\tɹˈɛʒəɹi nˈə͡ʊts], \tɹˈɛʒəɹi nˈəʊts], \t_ɹ_ˈɛ_ʒ_ə_ɹ_i n_ˈəʊ_t_s]\
Definitions of TREASURY NOTES
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Treasury notes, receivable for all dues to the Government, but not made a legal tender, were first issued to meet the expenses of the War of 1812. In 1812 issues of five millions were authorized, in 1813 of five millions more, in 1814 of eighteen millions, in 1815 of eight millions more. The financial panic of 1837 caused further issues of sixteen millions in 1837 and 1838, $4,000,000 in 1839, $6,000,000 in 1840, $8,000,000 in 1841, $11,000,000 in 1842, and S2,000,000 in 1844. The Mexican War caused issues of $26,000,000, under Act of 1846. The panic of 1857 was met by issues to the amount of $53,000,000. These notes usually had but a short time to run. The Civil War required the issue of enormous quantities of treasury notes. Those which bore a legal tender character are treated of under Greenbacks. The Government also met temporary exigencies by the issue of demand notes and fractional and postal currency. The chief variety of notes resembling the treasury notes hitherto issued, receivable for dues to Government, but not legal tenders, was the 7.30's, of which $830,000,000 were issued. These were nearly all paid by the end of 1869. The Sherman Act of 1890 provided for the issue of treasury notes wherewith to make the monthly purchases of silver bullion required by that Act.
By John Franklin Jameson
Word of the day
- someone who saves something from danger or violence One who recovers. The demandant in a common recovery, after judgment has been given his favor.