The Caucasian. (Clinton, N.C.) 188?-1913, 1891-10-08
seven thirty notes were intend
ed, prepared, issued and used as
money. Very respectfully yours,
II L Grr.->-ru

A5FEEEE SSbkAE VIC H0E5tiC1 d. w
the yariOus government issues
that were used rs cprrency. 1t
was evidently made for chat
purpose, No person had bet
ter right than Mr.. Spinner to
knuw the exact situation In re-
gard TO this matter. His long
sery ice es Quilted states Trea-
80 rar entities ms statements TO
unqualified belief. In his re-
po.. he designates them as cur
reacY. IL his prepared tables
thar are treated 30 currency,
and in all his latters he speaks
of them as currency. No better
evidence than this is necessary
70 establish the fact that they
were intended and used as cur
rency.
Mr.. Fressenden, Secretary Of
the Treas nry, in his report,
December, 1868, said:
It will be seen that, by the
several acta Of Congress referred
to, government paper, as a sub
stitute for coin, under the res
pective designations of United
States notes and treasury notes,
might be issued to the amount
of eight hundred and fifty mil
lions of dollars, viz: United
States notes, not bearing interest
| to the amount of four hundred
and fifty millions, but Of which
fifty millions were to be held
in reserve for the redemption
of temporary deposits, and to
! 5e replaced as soon az possible,
thus leaving the whole amount
intended for circulation but four
hundred millions and four hun
dfed millions of treasury notes,
bearing interest, and which it
was hoped aud believed would
not remain in circulation, as
they could be made a legal
tender only fer their face value,
without interest.
Mr.. John j. Knox, late comp
trclier OF the currency, whose
ability and opportunities for
information are surpassed by
none, in speech which he de
/ livered before the convention
Of the American Bankers AS
ISOLATION, at Pittsburg, Pennsyl-
vsnia, October II and l3, 1887,
said:
About four Years after the
war had commenced, i'll August,
1855, the public debt amounted
to $685., 901 ,416, and included
in ills huge mountain Of in
debtedness. there were 1,54U,-
100000 Of treasury notes either
! payable On demand or bearing
interest, OF which more than
! 800, 100000 was a legal tender
If temporary loans, payable in
| thirty days, and certificates OF
indebtedness, payable one year
after date, SHOULD be included
with treasury notes, the whole
would amount 10 considerably
: more than three-tifths Of the
2,S46,000, 900 Of the debt Of the
conntry.-Proceedings of the
} convention, pages 20-2l.
Senator Henderson said in {
speech in the Senate January
Is, 1868:
Compound interest notes con
stitnte reserve in the banks
Mr.. Hotcbkiss, of New York
: July IS, 1866, in a debate in the
: House said:
3 We have now in circulation
: about 81 ,000,0 100000 of seven.
. thirties, which pass from hant
3 to hand as circulating medium
a to a great extent.
}; Mr.. Morrill,, of Maine, stated
: in @ speech in the House Marcel
e Is, 1856:
t That the banks held immens
:. sums of interest, and were dis
3 posed to flood the country witt
t them after interest had beer
:. realized.
e., Hon. W. Loughridge, of Iowa
n April 8, 1874, IN the House sale
= During the war the volume O
IS currency was largely increase.
: from time to time, until at it
% close the amount in circulatio
z Including the seven-thirties,an
all the different issues whic
rt served the use of currency. wa
g about s1,70O,o00,Oo0, and thi
amount hal been up to the clos
v of The war confined to the State
IS not in rebellion.
- Hon. VIM. D. Kelley, a Re
ii publican member of Congre:
le from Philadelphia, in the Hous
of Representatives, Feb. 10, 1877
The s143,00O,O00 cotnpoun
% interest notes outstanding de-
no 1867 and were legal tender
for their face value. and il til
90 $3.50, 100000 of 80 treasur
noses were not so, the peopl
90 Who accepted them, and use
80 them az such, were deluded b
~ the phraseology of the law ur
- der which they were issued,
90 President O. S. Grant, messae
OF Dec. 9, 1873, also indorses tt
90 fact Of Contraction m To tn.