Treasury Notes. Treasury

notes, receivable for all dues to the Government, but not made a legal tendcr, were first i ued to meet the expenses of the War of 1812. In 1812 i ues of five millions were authorized, in 1813 of five millions more, in 1814 of eighteen millions,. in 1815 of eight millions more. The rate of interest was 5 2-5 per cent. The financial panic of 1837 caused further i ues 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 $2,000,000 in 1844. The Mexican War caused i ues of $26,000,000, under Act of 1846. The panic of 1857 was met by i ues to the amount of $53,000,000. These notes usually had but a short time to run. The Civil War required the i ue 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 i ue of demand notes and fractional and postal currency. The chief variety of notes resembling the treasury notes hitherto i ued, receivable for dues to Government, but not legal tenders, was the 7.30’s, of which $830,000,000 were i ued. These were nearly all paid by the end of 1869. The Sherman Act of 1890 provided for the i ue of treasury notes wherewith to make the monthly purchases of silver bullion required by that Act. 306