Kansas agitator. [volume] (Garnett, Kan.) 1890-1905, 1891-06-30
Government Paper Money.

times recently to opinions oil the writer's
concerning the amount of paper money
which was issued by the government
during the war period, and how much
OF it was afterward withdrawn and de-
stroyed. In the beginning OF the war.
under the act of August II, 1881, $780,
900, 900 treasury notes were issued, pay
able on demand. The amount of this
issue was increased the following Feb
ruary $4,000, 900. These were known
as demand notes. and they have never
been classed with what we commonly
call grecnbacks. BY the act of Febru-
airy %. 1862. an issue Of $3.50. 100000 in
United States notes was authorized,
$50, 600 600 of which were to be in lieu
of the demand notes which had been is
sued under the act of July II, 1861,
leaving really but 800, 900, 900 with the
$40, 000 600 additional authorized by the
act of February r. 1862. Under the act
of March 3, 1863, another issue of Unit
ed States notes amounting to $3.50 O0O,-
600 was authorized, and a further issue
of $50, 0000 900 if it should prove 10 be
ne cessary for the payment of the army
and the navy and other creditors OF the
government. The whole amount OF
United States notes commonly known
as greenbacks,. authorized to be issued
was intended to be $500, 10000 only. In
fact, however, there were $3.50, 100000
in all, including the first issue OF 500
600, 900 under the act OF July II, 1861.
There was difference, however, be-
tween the legal tender quality of the
notes issued under the lust.nam-
ed act and those issued un-
der the following acts. The first
S50,000,000 were legal tender for
all debts, and they were payable in
coin, while the rest of the notes, in
tended to be limited to $500, 600
were legal tender for all debts except
ing duties on imports and interest on
the public debt. So many different
acts were issued that they became con-
fusing to the secretaries of the treas
ury, and while it was Intended to
issue only $780, 600, 900 of United States
notes, excluding the $50,000,O00 full
legal tender before referred to, on the
3Oth day of June, 1865, as appears by
the report of the secretary of that year,
on ,...a IS 40 and Al, there were outstand-
ing S4OO.6l9.2 O6 of greenbacks.
The reader will understand that
notes" were at the time of their issue,
and have been at all times since re-
garded as two separate and distinct
classes of government paper money.
The United States notes were what we
were not. The treasury notes we've
made up of notes issued payable in one
year, payable in two years, payable in
three years, and payable on demand, 50
that they were called, some of them,
demand notes." some of them zone
year notes." some Of them 'two-yoar
notes." some of them "three-year
notes." and then, there were others
with interest coupons attached, interest
at the rate Of 7.3 per cent. per annum-
2 cents day on 500; these were called
$3.50 notes." and on the Both day OF
June, 1866, as appears in the secretary's
report for that year, on pages AZ and
IS, there were outstanding 1906. 25l $50
of this class of notes. By referring to
pages % and 26 of the report OF the sec
rotary OF the treasury for 1865, the fol-
lowing different classes and amounts OF
government paper money were out
standing:
Compound interest notes due In
looI-o,
7-3O treasury notes due in 1878 SO6, Psi $50 Oh
Temporary loan, ten days notice l2al75, l9o 10
Certificates o. Indebtedness, past
due. SooSl. OO W
United States notes ... AGO, S9i 1858 co
Fractional currency, 27,070,S 16 So
Gold certificates OF deposit...... 1O,7l3,lSOO
Making total Of 81, $50 sos, 81 81
In addition to the above amount,
there were retired, counted and de-
stroyed" during the year $2ll 239, 5l5.4l,
as follows:
Old issue demand notes. ...........S 2)0440 20
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