The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-05-15
GLEN PROOF.
Hon. John DE- of Kansas Proves
That the Pc lpita Circulation
in This ntry in 1866
$64.
NOW IT'S ABOUT @s
Read and Show Your Neighbors,
But Keep for Future Reference.

I'VE remember how the Pioneer
Press Of st. Paul used to declare that
the 7.3O notes were not money, and
had never been used as such. Here Is
the answer. Ed. REP.
Mr.. Secretary. you say you are un-
able to account for the strange state
ment attributed to Gen. Spinner, that
"the 730 notes were intended, pre-
pared, issued, and used as money"
With all due Difference. Mr.. Secre-
tary, I would suggest that you read
the laws authorizing their issue. Let
us take as an example the law Of June
80, 1854. Section 2, reads as follows:
''Section 2. And 5e 1T further en-
acted, that the secretary Of the treas
ury may issue On the credit OF the
United States, and in lieu OF an equal
amount of bonds authorized by the
preceding sect;c,s, and as part OF said
loan, not exceeding 5000, 100000, in
treasury notes Of any denomination
net less than SO, payable at any time
not exceeding three years from date,
or, il thought more expedient, re-
deemable at any time after three
years from date, and bearing interest
not exceeding the rate Of 7.3 per cent,
payable in lawful money at maturity,
or at the discretion of the secretary
semi-annually. And the said treasury
notes may be disposed of by the secre-
tary of the treasury, on the best
terms that can be obtained, for law
full money; and such Of them as shall
be a legal tender to the same extent
as United States notes for their face
value, excluding interest, and may be
paid to any creditor of the United
States notes for their face value, ex-
Guiding interest, or to any creditor
| willing to receive them at par, includ-
| ing interest; and any treasury notes
issued under the authority of this
act may be made convertible at the
discretion of the secretary Of the
treasury into any bonds issued under
the authority of this act. And the
secretary of the treasury may redeem
and cause to be Cancelled and destroy
ed any treasury notes or United
| States notes heretofore issued, under
authority of previous acts of Congress,
and substitute in lieu thereof an
equal amount of treasury notes such
as are authorized by this act, or of
other United States notes: Provided.
that the total amount of bonds and
treasury notes authorized by the first
and second sections Of this act shall
not exceed $500, 600, 900. in addition to
the amounts heretofore issued; nor
shall the total amounts OF the United
States notes issued or to be issued
ever exceed $500, ,O0O, 600, and such ad-
ditional sum, not exceeding $50, 0,000.-
600, as may be temporarily required
for the redemption of temporary
loans; nor shall any treasury note
bearing interest, issued under this
act, be legal tender in payment or
redemption Of any notes issued by any
bank, banking association, or banker,
calculated or Intended to circulate as
money"
In "treasury department document
No. 949 loans and currency" 1856,
page 2O1, / find the following:
"Section $500. Treasury notes is
sued under the authority Of the acts
of March 3, 1863, chapter 73, and June
50, 1864, chapter 172, shall be legal ten.
der to the same extent as United
States notes, for their face value, ex.
Guiding interest.
Then follows the usual provision
that the said notes shall not be used
to redeem bank circulation.
This fixes the status of $500, ,O00, ,O0(
of the seven-thirties, as stated by Gen
Spinner, that they were INTENDED
prepared issued, and used as money
The act Of March 8, 1865, authorized
$500, 600, 900 additional seven-thirties
precisely like the above, except as tt
the legal tender quality, and on these
two acts were issued 1929, ,992, 500. (See
Messages and Documents, Abridg
, ment 1S73-1874, page 96.)
There is no use Quibbling, Mr.. Sec
retary, as to what parts of the publ,
debt have been used as currency. All
forms of paper obligations issued b.
the government are set down by tht
treasury officers as public debt.
/ Part OF them are susceptible of trans
( fer from hand to hand, and are, hence
, used as currency or money. Tha
which cannot be so passed from hant
to hand in the common transaction
r of business cannot be fairly classed a.
> currency or money. BY this true tes
!. the subject Is rendered exceedingl,
} simple. All forms of certificates, will
VI WlUIOuU uuCICSV, ulO 0AO sWVAO uDA
l formly used as money. The coupon
: bonds, usually known as treasur.
notes, like the old seyen-thirties, wcr,
r very valuable currency. They cir
! culated as money, and they took th
' place of legal tenders in the bank re
+ serves, as described by Presiden,
a Grant in his message Of Dece mber
. 1873, thus setting free the legal ten
derS.
: l remember well, Mr. Secretary, tina
/ 7.3O notes were used as currenc
a among the merchants and farmers o
!. Central Illinois, and men Of othe
8 states told me that they were used ii
4 their sections. I now meet men her
in Kansas almost daily who distinctly
q remember and state the facts as dc
o In order to refresh your owl
3 memory on this subject, respect
d fully call your attention to the follow
a ing letter. handed me by Mr.. Dun
= ming, of Washington, d. c., to WHOM
it is addressed. The writer Mr.. H.
Barnes, is gentleman of undOubte
e veracity, standing high in the CON
. munity where he resides:
= 'Tiffin, Ohio, Aug. 81, 1892.
Is "Dear Sir:-Yours of 29th at han
= and inquiry noted. We had no at
davit regarding the sale Of land b
-