New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1863-03-04

redeemed CT paid al maturity Mo Secretary may issue
exchanged redeemed paid shs b. cancelled end de-
.sa the T.d .
Freauy notes when required shove provided me sece
s@opn Of Soo witch msy be issued il necessary
Tor such exchange but pat OF the United states notes a
other than said sIcbapge any smoupt
shall have been i.sued and applied the se shall Do re-
for United States notes. According the ABOVE ec,lon
The Secretary is authorized to sell The 300 OVOOo OF
bond. upon tho best terms that be obtained for them
The Secretary authorized to these bonds
20 any creditor Of the United States willing to receive them
| OF par.
In regard to the opopof making these bonds legal tender
oL tue lace value or Ct conyern them into e2a tender
for stating thst
The holders empowered to avail Themselves Of tho
Legal tender option for their full value excluding interest.
4 The holders also exchange these bonds
with tie accrued interest FOR legal tender notes,
vertbls legal tender with Congress aud
that casno be delegated Others The Secretary may
creditors willing receive them and he may prescribe
the rules Tor conventions but the option OF using the legal ten
bonds, and not with the Secretary.
The n'ee. ucn these bonds being payable In currency
md then atpIity fixed short date. without the option
Of them into long bonds Ia clear tia. they viii
not be taken for lnvsmsnt any great long the
2O and lo-ye o. ana certificates OF Indebtedness at or
below par with interest upon them payable IN coin, will
they be temporary loau, since the holder receives
ntero upon conversion obe than that which Las accrued
date Of interest payment next preceding such e1
Therefore probable that the holders Of the 800 900 900
In bonds will tbem into sgaender notes the
tent Of and tina. tho s%oaat Of National cur.
To facilitate the holders Ia this certain and prompt"
chssTse q these bend. for lesaerder notes.
be issued or applied 70 any other P"GPGis for Com
gre,'. m.Y be stated a. follows: .......
Legal Tender acts OF 1863. YJOCOOOO
Legal Tender actl OF 1909 ...........:... l5oooOooo
10 redeem Treasury Notes convertible into Legal
IgoVVV~0
Pofa Curency., ouuOUWV
new aux 'oooVWV
Totst....................... $50 900 900
Tie notion that pce. are mainly determined by guam
lily Of money in circulation rests necessarily upon the ut'
ti> etio a. 80 seJ snn, o., ali liz
labor aud commodities IN course OF exchange so that IN pro-
portion there Is less this representative there
60 mors Of tho thing, represented ia exchange for H.
Fer instance lto products Of capital aud labor n the
SUN Of Thirty hundred millions Of doa' and he Ieal
and pcrso." property Of the country IN oo0 ws' ysaed az
odue OF 1852 and only twelteih Of the naons PROV
ery wen, Into market in 1850 the eIcsIse' OF the yes-
would fsqu1re twcniy,sven hundred millions Of dollar IN
monsy represent the values exchanged but mo specie ana
currency IN circulation 1900 did together amount 10
Ihrer hsrded hf,y millions, one-cshh OF the su9
Arthur Young PIosesivs Value o. alohey ~ hhslsnsl
lily Of money thus; 49,,
comm difies. noHfy
In 6,h century the l:.h..... q ceat a9e Ger!
In gth c@nary over the l7th.. II 4 cent ll2O " ceut
for.er to be observed t tho average price, Of the
l1h century those OF TIE Ion coIrhG Iea e ore
Ia nae Of paper money exhibit advance a III Y cont
While the sysrsge prices Of the sh century 10 when there
great OF money beside the Immense increase
or the precious a show AL advance upon those 81 tie
ian CO siary OF only II & cent ,. ,,,
Tie folswIn. period Of commercial history efolts
ioin,, strongly showing tn" Hb'ence Of the
niles q pro portion between prices anG cuTGcnoJi ,
TnAr bank circulst on AID banA deposits TO ihd
at to actiye medium circulation, a. ne best att uAoe
.ur. OF tho relative Of buues IT different
.l, AID the iJOHi relation, or want OF relation,
b,twrcA price. and raoney and IL reprtsenIatve'
1859. 1860.
p.,. r,..s. ...........f 10 .s, 2l3 t9U1,lt2317
- I-,o..t. 100 400 ~ 25Jpr2 i29