The Manitowoc tribune. [volume] (Manitowoc, Wis.) 1866-1878, 1872-12-26

The Secretary of the Treasury has for
warded to the House of Representative,
the following letter in reply to the reso
luton OF Dece mber 3, asking the. SecIe-
tary to ''inform the House under what
law authority is given the Secretary oi
the Treasury to make an increased issue
of legal tender note, as was done in Oc
lober last, ect
Ihsve to say that the United States notes
in ciFcu alton increased in Octo sr last upon
order I Assistant Secretary Rlcharuson, then &c
ting As Secretary ia the absence OF the Secretary %
the Treasury, il the of about 10 U0U 900 over the
amount outstanding when tho act of February 4,
lS6S became law The objectui the asa tle Was the
rvst the business OF rhe cupnTy. then suffering
from large delay tor currency epieJ I'd III moyIsg
the crops from the Sonth and Nest, The condition
of affairs then existing the country seems TO me
have warranted the Issue upon the ground OF put
le policy The antiorIty for issue found in the
OF February IS, 1851, chapter 33: July II, lo62,
chapter l52 March 3, Sos chapter iS. At the Ds
cenlber term, 1865 the Supreme Court of the Uni
ted States, the Chief Justice, IL giving the opinion
1 OF the Court in the case Bank Supervisors,
eleventh gol Wallace, 20 said the act OF February
s. 1867 provided for the issue OF these notes the
amount $3.50, 100, COO. The act OF July H. 1852,
add another sI50OU,00 to the Circulation, reserv
| ing, however, S50,Oeo,0o0 for the redemptiop
Temporary loan to be issued and used oniys when
necessary for that purpose Under the act OF March
g. 1868 another Sl5O,Uou 90 author
$780, 5000 0-and contemplating permanent circu
Aton pntli the resumption of payment IN coin oI
$4UO 5000 0. At the December term, 1869, OF the
Supreme Court, the same view has again expressed
by the Chief Justice in the of Hank vs. Fenno
! vol. Wallace. 5s1 This opinion Is accordance
with the uniform opirion of the Treasury Depart,
nlent, and with the practice Of the Department
well Since the net Of the 4th of February lS6S,
| preTious thsrets. Es ~
The cancellation and destruction OF notes that have
been Issued by the Treasury Department has legal
effect upon the powerof ths Department rsissued
their stead, and Is apparent from the langu
age employed in the 1868 already referred to-
In that provided that in lieu OF any of said
notes any other United States notes returned to
the Treasury and cancelled destroyed. there may
be issued equal amount or United States notes,
susl. authorized by this act- Prsyious to the
4th of March, 1869 large of nits States notes
were held the Office of the Treasurer at Washing
ton a surplus fund in tie So, ,lp0UO
port circulation for the purpose of meeting any
| ,uddS- demand upon the Treasury, and that tie
| practice has ever since feen continued Notes are
| not printed, any special issue. On the lst OF
March there outstanding more than so COS, COO
of per cent certificates pay able IN legal tender notes
on demand, and the surplus I'm reserve was the only
| means at the command nj the Government FOR meet
! ing any call on account of this liability.
| From this surplus the issue of October last Was
made aud all new notes put in circulation drawn
| from, the same source. te r.-
| Very Respectfully,
| Gso BOUTWELL, Secretary.