The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1862-02-07
L Government Currency for the
People.

New York exchange of the 22d, shows that
we are at last to have definite financial &C.
tion at Washington. If the Committee will
add tax upon the circulation OF the banks
so as to force it gradually to be withdrawn,
they will meet the views of the people of
the West. Simply to add another hundred
millions to our currency would so initiate the
prices, that it would to very considerable
extent defeat the ends it had in view by the
Government in ssuing it. Scarcely any
thing could be worse financially than for
the banks while in state of suspension, and
the Government to enter into competition
as to which could issue the more rapidly
promises to pay:
The bill reported from the Committee on
Ways and Means today, provides that for
temporary purposes the Secretary of the
| Treasury is authorized to issue, on the Gre
dit of the United States, one hundred mil
lions OF dollars Of United States notes, not
bearing interest, payable to 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 be may deem expadient,
not less than five dollars each, and such
| notes, and all other United states notes
payable On demand, not bearing interest
heretofore authorized, shall be receivable
for all debts and demands due 10 the
United states, and fer all salaries, debts
and demands owing by the United States
10 individuals, corporations and associations
within the United States, and shall also
be lawful money aud legal tender in pay
ment lOr debts, public and private, within
| the United States, and any holder of said
| United States Notes depOsiting any sum
not lass than $40, or other than mu tip.e
| with the Treasurer Of the United States, or
either of the Assistant l'reasurers, or either
of the designated repositories at Cincinnati
or Baltimore, shall receive in exchange
| therefor duplicate certificates OF deposit, Ole
OF which may be transmitted to the Secre
tary OF the Treasury, who shall thereupon
Issue to the holder an equal amount IN
Bonds OF the United States, coupon or reg
istered, as may be desired, bearing interest
at the rate OF six per cent and redeemable
at the pleasure of the Government alter
twenty years from date; or in SUMS not
less than $25, Tor which, if requested, the
Secretary, if be deem it expedient, may is
sue similar bonds, the principal and interest
of which may be expressed in the currency
of any foreign country, and payable here,
| and such United States Notes shall be re-
| ceived the same as coin, at their par value,
in payment for any bonds that may be here
after negotiated by the Secretary of the
Treasury and may be reissued from time to
time, as the exigencies OF the public services
may require There shall be printed ON
the back OF the United States Note which
may be issued under the provisions OF this
act, the following words "Ibe aoithin note
is LEGAL TENDER in payment Of aU debts,
public and praUate, and is exchangeable for
bonds of the United States bearing SIX per
cent. interest"
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 to an amount not exceeding
| $5OO,O0O,O00, and redeemabie at the pleas
ure of the Government after twenty years
from date, and bearing interest at the rate OF
six per cent. per annum, payable semi>anDu-
| ally and the bonds authorized shall be
of such denomination, not less than fifty
dollars, as may be determind upon by the
Secretary OF the Treasury, or in sums not
less than $4,000, for which, if requested.
the Secretary, if be deems it expedient, may
issue similar bonds, the principal and inter.
est OF which may be expressed in the cur-
currency OF any foreign country, and payas
BILE here.
The Secretary is authorized to issue said
| bonds at their par value TO any creditor or
creditors OF the United States, who may
elect to receive them in satisfaction of their
demands Preceded, That all such claims
or demands shall have been first audited
aud settled by proper accounting officers of
the Treasury; ana the Secretary OF the
Treasury may also exchange such bonds
at any time for lawful money OF the United
States, or any of the Treasury notes that
have been or may be issued under any f0r-
mer act OF Congress, OR that may be issued
under the provisions Of this act. The
United States notes ard bonds authorized
by act, or that have heretofore been aus
thOrzed, shall be signed by the Treasury
of the United States, Or for the Treasurer
by such persons as may be specially ap-
pointed by the Secretary of the Treasury,
and shall be countersigned by the Register
of the Treasury, or for the Registrar by
such persons as the Secretary OF the Treas
ury may specifically appoint for such pnr~
pose; aud all the provisions OF the act en-.
titled g An act to authorize the issue OF
Treasury notes. approved on the 23d day
of December, 1857. so far as they can be
applied to this act, and not inconsistent
Herewith, are revised and re enacted, and
the sum of 100000 is appropriated to en-
aole the Secretary of the Treasury to carry
this act into effect.
The Military Committee of the Gov