§ 3. And be it further enacted, That the United States notes and the coupon or registered bonds authorized by this act shall be in such form as the Secretary of the Treasury may direct, and shall bear the written or engraved signatures of the Treasurer of the United States and the Register of the Treasury, and also, as evidence of lawful issue, the imprint of a copy of the seal of the Treasury Department, which imprint shall be made under the direction of the Secretary, after the said notes or bonds shall be received from the engravers, and before they are issued; or the said notes and bonds shall be signed by the Treasurer of the United States, or for the Treasurer, by such persons as may be specially appointed by the Secretary of the Treasury for that purpose, and shall be countersigned by the Register of the Treasury, or for the Register, by such persons as the Secretary of the Treasury may appoint for that purpose; and all the provisions of the act entitled 'An act to authorize the issue of Treasury notes,' approved the twenty-third day of December, eighteen hundred and fiftyseven, so far as they can be applied to this act, and not inconsistent therewith, are hereby revived and re-enacted; and the sum of three hundred thousand dollars is hereby appropriated, out of any money in the Treasury not otherwise appropriated, to enable the Secretary of the Treasury to carry this act into effect.

§ 4. And be it further enacted, That the Secretary of the Treasury may receive from any person or persons, or any corporation, United States notes on deposit for not less than thirty days, in sums of not less than one hundred dollars, with any of the assistant treasurers or designated depositaries of the United States authorized by the Secretary of the Treasury to receive them, who shall issue therefor certificates of deposit, made in such form as the Secretary of the Treasury shall prescribe, and said certificates of deposit shall bear interest at the rate of five per centum per annum; and any amount of United States notes so deposited may be withdrawn from deposit at any time after ten days' notice on the return of said certificates; Provided, that the interest on all such deposits shall cease and determine at the pleasure of the Secretary of the Treasury; and Provided further, that the aggregate of such deposits shall at no time exceed the amount of twenty-five million dollars.

§ 5. And be it further enacted, That all duties on imported goods which shall be paid in coin, or in notes payable on demand, heretofore authorized, to be received and by law receivable in payment of public dues, and the coin so paid shall be set apart as a special fund, and applied as follows:

First-To the payment in coin of the interest on the bonds and notes of the United States.

Second-To the purchase or payment of one per centum of the entire debt of the United States, to be made within each fiscal year after the first day of July, 1862; which is to be set apart as a sinking fund; and the interest of which shall in like manner be applied to the purchase or payment of the public debt, as the Secretary of the Treasury shall from time to time direct.

Third-The residue thereof to be paid into the Treasury of the United

States.

6. And be it further enacted, That if any person or persons shall falsely make, forge, counterfeit, or alter or cause or procure to be falsely made, forged, counterfeited or altered, or shall willingly aid or assist in falsely making, forging, counterfeiting or altering any note, bond, coupon, or

other security issued under the authority of this act, or heretofore issued under acts to authorize the issue of Treasury notes or bonds; or shall pass, utter, publish or sell, or attempt to pass, utter, publish or sell, or bring into the United States from any foreign place, with the intent to pass, utter, publish or sell, or shall have or keep in possession, or conceal, with intent to utter, publish or sell, any such false, forged, counterfeited, or altered note, bond, coupon, or other security, with intent to defraud any body, corporate or politic, or any other person or persons whatsoever, every person so offending shall be deemed guilty of felony, and shall, on conviction thereof, be punished by fine not exceeding $5,000, and by imprisonment and confinement to hard labor not exceeding 15 years, according to the aggravation of the offence.

