The old Abe eagle. (White Oaks, Lincoln County, N.M.) 189?-189?, 1894-06-14
SHORT CHAPTERS ON MONEY.

SHORT CHAPTERS ON MONEY.
The following figures for paper cur
rt ncy Issued dur ng the late war are
fro the convenient little work of Mau
rice l.. n uhleman, cashier of the u. S.
Sub Treasury at New YORK:
"The issue Of interest bearing notes
during the period Of the civil war
amounted TO nearly 81 ,450, 100000 First
under the act of July II, 1861, three year
! otes, bearing in terest at 3-10per cent
q cents per day on sl00) were issued to
the amount OF S,40,09l,750; following
this, under the act OF march 3, 1853, 81,
$4,000 one year per cent notes, and
S1G6,4S0,000 Of two year per cent notes
we're issued in denominations of from
S10 to $1,000; these notes wers legal
tender, the same as United States notes
still in circulation. Under an exten
sion Of the last mentioned act by that of
June 3d. 1864 S2G6, 675,440 OF three year
notes bearing 6 per cent compound in
terest, also legal tender, and of about
he same denominations, were issued.
The act OF 1864, amended by that f
March 5, 1865, gave authority for the is
sue of 1929, ,992, 500 Of three year notes
bearing 3-1G per cent interest, but
without the legal tender power. Subse
Iuent laws permitted the conversion Of
hese last mentioned notes into bonds.
OF this vast issue of notes all bnt $500
| 200 have been redeemed or converted"
Daring the same period large amount
Vt certificates of various kinds were is-
aued as temporary expedients, to deposl-
tors of money, or to persons whom the
government owod, but they do not come
ludcr the head Of smoney," as they di3
aot eerve the purpose Of money in gen
eral scnse.
During the war psriod considerable
sum in fractio nal paper currency was is-
iued. These notes were in 3, 3, 10, -
and 80 cent bills, with later Is aud 90
cent ones added, and were populary
nown as "shiuplastera," as the larger
denominations we're known as Green
1acks." The issue Of these fractional
notes was discontinued in 1876 (Feb. l5).
Che 8 and cent notes had been super
eded by nickel coins OF the same demon
nations in 65 and '6G respectively, Sill.
YER coins took the place Of the other de
iomin stiOns, except the Is cent notos
hat denomination being dropped (l374)
md the 20 cent note and coin both after
ward being discontiuued.
Over sl6,0l00c0 Of these notes wal
never redeemed, much OF which was los
~ worn out in use.
Gold and silver oeriifiostes, in genera
nse as money, are such only in the sons
! hat they represent real money; they cir
: culatc perfectly freely, while tho none
they represent lies dead in the vaults
only to be brought ont 10y the surrende
Of the certificate 1t is we'll known t
! business men that the metals will DO
/ circulate freely in more than very Unite
{ amounts, SO that the main sdyantag
II these certificates is their convenience
they make much moro available I'll
money they represent idle than The sam
} m ,rey itself would be in circulation
but do not increase the volume.
National bank notes are, az lie we
/! known, based on Government bonds pul
o chased by banking associations aud de
posited with the Treasurer OF the Unite
States When the bonds have bcen df
posted and other necC ssary prelimin lrie
G. 90 beginning operations attended to, th
y bank il iu rnished with notes not to el
II coed in volume % per cent. OF the face {
=, the bonds deposited These notes ar
: countoraigned by the Register OF th
: Treasury aud signed by the proper of
n Hals Of tho bank that Is so issue then
f.. The banks as rule carry only the miI
l. mum nmount OF notes necessary to n
. tain their existence Ms National bank
= which gives them some advantages
u popular estimation in the carrying on {
: the ordinary lines oil banking bushes
d because there ia very little or no prof
:, 10 the circulation. In The first place,
buy 100000 worth Of bonds, on whic
to issue s10,0O0 Of uotes, 1osIe, say, sll
Ie 600 (for Government bonds cannot l.
m bought at para The bank will recel
!, mt crest on those bonds ri, say per Ger
or $1,000 4 year, 1t must deposit 8 p
e cent Of iis notes with the Treasurer
@ security for deposits. This leaves 4
II, 600 available Tor loans. They pay 10 Il