The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1877-10-26

The component elements of the above
volume NJ paper money III each year
comprise the following items, according
m these were in existence MT the time.
Demand niia one and two-yenr treasury
notes tacts oi Dcc. 21. 1857 Dce. II,
lSdO. and March =, lsbl1 temporary
ten.day luans and une.y.nr certificates of
indebtedness treasury notes payable
III two years mud in sixty days seven
thirty three.ycar rotes; eompomn,l.in-
tercst notes three per cent. certificates.
non-intcrcst. bearing demand anil legal
tender notes tacts ii July II, 1851 Feb.
10, lstia: July IL, lS6a. and March =.
lSsi3l. fractional currency State-bank
notes NM, national bank notes.
Tie bulk III these various issues hy
the Government were explicitly made
legnl tender M their iase value; but TINT
characteristic was not indispensable tu
constitute thcm ingredient parts Of the
money volume; for, were that necessary,
then the Staie-hank and the national.
hank issi,s could not bc rckonel IN
parts II the currency, they not ut any
time OF their circulation having been 4
legal tender between citizen and citizen,
In the discharge III debt. Nothing Ii
more common among bnltionists than
the notion that il IN prcf,ost.rous ~
speak III the I. Osas circulating medium,
y.t those nnlss werc n.a.lc by law lcgdl
tender fully aa the greenbncks them
selves. The aet ~ June 30, 1864. pro-
yi.lcd u. follows;
III. SECRETARY III tile Treasury may iae.ic on
the crsllI III tl.u United Stal.s. and Ii, lieu
atl o'iuai amount q Londs authorized hs the
lttcsttln. ac.lun, and ~ part III saa nat.
liot exceeding tau hundred tnilli. liz uf dollars,
IN treasury nulrs ~ any denomination not less
than ten dollars, payable ~ any tim. noi sAs
ceeding tire. Years from datr, Or. II thought
Inufe sstAalient rtdeeliAbu nj Any time Alter
three Years fr"M dktt, AID bearing tntsr.st npt
exceeding the rate Ut 3lO lNr cei,t., payable
IN lawful nlolluy vi maturity. And such Ut
then, ~ shall br made payable, principal aud
interest, at maturity, shall n Il tysH i.hsbr n
III. sanu sSf.Ht ds United shit.x api.s, yfur Hsef
fur rffnf sStf'"isnJ thh.,sst, and may ba paid
~ any creditor III Tin United States NJ their
face salin, excluding interest, or tn any ersti.
tor ,rifny q ,sstsr. uam af par. Including III.
tefsxt
On Sept. l, 1905, these 7.;N three
year notes were outstanding 10 the
amount III 3xiO, I'M, ,ODl, every dollar of
which was legal tender for itH face value,
under the terms NJ the law, ITO tn sauit
XIV" w HARN yfttsH upfs1 E0I
this one reason, il for no other. the
7.:,On we're superior 10 tho national hank
notes m currency. aud only thu sneern
md lcrinion wasted upon them for b.
ing called circulating medium are 10 be
.lccmcl rreposterons. We're il need
fnl, w might MID tho testimony u
bankers, merchants, corporations and
Government officials 10 prove TINT the
7.'sUN were received .l.pail ont, In the
general transaction of business, quite d.
freely IN Rrccnbacks. They began 70
be hoarlea only after Secretary Nc.
Cnlluch haL entered proiniscnounly and
rapidly upon his policy ri contraction.
when the 7.BOS became valuable 10 cap.
isalists for conversion into $40 bonds.
bearing sif pr cent. interest IN coin.
with ne principal payable IN coin ut
maturity. Then they were bought up
Nv tho brokers. and snon disappeared
from circulation.
I'm July |. lssi6, the outstanding or
available paper n.nasy aggregated 81.
~, 7na. ~. equal n $50, III pr earita ];