, 1862-03-03

The Treasury Notes In Circulation
The Effects Of the Passage OF tsi
Treasury Note Rlu-Lc;;nl Tender.

The Treasury Note bill, which, after delay |
Of several weeks, has at length passed Con-
gress, and, by the signature Of the President. |
las become law, Is the most important fnan- |
cial measure ever enacted by our Government.
The complete bill will hc found on the second
page Of to-day's TRIBUNE, and it will be u1l-
necessary to recapitulate its details here; but
:. few words in regard to the Immediate effect
Of its passage Will not be out Of place
When the bill shall have gone into practical
operation, the United States Government will
have the following different kiuus Of Treasury
notes in. circulation:
7st. Notes bearing IN interest of six per
cent. per annum, issued under the act Of Con
gress, Tcdccmable ut any time within two
years from the date Of issne; also, the six Per
cent notes issned before the passage OF the
act named above
I'd. The notes bearing interest at the rate Of
T-S0 per ccntum per annum, Issued under the
act Of August, 1861, rccciyablc for ill public
dnes except the duties on imports.
Cd. The notes issued before the advent OF
the present administration, in the dark days
at tie beginning Of tie rebellion, to the low
est bidders, or, in Other words, to thoss who
would take them in return for gold st the low
est rates OF interest These were awarded at
high rates Of interest, ranging from ten to
able for ill public dues, the duties on imports
Included. But few remain in circulation, as
they have been called III, aud the interest
ceased to accrue On the 3lst Of Jauuary-
Many Of these notes were paid fer duty at the
New York Custon, House in December aud
January
4th. The demand notes issued LAST summer,
receivable for all public dues, taxes aud duties
on imports Included These notes, By the act
just passed, arc 10 be recci. Cd in payment OF
huYc cf1fn1 F,1J$ f,a11fr q
NIT custom, arc not to Ec Tei=sued, but are
10 be put out of circulation IS quickly as pEac-
tic:.hlc-
5tb, The demand notes, to the value Of
SI5o, ,o00. GEO. which ere to be issued as quickly
as possible, which are to replace the demand
no1es already issued ana in circulation, and
which, unlike any other paper issncs OF the
Government, are to be legal tender in the
payment Of al debts !; they are receivable for
1aSes, and all other debts to the Government,
with the exception OF the duties Oh imports
These five classes Of notes comprise all nov
ii circulation or to be placed in circulation u1-
| der laws already passed. The largest values
| are represented by the notes OF the second.
fourth tand fifth classes. Those Of the other
classes are mostly redeemed aud withdrawn
| from circulation.
Tic first effect Of the passage Of the Treasury
| Note bill has already been to advance the value
cf the demand notes now Issued from Il point
below their rar value to q premium. luis
IlNCu Us LEtS6 lUtES &kIE .Aa4baL Lllu VAi} os1G$
that can be paid by importers for their dutic:
ut the Custom House, they viii probably ad
| vaHcc to q value almost US lign IL that Of tht
| specie itself The value of the six per cent
notes must also be enhanced by tho provisions
Of the Treasury Note bill
| A second effect will be to re-establist tt'
| confidence Of the people in the ability of tn
| Government to meet and overcome all it
financial eml,arrase1nents promptly All that
| HOW required to give permanent value to a
IL
prompt passage of the different tax bills no1
in progress in tho Cougn ssional Committee
The passage Of this bill will have an etfee
. | on the value Of gold. It has been though
that lis passage would give III Immediate it1
petus 10 The rise in the Talue Of specie, on AZ
| count Of the certainty Of an immediate issu
81 Ct paper to take the place of the bank noti
> and specie heretofore used by the people {
| this country The effect, however, on gol
will not, in all probability, he to raise it's vlr
much ut least for the present; for the tmpo
tant amendment, adopted, pro1iling for Il
pa, 1nent Of duties in coin and In the den1an
Z noits already issued. renders these latter a
b most as valuable as gold itself. By iucTeas11
$ tho value Of TIC demand notes in this ma
:. ncr the effect is cluiTaIcnt 10 tae intr
: Ut, into general circulation. Thus, the
Z | the stock Of gold and its equivalent
il | increased, and, rs consequence, tho eff.
= Of the amendment will no- be to greatly i
= crcasc, at the present lime, the value Of gol
70 When The act just Iasscd shall have bct
I, placed iii practical Operation by the acts'
!, i=sue Of the notes whose emission it authe
- izes, the value Of gold may possibly be
Is creased, but we think that if . bill is pass,
y By that time imposing taxes adequate to Il
= payment OF interest On The national debt co
= t::sctrd and to bc contracted in pEosecuti.
I Of the war, the value Of the notes will be t
is | sum EXPRESSED on their face, Or, in 9th
pr words, the value Of gold will not he enhance
~ The effect Of the legal tender clause will
ol good. inasmuch as it establishes . unifol
5 currency throughout the United States, a,
e drives out OF circulation much of the wort
nc | less trash with EAicl TIC country has be
10 flooded, substituting therefor notes to t
G" redcmpticn Of which tho faith Of the natl
J. Is pledged and its property mortgaged.