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The Seven-thirties

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The Greenbackers still in&ist that the 7.30s were legal tender, and the attention of the treasury authorities has been , called to the following section of the Kevised Statutes: Sec. 3,590. Treasury uotos issued uuder the authority of the act of March 8, 1863, cfiap. 73, and Juñe 30, 1864, chap. 1,872, shall be legal tender to the same extent as United States notes for their face value, including intereBt. Application having been made to the treasury to explain that law, the officials returned an answer, the terms of j whioh were as follows: " The sec. 3,500 of the Eevised Statutes by its tenor i eludes the $600,000,000 of 7.30s which were issued under the act of June 30, 1865. It apparently includes the $200,000,000 issued under the act of June 3, 1864. This is only apparent, however, from the fact that the Kevised Statuies omit tho limitation npon 7.30a, which alone conld niake them legal tender. This limitation provided that such i 7.30s inight be legal tenders as were ' made. principal and interest, payablo at maturity. No 7.30a were so issued, but all were coupon notes, interest payable semi-annually. This limitation was omitted from the revisión, but, even if the revisión could be construed to apply to the $200,000,000, the section is iuoperative, as those notes had all been j deemed or converted seven yeftrs bef ore ' the Bevised Statutes were ënacted, and by the very same clause of the revisión Í itself, at the end of the Revised Statutes, the apparent change in the law could not affect acts whieh had been plished or rignts which had accrued '■ f ore tho revisión and the 7.30s had been j converted or redeemed, so that the parent change in the revisión which, by j the omission of the limitation as to the ! principal and iuterest being payable at j maturity, made the legaltender clause i inoperative as to the smaller issues of $200,000,000, and, of course, has no applination whatever to the issue of $000,000,000 matle under authority of the act to which this revisión does notrefer, and which act by its terms provided that no 7.30s issned under it could be legal tenders until they were made interest and prinoipal payable at maturity. The 1 tion which makes section 3,590 inoperativa fin to Ríen the S200.000.000Í8 section


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