7. And be it further enacted, That if any person, having the custody of any plate or plates, from which any notes, bonds, coupons, or other securities mentioned in this act, or any part thereof, shall have been printed, or which shall have been prepared for the purpose of printing any such notes, bonds, coupons, or other securities, or any part thereof, shall use such plate or plates, or knowingly permit the same to be used for the purpose of printing any notes, bonds, coupons, or other securities, or any part thereof, except such as shall be printed for the use of the United States, by order of the proper officer thereof; or if any person shall engrave, or cause or procure to be engraved, or shall aid in engraving any plate or plates in the likeness or similitude of any plate or plates designed for the printing of such notes, bonds, coupons, or other securities, or any part thereof; or shall vend or sell any such plate or plates, or shall bring into the United States, from any foreign place, any such plate or plates, with any other intent, or for any purpose, in either case, than that such plate or plates shall be used for printing of such notes, bonds, coupons, or other securities, or some part or parts thereof, for the use of the United States; or shall have in his custody or possession any metallic plate, engraved after the similitude of any plate from which any such notes, bonds, coupons, or other securities, or any part or parts thereof, shall have been printed, with intent to use such plate or plates, or cause or suffer the same to be used, in forging or counterfeiting any such notes, bonds, coupons, or other securities, or any part or parts thereof, issued as aforesaid; or shall have in his custody or possession, any blank note or notes, bond or bonds, coupon or coupons, or other security or securities, engraved and printed after the similitude of any notes, bonds, coupons, or other securities, issued as aforesaid, with intent to sell or otherwise use the same; or if any person shall print, photograph, or in any other manner execute or cause to be printed, photographed, or in any manner executed, or shall aid in printing, photographing or executing any engraving, photograph or other print, or impression, in the likeness or similitude of any such notes, bonds, coupons, or other securities, or any part or parts thereof, except for the use of the United States and by order of the proper officer thereof, or shall vend or sell any such engraving, photograph, print, or other impression, except to the United States, or shall bring into the United States from any foreign place any such engraving, photograph, print, or other impression for the purpose of vending or selling the same, except by the direction of some proper officer of the United States; or shall have in his custody or possession any paper adapted to the making of such notes, bonds, coupons, or other securities, and similar to the paper upon which any such notes, bonds, coupons, or other securities shall have been used, with intent to

use such paper, or cause or suffer the same to be used in forging or counterfeiting any of the notes, bonds, coupons, or other securities, issued as aforesaid, every such person so offending shall be deemed guilty of a felony, and shall, on conviction thereof, be punished by fine not exceeding five thousand dollars, and by imprisonment and confinement to hard labor not exceeding fifteen years, according to the aggravation of the offence. Approved February 25, 1862. A. LINCOLN."

Passage of the Treasury note bill.

SAMUEL WILKESON TO THE N. Y. TRIBUNE.

WASHINGTON, Tuesday, Feb. 25, 1862.

The Conference Committee of the Treasury note bill having concurred, and Mr. Washburne having defeated another endeavor to adjourn the House yesterday as early as two o'clock, the prospect of an invigoration of the war by a supply of money, and the payment of soldiers and contractors, was good. The bill as agreed upon by the conferees authorizes the issue of $150,000,000 of Treasury notes, uniform in similitude, and a legal tender in the payment of all debts, public and private. It withdraws the fifty millions of the July issue as soon as it conveniently can be done, makes the new notes fundable at any time in six per cent. twenty years bonds, redeemable at the pleasure of the United States after five years; makes the interest on the bonds and notes payable in coin, and (a new feature) makes the duties on imports also payable in coin, and devotes them to the payment of the interest on the notes and bonds, and the creation of a sinking fund by setting apart one per cent. of the amount. The provisions insisted on by the Senate authorizing the Secretary of the Treasury to sell six per cent. bonds for what they will fetch, in order to raise coin for interest, is retained in the bill. All the funded debt is exempted from taxation. Authority is given to temporarily deposit demand notes to the extent of twenty-five millions, on an interest of six per cent. after thirty days. The bill has gone through both Houses, and, it is supposed, will receive the President's signature to-night. An influence from New York sent the bill back again to the Senate this morning, for an amendment that should permit sixty millions of Treasury notes to be used for the payment of custom duties, the fifty millions authorized in July, and the temporary relief ten millions authorized this month. This was adopted and accepted by the House, and it is to be hoped that the President will now have a chance to sign the bill, and the abused public creditors get their pay.

It is but just to say, that to the patient labor of the Hon. E. G. Spaulding the country is greatly indebted for the early maturity of this finance measure, and for what vigor has been displayed in its passage through Congress."

TEMPORARY DEPOSITS IN SUB-TREASURY.

