Middlebury register. (Middlebury, Vt.) 1886-1937, 1895-11-01


Sl7.5O, June 30, 1891. The act of Feb. %,
1862, authorized the issue of $50. OOO. 600
of United States notes (greenbacks), not
hearing interest and in denominations of
not less than 50; fifty millions of these
notes to be- i'm lieu of the demand treasury
notes issued july II, lSGl 1t was fur
ther provided that the amount of the two
kinds of notes should at no time exceed
Slj0,0O0,000. These United States notes /
were lawful money and legal tender for
ali public and private debts. except du- |
ties and Interest on public debts and ev-
cry holder of them to the amount of $50
or multiple of $50 might exchange them /
ut the treasury for 6 per cent 30 United |
states bonds. 1t was also provided that
these NOES should he received the same
as coin at their par value il payment of
any loans of the United States and that
they might be ressued. 4 law of June
of the same year. permitted dcnomlna-
tons of less than So The act of July
II. 1852. authorized the issue of Sl50, 0OO,-
900 more Of these notes and that of March
3, 1863, another 100000, 600. This last
law limited the right of exchanging them
for bonds to July |. 1868.
The largest amount of notes circulating
at any time was Sli0.33S. 902. Jan. 3, 1854.
The act of June 30, 1864, limited the is
sue to Sl00,0000O0, and $4,000. 600 TO be
temporarily used for the redemption of
I tpulnnrurN loun- \ ftaV 10,
was gradually reduced. The act of April
y. 1866, limited the reduction to So
OOO,OOO monthly for ~iX months. and
Si,OOO,OOO thereafter. 1t also authorized
their being funded into bonds. Dec 81.
1867, there were S3JG, 900 900 outstanding.
The act of Feb. !, 1865 forbade their fur
ther retirement
The act of March Is. 1853. solemnlv
pledged the faith Of the United States to
the payment of these notes in coin or its
equivalent. at the earliest practical peri.
cd. In 1873 the treasury increased the
amount by another issue of nearly 81
100000 making in all outstanding at that
time S3S2,979.Sl5. by act Of June ~.
ISL the maximum amount of these notes
was fixed at S3S2, OOO.OOo.
The act of Jan. II, $50, provided for
their redemption in coin in sums NOT less
than $50 90 at the sub-trea-ury I'm NpV
J ork on or after Jan. /. 1879, aud also
authorized their retirement to an amount
equal to 50 oo of the new national bank
circulation then being issued. but not to
exceed SS2,0OO,0O0. This act alsoauthor-
lied sale of bonds for coin to be added to
other coin available in the treasury for
the redemption of the notes on and after
Jan. /, 1879.
May 81, IS7S, congress prohibited
further cancellation and directed the re-
issue of those redeemed since which the
amount in circulation has remained what
it was at the close of business on the day
this law was approved, BAG. GSl,0 lG.
From Dec, 1861. until 1873, gold COM
manded = premium. and the United
States notes were below par. The price
of gold dollar during that time varied
from 81 Of! in 1862 to 80 in 1864. and
81 .02t in 1877.
Jan. !. 1879, the treasury, above Sll4,-
900 of gold on hand. in excess of out
standing gold certificates, began the re-
demption of these notes. There were
that month but Sl,57l, 725 presented, and
the whole redeemed afterwards reissu-
ed to June 30, 1891, was SlG3, 09S 500.
~ the notes were equivalent to gold
after Jan. l. lS-g. the treasury accented
them for duties ON imnorts
The law of .TuIy -. 1SS2. as before
mentioned. .uspendcd thp issue of gold
certificates when cold coin and bullion
in the treasury was les, than sl00 600
600 Since May Is. lSSj. this nnoun, of
500 OOO. 600 has been considered a sonar.
are and distinct fund held for redemption
PURPOSES. and so renorted in treasury
Statements. This fund has also been
. ,