The New York herald., 1862-07-28
TREASURY NOTE BILL.

TREASURY NOTE BILL,
approved February rs, 1862 This vas without excsp.
ton, the most important financial measure in
trodocsd in Congress since the outbreak OF the
rebellion. II placed In circulation an immense
number Of government notes, without interest,
which were made by ts provisions legal tender
IN payment OF all debts, public and private within the
unted except duties imports interest apo,
bonds and Its important provisions may be
briefly stated ~ follows
i authorized the secretary Of the Treasury issue
the credit Of the unod States, sl50,00o 900 Of d.
nsrc ustee, Of denominations lsss Than IS each
2 Il provided tnai so 900 ooo OF the should be
lieu o. Ihs demand issued under the Of July
II 1s01 winch IL required 10 be taken up quickly
possible
8 That the whole number Of deunsad notes OF both
Issues IN circulation any tine, shall exceed
$50 ,ooo, 900.
A. That the notes shall lie rsssivabis in payment
of al and debt, due the United states except
duties on imports and ~ all claims against the United
states except FOR gron bonds and notes which
required to he paid IN coin.
s. That the Dctes shall be csrtibls into United
bonds, coupon registered bearing Interest at
he rate of six por cent payable semi annually and rs.
lsSas.s a no lss:ar. = he United sac, s., sC:
years and payable twenty ysars after the date thereof
That such notes SHAH es' receivable the same as
con their par value 10 payment Of any loans there.
after negotiated.
4 That the Secretary nav ssue coupon register ed
bonds 10 an amount exceeding $500 100000, re-
dcemsbs the pleasure of tho Unied States after I've
years and payable twenty years from date bearing in
ersst the Of six per cent payable semi-annusly
The bonds ba disposed u st any time ther narfc
value.
That ths secrsary may receive deposits ia sums rot
I~yy ahsr nat i.sQ hfrfv Aavs
therefor certificate. q deposit bearing interest al The
rate Of Ave per cent aggregate o. such d.
post at tine TO exceed s25, 600
o. That duties imports shall be paid ia coin or do
nland notes Of the first ssue the coin Tins
he special fahs for the payment Of interest the
bonds and notes; for the purchase payment Of
per esntum Of the sutlrs debt Of The United States bo
mad. within each fiscal year after July 1892 which
to be sst apart a sinking fund.
Al the lime OF passage OF this law the Treasury
wss exhss,sd contractors In all parts Of he coun.
Try remained unpaid. and, Unless this bill Should
pass, the Secretary would have means At
hand by which to hqudatc tho debts of The govern.
men. Sir spaaidiug, ~ his speech on iho measure,
truly said wers in greater peril than At this
rnorent II Win require all our best energies 10 suc.
sessfuly the tyists through which passing
am opyressed by the magnitude OF the work before
Tho ssa tsuder provision of The bill experiment
NJ Ss necessity had before compelled govern.
ment to the issue such of paper
money An interesting discussion was carried on
throughout the loyal section Of ths country this oil
importss, subject. While the majority Of the news.
papers md The greater part o. the peops earnestly
msnded inc nov nens many looked on with dsfsyor
wys~H S6rss.Ts - - --<kK AT r n 'tT y s-s-~S
and loudly nrDehlmed theu fears aud apTrehensone.
said the latter class y tho gov~ansnt 'if ypu lssu.
such an amount q paper money yoo VIII initiate price.
To- an alarming exsnt; yan will bring ruin and dlsfros,
on tho nation; you vii only gsiu temporary rstef
and az sumc day, perhaps not far distsu, the
orasb vii come aud the government and the peopie
10 bankrupt Int those sho thus vowcJ the sabjecs
AIDED 70 propose better plln, and lyDgress ,hok.ps