Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1862-03-05
BY SAMUEL J. ROW.
THE q. S. NOTE LAW.

THE o. S. NOTE LAW
The following condensed transcript of this
important law, as it passed both Houses OF
Congress and received the signature of the
President, will doubtless give better idea of
what it contains than publication of its for
NAL provisions-hence We prefer it.
The law authorizes the issue of $3.50, 100000
of United States notes, of not less than five
dollars each, payable to bearer at the Treasury,
without interest, and said notes may be rc-is-
sued as the public interests require. Fifty
millions of the notes are to be in lieu Of the
demand notes now in circulation, which latter
are to be taken up as rapidly as possible, and
the aggregate Of both kinds in not to exceed
$l50,O0O,0 900.
The nep notes are made lawful money and
legal tender in payment of all debts, public
and private, within the United States, ercept
for duties on imports, and for interest on bonds
end notes payable by the United STATES. Interest
on the bonds and notes of the United States is
to be paid in coin, and nothing but coin is to
be received for duties on imports, except the
demand notes Of the old issue in circulation.
Holders of the new notes may deposit them
in sums OF fifty dollars, or multipes of fifty
dollars, with the Treasurer any Assistant
Treasurer of the United States, and receive
IN exchange equal amounts of bonds, coupon
or registered, bearing six per cent. interest,
payable half yearly, which bonds shall be pay
ble twenty years after date, but which are also
redeemable at the pleasure of the Government
at any time after five years and holders of
said notes may pay them at their par value for
any loans hereafter sold or negotiated by tho
Secretary of the Treasury.
1t is further provided, in the fourth section,
that the Treasurer or any Assistant Treasurer,
or any designated depositary of the United
States, may receive these notes on deposit for
not less than thirty days, in sums not less than
one hundred dollars, for which certificates
shall be issued, bearing five per cent interest,
and said deposits may be withdrawn at ten
days notice. The interest on said deposits is,
however, to cease at the option of the Secre-
tary of the Treasury, and the aggregate of the
deposits is not to exceed S25, 900, 900.
The second section of the act authorizes
the issues of $500, 900, 900 of coupon or regis
tered bonds, in sums of not less than fifty dol
lars, payable in twenty years, but redeemable
at the pleasure of the Government after FIVE
years, which bonds bear six per cent. interest,
payable half yearly, in coin, and are exempt
from taxation by any State authority. These
bonds may be sold by the Secretary of the
Treasury at their market palue.
Section five provides that all duties on i'm
ported goods shall be paid in coin, COR in
United States demand notes Of the old issue
until they are all taken in,) and the coin so
paid shall be set apart special fund, to be
applied, first, to the payment of interests on
Government bonds and notes; and, second
purchase annually one per cent of the entire
debt as sinking fund. The residue of said
coin is to be paid into the Treasury.
The third section relates to the form of the
bonds and the manner of signing and attesting
them the sixth section relates to forging and
counterfeiting and altering the bonds, notes
and securities authorized by the act, any
guilty participation in which is made felony,
and is punishable by fifteen years. imprison-
ment and fine of five thousand dollars and
the seventh and last section relates to the safe
custody of the plates used in printing the
uotcS anu JULIUS, duu HhdhcS duy ilduuuieut
use of them, or the engraving, or using, or
possession any face smile of them, and all
other modes of fraudulent use, felony pun
ishable by fifteen years imprisonment and by
fine OF five thousand dollars.
PARTY BEFORE CoUNrRY.-The Democratic
State Convention of Connecticut was in Ses-
sion on the day of the arrival of the news OF
the capture of Roanoke Island, by our troops.
The following item from the New Haven
Courier shows how the gentlemen composing
the Convention were affected by the news OF
Gen. Burnside's victories
Gen. Burnside'g victory was handed to several
gentlemen On tie the platform, with request
TO announce the Joyful news to the convention.
They declined to do it, and then the President
was requested 10 read it. but he also declined
The truth is these fellows care more for
their party than they do for their country.
THE COLLECTION OF CoIroK SEED.-The ag
ricultural department of the Patent Office has
received letter ftom North Carolina stating
that collections of Gotten seeds we're being
made at Roanoke Island, and other points in
that State, which will be sept bitker at an
early day. The seed will be distributed, for
the purpose of experiment, through the mid
die and northwestern States.
-A>>~~
DEATH OF GEN. LANDER.-It is with sorrow