DIY History | Transcribe | Scholarship at Iowa | History of the Currency, 1848 - 1873 by Walter G. Watt, 1898 | History of the Currency, 1848

Transcribe
Translate

History of the Currency, 1848 - 1873 by Walter G. Watt, 1898

History of the Currency, 1848 - 1873 by Walter G. Watt, 1898, Page 23

96641 21.
notes provided by the bill of July 17, 1861 should not be distributed. $100,000,000 of United States notes bearing interest at the rate of 3.65 per cent. per annum should be issued. These notes were to be payable at the pleasure of the government, and were to be receivable together with the accumulated interest for all debts and demand due to the United States except duties on imports. At the will of the holder the notes were to be exchangeable in sums of not less that $50 for Unites States coupon or registered bonds bearing interest at the rate of 7.3 per cent. per annum. Provision was also made for the issue of $500,000,000 in bonds. The notes provided by Mr. Morrill's bill were practically the same as treasury notes which had been previously issued, and there is little likelihood that they would have been accepted any more readily than the earlier issues. It was claimed that the fact that they were to bear 3.65 per cent. interest would make them be received into circulation more readily.

Saving...

96641 21. notes provided by the bill of July 17, 1861 should not be distributed. $100,000,000 of United States notes bearing interest at the rate of 3.65 per cent. per annum should be issued. These notes were to be payable at the pleasure of the government, and were to be receivable together with the accumulated interest for all debts and demand due to the United States except duties on imports. At the will of the holder the notes were to be exchangeable in sums of not less that $50 for Unites States coupon or registered bonds bearing interest at the rate of 7.3 per cent. per annum. Provision was also made for the issue of $500,000,000 in bonds. The notes provided by Mr. Morrill's bill were practically the same as treasury notes which had been previously issued, and there is little likelihood that they would have been accepted any more readily than the earlier issues. It was claimed that the fact that they were to bear 3.65 per cent. interest would make them be received into circulation more readily.