It will be noticed that by the 4th section of the Legal Tender act the Secretary of the Treasury was authorized to receive deposits in the sub-Treasury to the amount of $25,000,000, in sums of not less than $100, at five per cent. interest, with the privilege to the depositors of drawing it out again at any time, on ten days notice, after thirty days. This was but another form of borrow

ing money by the Government at a low rate of interest. Its operation at the sub-Treasury was somewhat like that of a Saving's Bank, and the privilege was largely availed of by banks, insurance companies and individuals. It became a very popular mode of temporary investment for corporations and individuals, and although it operated against funding in the 5-20 bonds, yet it became an advantageous mode for the Government to borrow large sums of money. It became so popular that on the 17th of March, 1862, the authority to receive these deposits was increased to $50,000,000.

On the 11th of July following the power was enlarged to $100,000,000; and by the act of January 30, 1864, the authority was still further enlarged to $150,000,000, and the Secretary was authorized to pay as high as six per cent. on these deposits. Certificates were issued to the persons making the deposits, which were circulated to some extent at the Clearing Houses, and among individuals, which was one mode of increasing the credit circulation of the country, and thereby aiding the general inflation which commenced with the passage of the legal tender act. These deposits reached at one time the sum of $120,176,196.

CERTIFICATES OF INDEBTEDNESS.

The issue of CERTIFICATES OF INDEBTEDNESS at one year, was another expedient resorted to for borrowing money, and was another mode of increasing the credit circulation of the Government. By the act of March 1, 1862, the Secretary of the Treasury was authorized to issue to creditors, who were willing to receive them, 'in satisfaction of audited and settled demands against the United States,' certificates of indebtedness (in effect promissory notes,) in sums of not less than $1,000 each, payable in one year at six per cent. interest. And by the act of the 17th of March, 1862, this power was enlarged, so as to embrace checks drawn in favor of creditors by disbursing officers upon sums placed to their credit on the books of the Treasurer.' The power thus conferred on the Secretary to issue certificates of indebtedness for these purposes was broad and unlimited. The certificates issued under these two acts were in the similitude of bank notes fitted for circulation as money, and did circulate to a considerable extent as currency until there was such an accumulation of interest upon them as to make it an object for capitalists to hold them as an investment. The Secretary commenced issuing these certificates simultaneously with the issue of Legal Tender (greenback)

notes, and continued to issue them in large amounts during the progress of the war, which was advantageous to the Government, but at the same time was another fruitful source of inflation, and operated directly against any considerable funding in the long 5-20 bonds. The amount of indebtedness in this form on the first of November, 1864, was $238,593,000, being an amount greater than the market would bear; they were consequently depreciated and considerably below par.

MORE LEGAL TENDER AUTHORIZED.

In less than a month after the passage of the first legal tender act another act was passed at the request of Secretary Chase, approved March 17, 1862, by which the demand notes authorized by the act passed at the extra session in July, 1861, and the supplementary act of February 12, 1862, amounting to $60,000,000, were declared to be lawful money and a legal tender, in like manner, and for the same purposes, and to the same extent as the notes authorized by the first legal tender act. These notes, when first issued, were receivable by the Government for duties on imports, but that was not enough to prevent them from depreciating, and some of the banks in the principal cities refused to receive them from their customers as money. The object to make them a legal tender was to make them pass currently as money at the Clearing Houses, and in all business transactions, without loss to the holders.

SECRETARY CHASE ASKS FOR $150,000,000 MORE LEGAL TENDER

NOTES.

Secretary Chase sent to the Committee of Ways and Means on the 7th of June, 1862, an official communication, accompanied by a bill proposed by him, asking, among other things, for an additional issue of $150,000,000 of legal tender notes; and that of this sum $35,000,000 should be of a denomination less than five dollars. This communication is published as Miscellaneous Document, No. 81, and sets forth at length the reasons why, in the opinion of the Secretary, this additional issue should be authorized by Congress. He states that the daily receipts from customs were about $230,000, and that the average daily conversions of legal tender notes into 5-20 bonds did not exceed $150,000, while the daily expenditures could not be estimated at less than $1,000,000, and would probably exceed that sum; and that he had already exhausted the issue of legal tender notes authorized by the act of February 25th, 1862.