State Treasury notes.
The Convention yesterday passed the subjoined ordinance, authorizing the Auditor
to issue Treasury notes, to bear no interest, which will relieve the Treasury of a very considerable liability.
The plates and paper are all ready for printing, and the notes will be put in circulation without delay:
Whereas by ordinances of this Convention, number thirty-five, entitled ‘"an ordinance to authorize the issue of Treasury notes,"’ passed April 30th, 1861, and an ordinance, number seventy one, entitled ‘"an ordinance authorizing Treasury notes, and concerning the banks,"’ passed June 28th, 1861, authority was given to issue Treasury notes to an amount not exceeding in the aggregate, the sum of six millions of dollars, of which, four millions were to bear interest at the rate of six per centum per annum, and the remaining two millions were to be without interest; and it being desirable to relieve the Treasury from the payment of interest on the Treasury notes used and circulated as a currency:
Be it Ordained.
That the Auditor
of Public Accounts be and he is hereby authorized to issue Treasury notes, which shall bear no interest to an amount not exceeding four millions of dollars for the purpose of redeeming at maturity, or at such other time as they may be presented for payment, the interest bearing Treasury notes which were issued under the ordinances of this Convention, passed as aforesaid respectively on the 30th day of April, 1861, and on the 28th day of June, 1861. The said notes shall be of denominations not less than five dollars--be payable to bearer at the Treasury, on demand — and when presented for payment in sums of five hundred dollars, or any multiple of one hundred dollars above that sum, they may be converted into registered bonds
of the State
, bearing six per centum per annum interest.
All the provisions of said ordinances, numbers thirty-five and seventy-one, in this ordinance referred to, and the ordinance entitled ‘"an ordinance requiring the banks to receive the Treasury notes of this Commonwealth,"’ passed July 1st, 1861, shall be held to apply to the notes authorized to be issued by this ordinance, except so far only as they may be inconsistent therewith.
And to enable the Auditor
of Public Accounts to execute the provisions of this ordinance, he is authorized to employ for the purpose of dating, numbering, clipping, and registering said notes, such clerical force, in addition to that now in his office, as may be necessary for the object, at an expense not exceeding the rate of nine hundred dollars per annum for the time so employed.
All expenses incurred in the execution of this act, shall be defrayed out of any money in the Treasury not otherwise appropriated.
This ordinance shall be in force from its passage.