Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1862-03-07
THE TREAsURY NOTE LAW.

THE TREASURY NOTE LAW.
Az Ac 10 suthoriss the issue Of United States
notss md for the redemption or funding thereof.
and fof funding the noating debt Of the United
6tstss.
Such We understand to be the title Of the
law which, after much earnest discussion
and Q conference o, two between the two
Houses of Congress, was passed on the 18th,
and received the Precidept's signature on
the 26th. Avoiding the necessary proliI
language of the act, we give the substance
Of its most important provisions.
i. The Secretary of the Treasury is Gu
thorized to issue $50, 900 900 Of Treasury
notes, not bearing interest, and Of denomi-
nations such as he pleases. but none below
IS each provided that S50,OOO,OO OF
them arc to be used as substitutes for the
demand Treasury notes authorized by the
act of July IL, 1861, which demand notes
are to be taken up by such substitution as
soon ss possible and Of both those and the
notes issued under this act, no more than
$50, 600 900 are to be out at any one time.
2. These notes, for all purposes, except
to pay duties on imports, and interest on U.
S. bonds and notes, (Which are to be paid in
ooin,) are declared lawful money. and a
legal tender on all debts, public or private,
in the United States.
). These notes, in sum- of fifty dollars,
or any multiple OF fifty dollars, are, at the
pleasure Of the holder, ~exchsngeable for U.
8. six per cent bonds payable in twenty
years, or in five years if the United States
shall 70 please, and the notes are to be re-
ceived in coin at their par value 10 payment
for any loans hereafter sold or negotiated
BY the SECRETARY Of the Treasury. and ray
be reisued from time to time as the public
.eIigencies require.
4. $500 ,000. 900 of six per cent. bonds,
interest payable s~emi-annually, are authOri-
sed, redeemahle in 20 years, or in 5 years il
the United States shall so please, to be issu-
cd in denominations of $50 each, or upwards
which bonds may be sold by the Secretary
Of the Treasury at their market value, fol-
coin or U. S. Treasury notes.
5. All United States stocks or bonds are
exempt from taxation by STATE authority.
6. All duties or. imports which are paid in
coin, or in Treasury notes heretofore author
isod to be used in payment Of import duties,
ara L, b. Hade special fund-are applicable,
first, to the ps,.--ent in com of the interest Gu
U. S. bonds and notes ; second to the pur'
chase of l per cent. yearly. II the entire
debt of the United States and hiro, the
residue is to be paid into the Treasury of the
United States.
Z. Severe and minute provisions are made
to punish all forgery, and all fraud relating
to the making, issuing or keeping fraudulent
notes, bonds, coupons or other securities of
the U. States-or any plates, engravings,
photographs, or printed matter whether made
in this country or elsewhere, and intended or
adapted for such counterfeiting, forging or
fraudulent purposes.
We can see no reason why the Treasury
notes issued under this law will not make a
valid and stable currency, generally as use
full, and in multitudes of cases far
more convenient than coin would
be. The risk from counterfeIting
is not near as great. They will s rye to do
the business of the country with-to effect
exchanges of property-certainly as well As
any bank notes can do it, and they are con-
vertible into interest-bearing bonds at the
pleasure Of the holder-this interest to b.
payable in com, if the holder wishes to r.
eeive (which. il majority of instances
he will not choose 10 do, for the simple rea-
son that the note is just a. good for his pur
poses and q great deal more convenient.
But now, Messrs. Members of Congress,
having provided the material receivable in
taxes, push on your tar bills, and do not be
long about it either. On every hand we
hear opinions that members of Cong'es are
aired to lay the taIes-awaiting, each One
to see if he can not contrIve to IN Ike out q
case whereby his constituents shall be made
to believe that he has helped to save then
necks from bearing their full share of the
public load. We believe that if any member
of Congress shows himself to be time-serv-
ing and seli-seeking in this matter, he may
expect to meet not their praise but then
frowns when the reckoning day comes.