Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1871-03-10


e notes, fifty million of which to be il
: lieu of demand notes, authorized b,
act, July, 1851 not to bear interest
/. and to be legal tender for evrything
D except duties to the United States, AM
: interests on its bends and notes this
with some alterations, passed the Sen
( ate and was approved by Mr.. Lincoln
February the 18th; this a, also author
lied the Secretary of the Treasury Il
receive deposits of gold, in sums no
less than one hundred dollars nor fol-
: time shorter than thirty days, paya
BILE after notice of ten days, with in.
terest at per cent. per annum, and t.
the amount of twenty five million
increased by act of March 18th, to fif-
ty million; by act of July 18th, 1852
to one hundred million; and by act Of
January 30th, 1864, to one hundred
and fifty million Of dollars, and the IL
terest to be six per cent.
The notes authorized to be issued by
the act of February 25th. 1862, were
generally called greenbacks. from the
color of their backs; another issue of
them. also legal tenders, to the amount
of one hundred and fifty millions, was
authorized to be issued by act of July
ii, 1852; another to the amount of
one hundred million, was authorized
nv resolution of January 18th, 1853.
| The loan act of March Sd, 1863, author
| lied the issue of one hundred and IF
| ty million more of greenbacks, and
| of one hundred and fifty million more,
| If needed, including the hundred mil
million authorized by resolution of
| January IL, 1863. besides legal tender
| treasury notes to the amount Of four
| hundred million; but of these, prOha-
| bly, not more than one hundred and
| seventy-five million were issued. The
| authorized issue of gTeenbacks was
therefore, up to January I. 1866, six
hundred million of dollars-Of demand
| notes, was four hundred and sixty
million. The act of March Sd, 1853,
authorized the issue of fractional cur
rency to the amount Of fifty million;
the loan for the current year authOriZ-
ed by this act was of three hundred
million ard for the next fiscal year
wiz: from July l. 1868, to June 80,
1854 six hundred million. This act
imposed tax OF two per cent. per an
mum, On the currency of the banks in
cOrpOrated by the several State Legis-
latures. and authorized the Secretary
of the Treasury to receive deposits of
gold and silver in sums not less than
$50, to be repaid on demand certificates
for the deposites, as well as certificates
for any interest due on the national
debt,
By various enactments, the United
States government had authorized the
supplial of paper currency to the
people of the Northern States, of more
than one thousand million OF dollars,
besides the State bank notes in circu-
laticn, and the seven-thirty treasury
notes, and those issued by the nation
al banks. The Secretary of the Treas
ury had only issued Il moderate amount
of the the seven-thirty treasury notes.
He had repeatedly suggested the es-
tablishment of national banks, and in
1868, Congress passed a bill approved
by Mr.. Lincoln on February 18th,
providing for their establishment, cap
ital of each to be not less than fifty
thousand dollars-and to be establish
ed only in cities containing at least
ten thousand inhabitants. Thirty
per cent. of the capital was to be paid
i'm at once, and not less than ten per
cent. thereof each second MONTH
Bank to continue in existence not
more than twenty years, and each
shareholder to be responsible for his
Indebtedness to an amount equal to the
amount of stock held by him. One
third of the capital of each bank to be
invested in United States bonds, to be
lodged in the Federal Treasury, and 10
be security for the national banknOtes
to be furnished by the Comptroller of
the Currency, to an amount not ex
ceeding ninety per cent. of the mar
ket value of the bonds or in any event
the par value. The aggregate extent
| of the issue not to I've over three hun
dred million, and upon the failure of
| bank, the Comptroller of the Treas
ury to sell the bonds, and with the
proceeds thereof. to redeem the notes.
But few banks were established I'M
der this act, which was repealed June
| 8, 1854; and another act passed with
| many similar provisions, but no limi-
| tatiOn to the extent of liabilities of the
| sharehOlder-no bank to have a capt.
! tai less i'm amount than one hundred
| thousand dollars, with fifty per cent.
thereof, to be at once paid in, and tn
be located i'm cities of not less than six
thousand inhabitants.
This continual issue Of paper money
hal the effect of Initiating prices, and
enhancing the market rate of gold as
| priced by the greenbacks standard Of
value-thus gold was i'm January, 1864,
in financial pGrlance 155; i'm April LIS;
in June, $50; in other words, one dol
lar in gold would ia January, buy one
dollar and fifty-five cents of the Uni
ted States paper currency; and in
June of the same year, two dollars and
| q half.
On June the 4th, 1864, was approved
an act of Congress authorizing an in
creased issue of interest bearing treasu-
nv notes. to the amount of two hun
dred million dollars, and limiting the
amotInt of greenbacks To be outstand-
ing to four hundred millions, and pro-
viding that no tax shout be imposed
on government organizations by any
State.
On the 3Oth Of June, 1864, Mr..
Chase resigned Office as Secretary oi
the Treasury.
The amount of currency issued un-
der the Authority of acts of Congress,
from 1851 up to January goth 1854
were as follows:
| GreenbaHks S43l, las, 6T0.s4
Fractional currency 22.s94, s77. %
National bank notes 25,S25. sos o.
af7g 500 243 OG