The Evansville daily journal., 1862-01-30
The Issue OF Treasury Notes.

The bill authorizing the Secretary of the
Treasury to issue one hundred millions of
dollars of United States Notes, is now be-
fore the House OF Representatives, and will
be ably debated. The bill is of great i'm
pertance, and we give our readers an out
line of its principal provisions. The Sec
retary is authorized to issue, on the credit
of the United States, one hundred millions
of dollars of such notes, not bearing inter-
est, payable to the bearer at the Treasury,
or at the Office of the Assistant Treasurer in
the city Of New York, at the pleasure of the
United States, and of such denominations
as he may deem expedient not less than
FIVE dollars each; and such notes and all
other United States notes payable on de-
maRd, not bearing interest, heretofore au-
thorized, are made receivable for all debts
and demands due to the United States, and
for all salaries, debts, and demands owing
by the United States to individuals, corpor-
ations, and associations within the United
States, and are also declared lawful money
and legal tender in payment of all debts.
public and private, within the United States.
Provision is also made for the convenient
exchange of such notes for six per cent.
bonds of the United States, redeemable in
twenty years.
Further to enable the Secretary of the
Treasury to fund the Treasury notes and
floating debt of the United States, he is
authorized to issue, on the credit of the
United States, coupon bonds or registered
bonds TO an amount not exceeding FIVE hun
dred million dollars, and redeemable at the
pleasure of the Government after twenty
years from date, and bearing interest at the
rate of six per cent. per annum, payable
semi-annually and the bonds thus author
lied are to be of such denomination, moi
less than fifty dollars, as may be determined
upon by the Secretary of the Treasury, or
in sums of not less than $500, for which
if requested, the Secretary Of the Treasury
if he deem it expedient, may issue similal
bonds, the principal and interest of which
may be expressed in the currency of any
foreign country, and payable there. The
Secretary is authorized to issue said bonds
at their par..value to any creditor or credit
Ors of the United States who may elect tt
receive them in satisfaction of their de
mands; provided that all such claims o.
demands shall have been first audited anC
settled by proper accounting officers of thu
Treasury and the Secretary of the Trea
sury may exchange such bonds at any time
for any of the Treasury notes that have
been or may hereaftar be issued under any
former act of Congress, or that may be is
sued under the provisions of this act.
Ofthe bill, the National Intelligencer, re-
marks;
1t is simple and perspieuous in its terms
meeting the public exigencies at once, and
furnishing currency which it may be pre-
sumed the business transactions of the
country will absorb, without any danger oi
depreciation from the effects of an over
issue.
The bill, however, is silent on one very
important point, at least point of whose
Importance we are strongly persuaded, and
which has been enforced by us in former
references to this subject. For it still re-
mains to ask, ain what is the interest on
the bonds issued under the provisions o
this act to be payable 2" In gold and sill
yer OF in Treasury netes2 However sol
emnly the latter may be declared By law
legal tender" equally with the former, il
demands no great financial sagacity to pre-.
dict that both at home and abroad, th,
credit of the bonds will be largely depen
dent on the solution of this question. Max,
the interest of these bonds payable in gold
and they will have real aud permanent
basis in pnblic confidence. In the absenc
of such basis, the whole scheme win be ex
posed to dangerous fluctuations, that mus
greatly impair the credit of the Govern