The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-03-09
Certificates of Deposit.

WASHINGTON, March 8-The late Congress
passed an act authorizing and directing the
Secretary of the Treasury to issue In ex-
change for lawful money Of the United States
certificates of deposit of the denomination OF
$40, bearing interest at rate Of per cent per
annum, and convertible, at any time, with
accrued interest, into per cent bonds. In
accordance with the provisions OF this act,
Secretary Sherman has issued circular, In
which he says that such certificates will be
sold for lawful money at par and accruing
interest to date OF purchase by the Treasurer
of the United States at Washington, and by
the Assistant Treasurers at Baltimore, Bos-
toH Chicago Cincinnati New Orleans. New
York, Philadelphia, st. Louis and San Fran
cisco, and the Treasurer OF the United States
at Washington and the Assistant Treasurer
at New York will also receive in payment
drafts in favor of themselves, respectively,
drawn on New York, which will be collected,
and the excess, IL any, returned by check to
the depositors. The Secretary OF the Treas
ury will also accept in payment certificates
OF deposit Of national banks specially desig-
mated to receive deposits on this account, but
the refunding certificates will not be delivered
till the certificates OF deposit, issued by the
bank, have been paid for by treasury draft
or by deposit OF a like amount with the
Treasurer or some Assistant Treasurer OF the
United States or until United States bonds OF
equal amount are substituted in their stead.
All national banks upon complying with sec
ton 5153 of the Revised Statutes OF the United
States are invited to become financial agents
OF the government and repositories OF public
moneys accruing from the sale OF these GER
tificates. The money received by the deposit
tory banks for such certificates will remain
on deposit with said banks subject to order OF
the Treasurer OF the United States, and calls
for the redemption Of bonds will issue, from
time to time, as the Secretary may direct.
All banks, bankers. postmasters ana
sons are invited to aid in placing these
certificates. They can make their arrange
ments through the national banks for the de-
posit of the purchase money. Commissions
will be allowed on the purchase OF these GER
tificates as follows: An aggregate OF $1,000
and not exceeding 100000 IN any one calen-
dar month, one-eighth one OF per cent; and
on any amount exceeding 600, In like
! period, a commission OF one-fourth OF / per
cent on excess; and parties purchasing at
| one time $1,000 or more of the certificates will
be entitled to receive them free Of charge for
transportation. Certificates will be ready
for delivery April l, 1879, at which date they
will begin to bear interest, which will be pay
| able on the conversion of the certificates into
per cent bonds. The Secretary also an
nounces that, as soon as practicable, $40 GER
| tificateS will be issued under this law, similar
| In form and upon like similar conditions to
those above described, to be registered on the
books Of the treasury In the name OF the
! owner, which name will also be entered on
1 the face of the certificate.
| WASHINGTON, March 8.-The Treasurer Of
the United States has issued circular in
which he says that he requests national
banks In reimbursing their circulating notes
redeemed under section 8 of an act approved
June 20, 1862 to forward directly to the AS.
sistant Treasurer of the United States, al
/ New York, checks drawn on New York, pay
able to the order OF that officer. with lnstruc'
I tions to deposit the amount to the credit o.
| the per cent redemption fund. Checks
drawn on any other place than New York, OF
sent to any other officer than the Assistant
Treasurer of the United States in that city
are not authorized to be received under thes'
| rapulatiODS