and shall be
lawful money and legal tender, in like manner
and for the same purposes and to the same ex-
/ tent the notes authorized by act entitled
An act TO authorize the issue of United States
! Treasury Notes, and for the redemption or fund
/ ing thereof. and for funding the floating debt OF
the United States, approved February %, 1862