People's Pilot, Volume 6, Number 4, Rensselaer, Jasper County, 16 July 1896 — Legal Tender Money. [ARTICLE]

Legal Tender Money.

The name United States treasury notes, though properly including other forms of currency sent out by the treasury. It now largely restricted to the issue of treasury notes under the act of the government. Those notes bear no interest, but are declared to be “a legal tender in payment of all debts, public and private, except where otherwise expressly stipulated in the contract, and recivable for customs, taxes, and all public dues.” The United States notes, or green backs, were also made a legal tender for public and private dedts, except duties on imports and interst on the public dedt. The gold certificates were issued in March, 1863, expressly for the interst payments of the government. As this currency represents gold actually in treasury. It is a le-gal-tender currency in the fullest sense, being receivable for tne paymen tof import duties and interst on public dedt. The gold certificates being issued in limited quanity are now only occasionly seen, and are principally used for clearing-house purposes. The silver ceatificates were issned to utilize the im-

mense deposins of coin in the treasury, this coin being so bulky that it was not desired for business purposes. This certificate having been made receivable in payment of all public dues, really exceeds the legal tender green back in availability. For, though it was not made a legal tender in payments between individuals, it is accepted as such in all business transactions. few persons, indeed, being aware of this oversight on the part of those who devised this form of currency- Only in the fact that it has sometimes been refused by national banks and clearing-house transactions do we find that advantage has been taken of this note’s deficiency. —lnter Ocean.