The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-05-22

on imports, taxes and internal were
ordered after the 1st Of August, 1915. 70 refuse
tho notes Of all banks that would not receive,
credit reissue and circulate the Trsasury notes at par
The banks not pleased with order but the
government oontended that II they refused tho
moneys Of the United States the United States might
justly refuse their billA But the Treasury notes
rapidly apprsciating In value not hong before the
order lost its obnoxious feature and the banks
rather eager that otherwise 10 avail themselves
Of the privilege Of dealing in thom The Secretary ad-
dressed circular all the banks asking them whether
they were willing, before stated, to receive reissue
circulate the Treasury notes. such OF them had
not become duo, and informing them If negative
swor at all was returned tho receiving Of
their notes in all payments the United States would BIO
prohibited Tho Bank OF New York, tho Now
York Manufacturing Company, the Bank of Au-
gusta Ca and the sddletown Bank of Connecticut pc
rcmptorly declined the proposition, and the Bank OF
America tho Union Bank and the Merchants Bank
of this city and eleven others neglected TO
reply, and their notes were accordingly rejected.
The Secretary was prompted in this movement
solely by a desire to relieve the country from
the embarrassment produced by the want of
national circulating medium and to secure the coope-
ration OF the banks with the Treasury Seven Of the
banks above referred to dscardng the terms of tho
Secretary found afor mature reflection, that upon
the Treasury Department would not be likely TO prove
profitable in the end and they accordingly in and
surrendered They the Bank Of Hudson, the Bank
of Utica and the Orange county Bank Of this State the
State Bank Of Morristown N J. the Bank Of Northern
Liberties, Philadelphia and the Farmers and Mechanics
Bank Of Cincinnati.
MORE TREASURY NOTES WANTED AS CIRCULATING
MEDIUM.
1t was the opinion Of many private bankers and imam
ciers at this time that would be proper policy for the
TO large amount Of Treasury notes Of
smaller denominations without interest like the present
ereenback currency and with them buy up the govern
ent stocks and thus the interest II thought
that thirty millions could thus sdvantageousy b put
aaoat and kept in circulation, making annual saving
70 tho government Of two millions which would other
wise have TO DO paid interest Tho fact that tho Urea
sury notes were current Canada o. par for coin
trbuted 70 make this idea popular There were Others
however, who strongly opposed paper currency, and
who contended that Il was always fsvorite measure
with desperate sdvontures and Msolvens merchants
DISCOUNT ON GOVERNMENT NOTES. aas
Bach city appeared TO have established ts prices
for government stocks and Treasury notes. which
owing mainly to the banks In Boston nominay paying
specie for their bills and partly TO the want Of uniform
mont credit had been continually cried down from tho
commencement Of the war, government stocks, in Au-
gust 1876 ranged between eghtytwo and eighty eight,
while in New York ninety three and ninety four
freely offered and in Philadelphia they but two
cent below par We give tho following table Of prices in
different cities on the 18th Of August, 1885,