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The Treasury Demand Notes

The Treasury Demand Notes image
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The bilí matiirud by the Cotnmi'.too ol Ways and rneans, authorizing tho issue of deinand Tieasury note:, próvidos that for temporary purposes th Secretary bo ftutWorized to issue, on the credit' of the CFnited States, $100,000,000 of tliuin, not beaiiog ii.tei:e.-t,, payuble 'onerally without speuiPviiigr noy place or time of payment, and otf such denomjnations as he oay dema expedient, not les than fivo dollars each ; and such note., and uil other' Treasury notes payuble on demand,and Dot bear'ijig interest, that havo been heretofore authorized to be issued,shall be recewable for all debts and do-mands diw to '-ie United States, and' for ali salario", dues, debts, and dcmnnda owing by tho Unittd States toindividuáis, corporationa nnd uesooia-tions within the TJnitüd Staies, and shall also bo hnvful inoney and a legal tender in payment of all debts, public or private-, and shall be exohangeablo ia sniiis not lees than one huiidred dollars at any timo, at their par value, at' tho Treaanry öf the TJnited States, and' at the offices of the Assistant TreasUFera o Xcw York, Boston, PhiUukl phia, St. Louis, and at the Depositorv' in Cincinnati, f( r any of the six per cent., twenty years' coupon bonds or registei ed, Lwhioh tho Secretary o{ Treasury is now or raay hereaftor be authorized to issue, and such Treasury notes shall be received the same as coin, : at their par value, in payment for anv boude thát may be hcreafter negotiated by the Seoretary of the Treasury, and. such Treae'ify notes may be issvied froni time to time as the exigeneies oí the public service may rehuiré. Th ere shall be printed on the back of the. Treasury note, which may be issuod under the previsiona of this act, tho following words : " The within note isa legal tender in payment of all debts, p:iblic and private, and is exehangeable for the coupons of registored bonds of the United States, beariug six per cunt., interest." THE PBOPOSITIONS OF THE BAN'KERS. The Washington correspondent of tbe New York Times, Jan. 12, writes: The Comraittee of Bankers from New York, Boston and Philadelphia, met tbo Seeretary of the Treasury, and the Financial Coumiittees of the House and Senate last evening, and subtnitted the following propositioa through Mr. Gallatin: First- A tax bill to raiso $125,000,000, in additiou to duties on importa. láecond - No dciuaud Treasu;-y Notes to' be issued, except those authorized at the extra session. Third - An issue of or.e hundred million six per cent. Treasury Notes at tw years, in suras of $5 and upwards, receivable for all des of Goverumont except duties on imports. Fourth - A suspension of tho SubTreasury act so as to aliow the banks to becume depositories of the Goverumoot. Fifth - An issue of six per cent. twenty years' bouds, to be sold by tho Secrotary without restrictions as to the price he may obtain for them. Sixth - The Secretary to bc authorized. to raake temporary loans for the relief of tho Treasury, by hypothecatiDg bonds, and in case sueh loans are not paid the bonds to be sold at the best price they will bring in the market. Mr. Chase has decidodly tho advantage of the banks in their present relations to the Govenimeut. Tlio ahove is a good seheme to reverse these relations,, but has no chance of adoption.


Old News
Michigan Argus