Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1862-08-13
Dictionary for Government Curren-
cY and Securities.


Gree, Backs.-Demand Treasury Notes.
in denominations of rs. los and 20s, da-
ted Aug, 10th 1861. This Is the first is
sue of Government Currency. 1t is often
called Custom House money. from the
fact it is the only paper money receivable
for duties on imports. There were sixty
millions of these notes issued about fif-
teen millions have been taken in and
burned, and the redemptions are now at
the rate of eight millions per month
The law contemplates that these notes
shall be redeemed and cancelled as fast as
possible, so that the Government may be
in receipt of gold for interest money.
through the Custom House revenue In
ninety days, twenty-five millions of the
forty-five now outstanding, will be can
ccHed. and by that time they will be so
scarce that importers will have to pay
gold in part for duties, and the green
backs" will be on a par with gold.
Legal TeHder.-Promissary Notes.-The
words ION demand being left out-in de-
nominations of 5s, los, 20s, zoos, j00s, and
1,000s. The act of Feb. 25th. 1862, au-
thorized $50 millions OF these notes. but
provided that these and the green
backs" outstanding should not, when adj
ded together, exceed ljO millions. As
fast as the green backs" are redee ned,
the legal tender" Is put out in leu
There is a red shield or die on the face of
the illegal tender" notes, by which they
are easily distinguished from the Custom
House or green back" notes. The ''le-
gal tender notes. being the standard
money of the country are par everywhere.
These are fundable into the $40 skies.
T. $. 1-30S.-TheSe are interest bear
ing Treasury Notes. They take this
name from the fact that they bear $40
per cent. per annum, or two cents per
day interest on every hundred dollars
They are dated Aug. 10Th or Oct. lst,
1851 The interest is payable every six
months from these dates, rs per the cou-
pons attached. 1t is necessary to present
only the coupon to get the interest
These notes are convertible, at any time
before they are payable, into positive
20-year six per cent. Stock or bond :
thus giving the holder the option to take
the money or long bond Us of 1861 in
the Summer or Autumn of l~64.
The Treasury Notes are in denCmina-
tions of SOS. zoos. jCCs. or l000s. They
can be made payable to order; but when
so made they are not aS saleable as blank
notes by u per cent. In buying
these notes, the rule is that the accrued
interest goes TO the seller.
T. s. Tcelce-mOnH CCrtfcates.-This i
i simple Treasury obliga' ion, bearing six
percent. interest, and payable with the
principal twelve me nthS from date. In
buying these certificates the rule is that
the accrued interest goes to the seller
They are in denominations of 1000 and
5000.
4. ). .Slres OF lSSI.-ThiS is in both
registered Stock and Coupon bonds
| They run until 1881. with no right reServ
ed9by the Government To pay them OF
| before maturity. The interest Is payable
on the lst of July and January. The
rule is that i'll buying til. se stocks the
accrued interest goes TO the purchaser
but the registered certificates, are sold eN
| interest for the months of June and De
cember. This is on account of the trans
fer books being closed, and explains the
apparent cheapness of registered stocE
during those months as compared with
Coupon bonds, which continue to be solo
with interest on up to the lSt OF July anC
January. The registered stock is in Ger
/ llutstlts Ol i'''o anu u lIN'AA'iH. AAC N'Na
i pous are in j00s and luglS, but the 500
are very scarce.
e. s.. $50 Sires.-This is the new ISSUE
of stock, registered or coupon. The cou
pom bonds are in SOS, zoos, 5OOs and lOOOs
The registered certificates are in like de
nominations. The issue Of stocks is call
ed the "5-20 skies. because it is redeema
bic, at the pleasure of the Government, a
any time after five years from the 25th o
February, 1862; but the Government ma,
let this stock run for twenty years.
Hence it is very appropriately named tn
) 20 skies"
The interest on this issue is payable o.
the lst of November or May. The lega
tender Treasury notes are fundable int
this stock, each at par, ordollar for dollar
but the accrued interest on the Stoc
from the Ist of May to the time of fun6
ing must be paid in gold TO the Cover
ment. Then the funder gets only Treat
ury Certificate of Deposit, which must b
sent to Washington for the stock--Ihon
sons Reporter.